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Neuravi to create 25 jobs further to €5.2m investment
Eamon Brady, CEO, Neuravi, John O’Shaughnessy, chairman, Neuravi and Justin Lynch, partner, Fountain Healthcare Partners
Galway-based medical devices company Neuravi has raised investment of €5.2m which will accelerate the development of its innovative clot retrieval device.
Established in 2009, 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 positions over the coming months to fulfill the research and development, quality assurance, regulatory assurance, manufacturing, marketing and finance functions of the company.
Supported by Enterprise Ireland, Neuravi has assembled a large body of intellectual property in the field of mechanical retrieval devices for stroke.
The device it is developing will help stroke doctors treat patients very quickly after stroke onset by removing the lodged blood clot from the brain with its proprietary Stent Basket technology.
Patients suffer an estimated 700,000 ischemic strokes in the US and a further 950,000 in Europe each year, according to the company.
The potential market could be as high as $2bn per year following successful clinical trial completion and the products being approved for sale in major markets, it estimates.
Fountain Healthcare and Delta Partners led the Series A financing round. 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 commercialisation.
“The neuro-vasculature is especially challenging because brain arteries are miniscule, 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”.