Irish medtech Perfuze raises €22.5m for stroke treatment device

9 Feb 2022

Image: © Kateryna_Kon/Stock.adobe.com

Perfuze is developing catheter-based technology to remove blood clots from the brain and treat acute ischemic stroke.

Galway-based medtech start-up Perfuze has raised €22.5m in a Series A funding round to push forward with clinical studies for its stroke treatment device.

The funding round was led by new investors LSP and Seroba Life Sciences, with additional funding from existing investors Earlybird, the HBM-MedFocus Fund, Enterprise Ireland and a syndicate of Irish business veterans and stroke physicians. The round was also supported by new backer SV Health Investors.

Future Human

Founded in 2018, Perfuze is developing catheter-based technology to remove blood clots from the brain and treat acute ischemic stroke.

According to the World Health Organization, stroke is one of the leading global causes of death and a leading cause of disability.

An ischemic stroke occurs when a blood vessel in the brain is blocked by a clot, preventing blood flow. Perfuze aims to provide a rapid way to reestablish blood flow, which could improve a patient’s status following a stroke.

“We are delighted to have completed our Series A financing with such experienced investors and this capital facilitates our continued growth and development,” Perfuze CEO Wayne Allen said.

“We believe that the Perfuze Millipede System is the next wave of thrombectomy technology in the rapidly growing stroke market and has the potential to positively impact the lives of thousands of stroke patients.”

The funding will be used to drive the next stage of a US clinical study and secure regulatory clearance of its Millipede catheter-based technology. The investment will also help to support the development of new products and commercialising its technology.

In 2019, the Galway-based company closed a €3m seed funding round and was one of eight Irish SMEs to receive funding from the European Innovation Council. Perfuze was also named Emerging Medtech Company of the Year at the 2020 Irish Medtech Awards.

The Irish medtech start-up was granted breakthrough device designation by the US Food and Drug Administration in 2019 for its Millipede system. This designation is granted to medical devices that could provide a more effective treatment for life-threatening or irreversibly debilitating diseases.

Last February, Perfuze received CE marking for its flagship product, Millipede 088, and in May the company said it had successfully treated five acute ischemic stroke patients using this device.

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Leigh Mc Gowran is a journalist with Silicon Republic

editorial@siliconrepublic.com