CorFlow Therapeutics announced today that it raised €44 million ($48.5 million) to support its novel diagnostic and drug delivery platform.

Broadview Ventures and Panakes Partners led the financing round. 415 Capital, Merieux Equity Partners, Merieux Equity Partners, Laerdal Million Lives Fund, Wellington Partners, M&L Investments, Unorthodox Ventures, KOFA Healthcare and Monte Carlo Capital also participated.

Switzerland-based CorFlow plans to use the funds to support the MOCA II (MVO with CoFl system assessment II) pivotal study. It hopes to use the outcomes from that study to gain U.S. market clearance for its CoFl system.

CorFlow designed CoFl to diagnose microvascular obstruction (MVO) in heart attack patients immediately following stent implantation. Funds will also go toward an adaptive platform therapy study evaluating the treatment effects of therapeutic agents delivered locally through CoFl system on heart attack patients diagnosed with MVO.

CoFl aims to provide timely, accurate and consistent detection of MVO while patients remain in the cath lab after the reopening of the larger epicardial arteries with a stent. The company designed its technology to also enable localized delivery of therapeutics to the microvasculature.

“We are thrilled to have closed on this significant round of financing, backed by a top-tier global syndicate of medical technology investors. Recent data from over 70 patients in our MOCA I first in human trial and from our extensive preclinical program support our collective confidence that we can improve outcomes in patients who suffer heart attacks, specifically those patients whose microvascular disease goes undiagnosed and untreated today,” said Paul Mead, CorFlow president and CEO. “There is overwhelming evidence now that microvascular conditions are a significant root cause of adverse outcomes in heart attack patients and other cardiovascular conditions.”