Medical devices player Neuravi raises €5.2m in Series A financing – 25 new jobs created

11 Jul 2012

An investment worth €5.2m led by Fountain Healthcare Partners and Delta Partners in Neuravi Ltd will accelerate the medical device company’s development of a ground-breaking clot retrieval device for the treatment of acute ischemic strokes and will enable Neuravi to undertake clinical evaluation in patients.

Established in 2009, Neuravi has assembled a large body of intellectual property in the field of mechanical retrieval devices for stroke and has positioned itself to be a major strategic player in this fast-developing market.

People suffer an estimated 700,000 ischemic strokes in the US and a further 950,000 in Europe each year.

Neuravi is developing a medical device to help stroke doctors treat patients quickly after stroke onset by removing the lodged blood clot from the brain with its proprietary Stent Basket technology.

‘Stroke is devastating’

Some 95pc of patients currently receive no acute intervention for this often deadly or debilitating condition, relying on rehabilitation only. The potential market could be as high as US$2bn per year following successful clinical trial completion and the products being approved for sale in major markets.

“Stroke is devastating to patients and their families,” said Dr Joe Mason at Delta Partners.

“Its results impose huge burdens on society. Neuravi’s therapeutic device will potentially offer significant benefits to patients, clinicians and payors by improving treatment outcomes for large numbers of people who suffer from the condition.”

Neuravi expects to create 25 new jobs over the next three years as a result of this investment. This includes a series of both senior management and technical/functional hires over the coming months to fulfil the research and development, quality assurance, regulatory assurance, manufacturing, marketing and finance functions of the company.

“This talented Galway team has a successful track record in miniature endovascular product development, from concept design to clinical approval and international commercialisation,” said Justin Lynch, partner at Fountain Healthcare Partners.

“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,” Lynch added.

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years