Medical device company to create twenty five jobs with €5.2 million funding
By Martina Nee
A Galway-based medical device company has announced that it has successfully secured funding of €5.2 million which will not only go a long way in improving treatment for stroke patients but will also result in the creation of up to 25 new jobs over the next three years.
Neuravi Limited, located in Parkmore Business Park West, announced yesterday that it has succesfully completed a Series A financing round led by Fountain Healthcare Partners and Delta Partners. Established in 2009, Neuravi is a privately held, venture backed, medical device company in the large emerging acute ischemic stroke thrombectomy device market. The company designs and develops products for restoring blood flow in patients who have suffered ischemic strokes due to blockage of an artery to the brain. Neuravi has assembled a large body of intellectual property in the field of mechanical devices for stroke and has positioned itself to be a major strategic player in this fast developing market.
Commenting on the funding, Neuravi chief executive, Eamon Brady, said: “We are delighted to welcome Fountain Healthcare Partners and Delta Partners as investors and appreciate the extensive industry expertise they bring onto the board. We would also like to take the opportunity to thank Enterprise Ireland, PanEuro Technology Ventures, and The Western Development Commission for the support they have provided Neuravi to date and their on-going commitment to the company and its development of a novel therapeutic device for ischemic stroke”.
“This investment will greatly accelerate the development of Neuravi’s stroke treatment technology and will allow us to start human clinical trials next year. Neuravi will be immediately recruiting R&D engineers, quality engineers, and manufacturing engineers and we expect to create 25 jobs over the next three years.”
Justin Lynch, partner at Fountain Healthcare Partners, said: “This talented Galway team has a successful track record in miniature endovascular product development from concept design to clinical approval and international commercialization. The neuro-vasculature is especially challenging because brain arteries are minuscule, delicate, and tortuous, and this team is on a path to developing the best in class thrombectomy device addressing what is set to become a multi-billion dollar market worldwide.”