Galway-based medical devices company Novate Medical has secured an investment of €8.7m which it will use to finance the clinical development of its lead product in the US and Europe.
Founded by Chas Taylor and Paul Gilson, Novate Medical is focused on developing unique inferior vena cava filter devices (IVC filters) for the prevention of pulmonary embolism (PE) in patients at transient high risk for pulmonary embolism. IVC filters are designed to capture clots, preventing them from reaching the lungs and causing PE.
The lead product is the world’s first, and only, bio-convertible IVC filter. The device is unique in that it contains a bio-absorbable element that allows for protection during the period of PE risk. It eliminates the need for a second, follow-up procedure which is required to remove currently available temporary IVC filters.
This Series B round of funding is co-led by Crédit Agricole Private Equity in Paris and venture capital firm Seroba Kernel Life Sciences, based in Dublin. Bruno Montanari of Crédit Agricole Private Equity and Daniel O’Mahony of Seroba Kernel will both join the board of Novate.
Existing Irish investors, ACT Venture Capital and Seroba Bioventures, are also participating in the Series B round, having first invested in Novate Medical in a Series A round in 2007.
“The Novate filter is a unique device for the prevention of PE in high-risk patients and it has been successfully demonstrated in initial First-In-Man studies. In addition, the Novate management team has extensive global experience and a proven track record in the engineering, clinical development, regulatory approval, sales and marketing of medical devices,” said Bruno Montanari, director with Crédit Agricole Private Equity.
“We believe the Novate filter will address many, if not all, of the limitations of current IVC filters. We see Novate’s new device as a winning solution to a very serious patient need.”