Monday 24 October 2016

New Vivasure funding brings tally to €18m

Published 10/08/2015 | 02:30

Vivasure has developed a technology that has applications for vessel closure during surgery
Vivasure has developed a technology that has applications for vessel closure during surgery

Galway medical device firm Vivasure has raised €700,000 in fresh funding from existing backers including two US-based investment funds.

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It brings to over €18m the amount of money that has been raised by the Irish company over the past six years.

Founded in 2009 by chief executive Gerard Brett, Vivasure Medical has developed a platform technology that has applications in vessel closure during surgery.

The company has just raised fresh funds from US firms Orchestra Medical Ventures, as well as Ascent Biomedical Ventures. Fountain Healthcare Partners, the Dublin-based investment firm, has also invested again, as has the Western Development Commission.

In January this year, Vivasure raised a total of €1.2m from those investors. Last year, they provided €3.8m in funding.

They've also invested in a number of other fundraising rounds.

Darren Sherman, who's the managing director of Orchestra Medical Ventures, sits on the board of Vivasure.

He's also the chief executive of US firms Caliber Therapeutics, and Freehold Surgery. He previously held various executive management positions at Cordis Neurovascular.

Also on the Vivasure board is Geoffrey Smith. He is the co-founder and general partner of Ascent Biomedical Ventures, which is a New York-based venture capital firm focused on early stage life sciences investments. He's also managing director of Mars Ventures, the strategic ventures arm of the global food group, Mars.

The latest set of publicly available accounts for Vivasure show that the company made a €3.3m loss in 2013 and had a retained loss of €14.5m at the end of that year.

Irish Independent

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