Puzzle Medical announces closing of its Seed financing round to support its first-in-human study


MONTREAL, January 24, 2022 /PRNewswire/ – Montreal based Puzzle Medical Devices Inc., a medical device company developing a percutaneous heart pump for patients with advanced heart failure (HF), announced today the closing of its major Seed financing round. Participants include US-based Broadview Ventures, Grant Park Ventures and Cathexis Ventures, as well as Canada-based asterX Capital, Anges Québec – AQC Capital and Boreal Ventures. Having demonstrated the safety and efficacy of its device in preclinical studies and obtained Breakthrough Device designation by the FDA, Puzzle Medical’s Seed financing round will now fund the first-in-human study of the ModulHeart mechanical circulatory support (MCS) device.

“We are delighted to support Puzzle Medical in its development of a novel MCS device for the significant number of HF patients not adequately managed with current treatment options,” said Chris H. Colecchi, Managing Director of Broadview. “The company’s focus is entirely consistent with Broadview’s mission to accelerate the development of promising technologies for the treatment of cardiovascular disease and stroke, and we look forward to supporting Puzzle Medical’s management team as it advances this important technology.”

In support of this Seed investment, David Prim, PhD will be joining the Puzzle Medical Board of Directors to represent Broadview Ventures, bringing with him a background in biomedical research, strategy and dealmaking. Puzzle Medical is also very proud to welcome to the Advisory team, Dr Daniel Burkhoff, Dr Martin B. Leon, Dr Jeannot Potvin, Mark Strong, Rudy Mazzocchi and Rick Geoffrion, well renowned HF specialists, researchers and innovators.

“It is quite motivating and inspiring for the whole company to partner with such exceptional investors, advisors, and key opinion leaders. This greatly strengthens Puzzle Medical’s capability and focus to achieve its north star – which is to improve HF patients’ quality of life,” said Jade Doucet-Martineau, co-founder and CEO of Puzzle Medical.

Puzzle Medical designed the ModulHeart device as a treatment for patients with advanced HF who are not heart transplant or surgical MCS candidates. The device’s modular design allows for hemodynamic support through multiple parallel endovascular pumps anchored in the descending aorta, resulting in low pump speeds, secure aortic anchoring, and positioning distal to the cerebral arteries. The novel design will allow safe long-term implantation, with low risk of bleeding, stroke, and pump thrombosis, thereby providing sustained symptom relief and improved overall quality of life.

“Managing patients with advanced HF has always been challenging. Currently, the field of therapeutic device development for patients with acute and chronic HF is booming,” said Dr Daniel Burkhoff, Clinical Advisor of Puzzle Medical. “Puzzle Medical’s device is very innovative, with the potential to help many patients, currently not responding sufficiently to currently available therapies.”

“The recent support and commitment by renowned institutional investors is not surprising: it is a testimony of the innovative nature, the clinical relevance of Puzzle Medical’s technology, and the strength of the team,” said Dr Philippe Genereux, CMO of Puzzle Medical.

About Broadview Ventures

Broadview Ventures is a mission-driven investment organization that makes targeted investments in early-stage companies to accelerate the development of innovative therapeutics, devices, and diagnostics for cardiovascular disease and stroke. Broadview is an affiliate of the Leducq Foundation.

About Puzzle Medical Devices Inc.

Puzzle Medical Devices Inc. (www.puzzlemed.com) is developing ModulHeart, a percutaneous heart pump for patients with advanced HF. The device’s modular design allows for hemodynamic support through multiple parallel endovascular pumps anchored in the descending aorta. This novel design results in low pump speeds, secure aortic anchoring, and positioning distal to the cerebral arteries. As a result, the device is expected to preserve blood integrity, reduce the risk of embolic events, enable ambulatory and outpatient use. These attributes will allow for safe long-term implantation, with minimal risk of bleeding, stroke, and pump thrombosis.

For information, please contact Jade Doucet-Martineau, Co-Founder and CEO, jade@puzzlemed.com