Orixha and the EIC Accelerator: Breathing Liquid, Still in Trial

Orixha, founded in 2018, develops total liquid ventilation: the lungs of an intubated patient are filled with a breathable liquid that is pumped in and out. Its first device, Vent2Cool, uses the lungs as a heat exchanger to cool resuscitated cardiac arrest patients quickly and protect the heart and brain. The EIC project said this would raise survival by tackling post-cardiac arrest syndrome, according to CORDIS.

The European Innovation Council granted €2,449,869 towards a €3.62 million project from May 2023 to April 2026, aimed at "clinical validation of Vent2Cool" and EU sales by 2028. The first-year report set a goal to "obtain CE Mark of the Vent2Cool device in 2026" and reported a €4 million pre-Series A led by the EIC Fund and Bpifrance. The OverCool trial, planned for 24 patients, was "initiated in 2025" at Cochin Hospital in Paris and CHU Angers, according to Orixha. No treated patient or result has been announced, and the company's project page now targets the CE mark in 2027.

Where Orixha Stands Now

In May 2025 the France 2030 Première Usine programme awarded Orixha €4 million in grants and loans for a plant to reprocess its breathable liquid, which Orixha says is due to open in 2028 in the Plaine de l'Ain industrial park and is "essential to the commercialization" of Vent2Cool, according to its announcement. On ClinicalTrials.gov the OverCool entry still reads "not yet recruiting", with a completion date of March 2026 that has passed. Orixha files its accounts with a confidentiality declaration, so its revenue and losses are not public, according to Pappers and BODACC.

The Technology: Cooling Through the Lungs

The OverCool study, whose protocol was published in Resuscitation Plus, will test whether Vent2Cool can bring patients' core temperature to 33.0 °C, plus or minus 0.5 °C, within 60 minutes of starting, in people resuscitated after cardiac arrest. It is a single-arm pilot study of feasibility, cooling performance and safety. Each Vent2Cool treatment uses several litres of sterile breathable liquid, which is why Orixha is building a reprocessing plant.

What the EIC Project Promised, and What CORDIS Shows

In its first year the project reports a new device version with preclinical validation, a recycling process for the liquid, biocompatibility status and the trial filing. CORDIS shows no later report, though the project ended in April 2026. The clinical validation the project was built around had not produced any published result by then. CORDIS still lists the project as signed.

1. Device and liquid recyclingDeliveredPer first report.
2. Trial authorisationDeliveredANSM, September 2024.
3. Clinical validationNo resultsTrial initiated 2025.
4. CE mark in 2026MovedNow 2027.

The Money

Besides the EIC grant, Orixha announced a €4 million pre-Series A led by the EIC Fund and Bpifrance and €4 million from Première Usine. Its site says the clinical validation is also financed by the French i-Nov programme. How much of the pre-Series A came from the EIC Fund is not disclosed.

What Cannot Be Checked

Why Europe Should Care

Orixha says two-thirds of resuscitated cardiac arrest patients in intensive care die within days. The EIC and French public funds have now backed both the device and a factory for its liquid. Whether any of it works in people is still unknown.

The Verdict

Orixha and the EIC have not been asked for comment for this article. It is based entirely on public records and published statements, linked throughout.