CoRISMA

About CoRISMA

CoRISMA MCS Systems Inc. is a medical device company focused on developing a treatment for patients with advanced heart failure. Founded in 2018, the company originated from the Bonde Artificial Heart Lab at Yale University. The venture was co-founded by Dr. Pramod Bonde, a cardiac surgeon at Yale New Haven Hospital with over 25 years of experience, and Mike Theran, who has a background in mechanical engineering from Boston University and a track record in developing cardiovascular devices. Dr. Bonde's extensive research in improving heart failure therapy and his role as the Surgical Director of Mechanical Circulatory Support at Yale New Haven Hospital provided the foundational expertise for the company's core technology.

The company is developing the CoRISMA Heart Failure System, a catheter-delivered, fully implantable mechanical circulatory support system. This device is designed to be less invasive and more cost-effective than current treatments for the 26 million people worldwide affected by heart failure. The system consists of a small, lightweight (20g) axial flow pump with non-contacting hydrodynamic bearings and an integrated motor, which is designed to be placed in a left atrial to aortic configuration. A key feature is its wireless power and communication system, which eliminates the need for an external driveline, a common source of complications in existing devices. The device aims to provide a durable therapeutic option, particularly for patients with heart failure with preserved ejection fraction (HFpEF). As an investigational device, the CoRISMA system is not yet CE Marked or FDA Approved.

The company's business model is centered on the development and eventual commercialization of this medical device to hospitals and clinicians. A significant milestone was achieved in August 2021, when CoRISMA secured $27 million in a Series A financing round led by Grand Pharma. This investment granted Grand Pharma approximately 22.2% equity and broad commercial rights in the Greater China market and other Asian countries, indicating a key part of the company's future revenue and market strategy. The funding is intended to accelerate the development and commercialization of the device. Prior to this, the company had also received a $550,000 grant from the National Institutes of Health (NIH) in 2020.