Thursday 29 September 2016

Neuravi begins sale of breakthrough medical device to treat strokes

Paul O'Donoghue

Published 02/10/2015 | 02:30

Beaumont Hospital
Beaumont Hospital

Galway-based medical-device company Neuravi has started selling its potentially breakthrough stroke treatment device into Europe, after completing a major funding round.

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The company's EmboTrap device captures and removes clots from blood vessels and restores blood flow. It is used to treat ischemic strokes, which account for 87pc of all strokes. The device can help lessen the long-term effects of stroke and in some cases prevent long-term damage altogether.

Neuravi says its device restores blood flow faster than rivals and helps avoid clot fragmentation.

It is currently being used in Beaumont Hospital in Dublin.

Neuravi raised €19m in a major funding round earlier this year to fund a clinical trial aimed at securing US market approval.

Meanwhile, Dublin-listed Merrion Pharmaceuticals reported a net loss of €1.02m in the six months to the end of June, almost twice the loss of €507,000 made during the same period last year.

Established in 2003, the company specialises in making tablet versions of drugs that are normally taken as infusions.

Revenue fell from €955,793 in the first six months of 2014 to €250,000 in 2015.

The company also owes a €4.8m loan to Declan Ryan's Irelandia, which was to be repaid by the end of September. However, in its results Merrion said: "In September Irelandia, without formally extending the loan repayment term, confirmed that it has no current intention of calling in the repayment of the loan prior to 31 December 2015".

Irish Independent

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