Swedish startup Syntach receives EIC grants for cardiac support tech

The European Innovation Council (EIC) has granted the Swedish medical technology startup Syntach AB up to €15 million in equity financing to develop the Syntach Cardiac Support System.

Patients with heart failure can benefit immensely from the revolutionary tech. It has undergone an extensive review procedure to find fresh ways to help patients with unmet needs.

Unlike conventional cardiac assist devices, Syntach’s system can be implanted without first performing open-heart surgery. It also does not require a drive line beneath the skin and thus avoids many drawbacks of existing devices.

The Syntach Cardiac Support System does not replace the heart’s function but aids and improves the heart’s natural movement along the atrioventricular plane with each beat.

Board chairman Tor Peters explained that the company’s ultimate goal is to “revolutionise how heart failure patients are treated” and establish a global presence in the field.

Peters also said that the Syntach team is confident in their ability to succeed with the backing of the EIC and the worldwide cardiology and cardiac surgery communities.

New CEO in office

Along with the funding announcement, the Lund-based company appointed Patrick N.J. Schnegelsberg as CEO to expedite the development of the Syntach Cardiac Support System.

Schnegelsberg, who has worked in the field for more than 20 years, was COO at the Occlutech Group. He also has served as a director for Wall Street firms and as the chief executive officer of several emerging biotech and medical companies. In addition, Schnegelsberg is a director of Acorai and Scandinavian Real Heart.

Syntach also brought Cansel Işıklı, a seasoned executive with 15 years of experience in medical device R&D and regulatory and quality affairs.

Işıklı was the vice president of research and development at the Occlutech Group before she joined Syntach. In that role, she oversaw the creation and approval of more than ten different Class III medical devices.

Aside from Occlutech Group, she also established Prem R&D Consulting and CERES Healthcare Technologies.

This funding is the equity part of the €17.5 million blended financings available under the EIC Accelerator program. Syntach AB had previously received a €2.5 million grant from the EIC in December 2021.

To foster the emergence of new unicorns in Europe, the EIC Accelerator aims to provide seed funding to promising startups in exchange for a stake in the company’s future success.