Melly-backed medical engineers seek €4m for ambitious US plan
TWO cutting-edge medical device firms, backed by telecoms tycoon Sean Melly, are seeking to raise over €4m from investors as they roll out plans to wow the US markets with seriously innovative bits of medical kit.
Former Novascience boss Jim Coleman and ex-Merrion Stockbrokers Robert Perryman run the closely linked AltaScience and Vasorum medical service firms. They have appointed Beary Capital to seek funding partners.
Vasorum has developed a cardiological device, which will help cut down the amount of time that patients will need to stay in hospitals after undergoing procedures.
AltaScience has invented a faster, less painful method of female sterilisation. Both products are targeting gaps in the lucrative US market.
The two companies have raised close to €20m for investment in these products in recent years. The firms share common shareholders and premises in west Dublin.
Ireland is rapidly becoming a major hub for medical service manufacturing with a number of hefty US multinationals setting up operations here. Irish companies have attracted buyers from overseas brandishing massive cheques.
The last round of funding is thought to have valued Vasorum at around €30m, with AltaScience at about €35m. Despite a number of buyout approaches, neither is for sale, says Mr Perryman.
Entrepreneur Mr Coleman sold Novascience to Abbott in 2005 for around $10m with another joint venture being snaffled up by Loctite Henkel.
Sunday Indo Business