RELEASE: Syntach AB announces €17.5 million in blended financing

(Information sent by the signatory company).

RELEASE: Syntach AB announces €17.5 million in blended financing

(Information sent by the signatory company)

LUND, Sweden, Jan. 30, 2023 /PRNewswire/ -- Swedish medtech startup Syntach AB has received up to €15 million in equity funding from the European Innovation Council (EIC) for the development of the Syntach Cardiac Support System , an innovative device for patients with heart failure. This approval follows a €2.5 million EIC grant award announced by Syntach AB in December 2021 and forms the equity portion of up to €17.5 million of blended funding under the EIC Accelerator programme. . The Company also named Patrick N.J. Schnegelsberg as CEO to accelerate the development of Syntach's innovative minimally invasive support system for patients with heart failure.

EIC Accelerator is a funding program for pioneering start-ups that aims to support the creation of European unicorns by helping them bring disruptive innovations to market. Following a highly selective and rigorous evaluation process, the Syntach Cardiac Support System has been recognized as a breakthrough medical innovation aimed at providing a solution for heart failure patients with significant unmet needs.

More than 64 million people suffer from heart failure, one of the most common causes of death worldwide. Syntach Cardiac Support is a minimally invasive cardiac support system that, unlike current systems, does not require open-heart surgery. The Syntach system is powered by an implanted battery, which avoids a transmission line through the skin and many of the negative side effects associated with current devices. Rather than replace cardiac function, the Syntach Cardiac Support system supports and enhances the natural motion of the atrioventricular plane in the heart, making each beat more effective.

Syntach's new CEO, Patrick NJ Schnegelsberg, brings more than two decades of industry experience and insight to Syntach. Most recently, he served as Director of Operations at the Occlutech Group. Patrick has also held C-level positions at biotech and medtech startups, as well as director positions at Wall Street buy-and-sell firms. Patrick is also a member of the boards of directors for Acorai and Scandinavian Real Heart.

For the strategic role of Vice President, Quality and Regulatory Affairs, Syntach hired senior leader Cansel Isikli, who brings 15 years of medical device RD and RA/Q experience. Prior to joining Syntach, Cansel served as Vice President of R&D for the Occlutech Group, where she managed the development and registration of more than 10 Class III medical devices. She also founded Prem R

Tor Peters, Chairman of the Board of Directors, commented: "Our goal is to revolutionize the way heart failure patients are treated while building a company with the ability to deliver this treatment on a global scale. We have assembled a fantastic team and have Combined with the great support of the EIC, as well as the global cardiology and cardiac surgery communities, we are very optimistic about our future."

Syntach AB is headquartered in Lund, Sweden and develops innovative cardiac support systems as well as mitral valve intervention systems in cooperation with several academic research centers. Syntach works with the Cardiac MR Group of the Department of Clinical Sciences and Clinical Physiology at Lund University. The academic team at Lund University has pioneered research into the functioning of the heart.

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