Vivasure to expand with €10m financing from EIB
GALWAY medical technology firm Vivasure has secured €10m in debt financing from the European Investment Bank (EIB) that it will use to expand its research and development activity.
Ger Brett, the chief executive and co-founder of Vivasure, said the EIB's financing is a "vote of confidence" in the Irish medtech sector. He said the finance will allow Vivasure to accelerate innovation and to expand into new markets.
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Vivasure has secured more than €38m in equity since it was founded in 2008.
In 2016, it raised €16.2m from investors to roll out its first product in Europe. It developed a technology called PerQseal that enables surgeons to quickly and easily repair puncture holes caused by arteriotomies for catheter-based procedures. A new version of that product was launched in Europe last year.
Vivasure's backers include Ireland's Fountain Healthcare Partners, Life Science Partners of the Netherlands, Germany's Evonik Venture Capital, and Panakes Partners in Italy.
EIB vice president Andrew McDowell said the bank recognises the "crucial need" to ensure that research-driven companies can expand and succeed in new markets.
Ibec chief executive Danny McCoy said access to diversified funding streams "help to boost the competitiveness, resilience and innovation of fast-growing companies in Ireland".
Ibec and the EIB are promoting the bank's financing opportunities to Irish firms.
Vivasure's latest publicly available set of accounts show that it notched up a €6.5m loss in 2017 as it continued to develop its products. It had an accumulated loss of €32m at the end of that year.
Its PerQseal technology is not yet available for sale in the United States. However, Vivasure is exhibiting at a major healthcare technology conference in San Francisco this week.