Herbst Kinsky advised MIRACOR on its cross-border merger and subsequent EUR 25 mio financing round
Herbst Kinsky advised its long-term client MIRACOR Medical Systems GmbH on its cross-border merger with MIRACOR MEDICAL SA, with its seat in Belgium.
MIRACOR Medical Systems GmbH’s business consists in developing, investigating and commercializing modern products and technologies regarding the coronary sinus intervention for the support and regeneration of the human heart including (but not limited to) the Pressure controlled Intermittent Coronary Sinus Occlusion (PiCSO®) technology for the treatment of myocardial deficiencies and chronic heart diseases.
In order to secure the required funds for the realisation of its business plan, the Shareholders and the members of the Supervisory Board of MIRACOR resolved 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, Ming Capital (Shenzhen, China) and a strategic investor as co-lead as well as former investors Earlybird, Delta Partners, SHS, BioMedInvest and Peppermint, and new Belgian and Walloon investors Société Régionale d’Investissement de Wallonie SA, Société Fédérale 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. On the whole transaction, the company was legally advised by Herbst Kinsky together with the corporate team of Belgian law firm Laga.
“Although we regret the relocation to Belgium from an Austrian business location perspective, we are very happy for MIRACOR about this big step. 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”, said Philipp Kinsky, partner at Herbst Kinsky.