Vivasure gets €16m funding to fuel launch
Galway medical device firm Vivasure Medical has secured €16.2m in backing from investors as it starts to roll out its first product in Europe.
Vivasure, which was co-founded by chief executive Ger Brett, has developed a technology - PerQseal - that enables surgeons to quickly and easily repair puncture holes caused by arteriotomies for catheter-based procedures.
The first product using the technology is the Vivasure Closure Device.
The global market for such technology is expected to be worth more than $500m (€443m) by 2021.
The new funds will also enable Vivasure to undertake a regulatory study in the United States that should see the firm's product made available there in 2018, Mr Brett told the Irish Independent.
"We have the means within this funding round to execute that study, and that will effectively give us a route to getting market approval," he said. The study will be initiated next year.
The latest fundraising has been backed again by Vivasure's anchor investor, Ireland-based Fountain Healthcare Partners, a life science-focused venture capital fund with €176m under management.
It has invested in two previous fundraising rounds undertaken by the Galway company.
Other investors in the latest fundraising round for Vivasure include Life Science Partners of The Netherlands; Evonik Venture Capital from Germany; and Panakes Partners from Italy.
The funding almost doubles the total amount of money Vivasure has raised since it was founded in 2008.
Mr Brett said the funding round had been well received, and that he was satisfied with the €16m that was secured.
"We were comfortable once we got to that point," he said.
"There's a balance between dilution and cash comfort and I think we've hit the right balance."
Mr Brett also said that the most effective way for Vivasure to market and distribute its product will probably be via a commercial relationship with a major player.
"As a small company, one of the bigger challenges is the ability to distribute your product on a global basis," he said. "It's a huge piece of infrastructure that's necessary.
"We would anticipate potentially partnering with somebody that has a global reach and get us the scope and scale that we need to be able to get to in order to take a leading position within this market," added Mr Brett.