Herbst Kinsky has advised Miracor Medical Systems GmbH on its cross-border merger and subsequent EUR 25 million financing round with Miracor Medical SA. The latter was represented by Laga, a Belgian law firm.
Miracor Medical Systems is an Austrian medical device company focuses on developing, investigating, and commercializing modern products and technologies for coronary sinus intervention and for support and regeneration of human heart, and Pressure Controlled Intermittent Coronary Sinus Occlusion (PiCSO) technology for the treatment of myocardial deficiencies and chronic heart diseases.
To secure the required funds for business plan realization, the shareholders and members of the Supervisory Board of Miracor decided to relocate the company’s seat and business to Belgium. For this purpose Miracor was merged with its newly incorporated subsidiary, Miracor Medical SA.
Following the merger, strategic investors, as well as co-lead and former investors from Ming Capital of Shenzhen Capital Group, Earlybird, Delta Partners, SHS, BioMedInvest, Peppermint, and new Belgian and Walloon investors from Societe Regionale d’Investissement de Wallonie SA, Societe Federale de Participations et d’Investissement SA, and Meusinvest invested an amount of up to EUR 25 million in equity, debt and refundable cash advances into the company in the course of a series D financing round.
“Although we regret the relocation to Belgium from an Austrian business location perspective, we are very happy for Miracor about this big step," said Philipp Kinsky, Herbst Kinsky Partner. "The follow-up financing in Belgium will allow Miracor to generate more clinical data, to develop the next-generation products and commercialize PiCSO, in order to ensure that more patients may benefit from PiCSO."
Herbst Kinsky´s team was led by Partner Philipp Kinsky and Wolfgang Schwackhofer, supported by Carl Walderdorff.