Vasorum, a Dublin-based medical device business, has received a €6m investment from growth capital investor BGF.
Vasormum specialises in developing devices used to close arterial punctures in vascular, cardiology, radiology and neuro-radiology procedures.
It has developed and markets the CELT Arterial Closure Device (ACD), which is used to close femoral artery punctures.
The CELT ACD is based on a patented platform technology, which was approved by the US Food and Drug Administration (FDA) in 2017 and has been used in over 70,000 patients to date.
BGF’s investment will be used to accelerate the commercial roll-out of CELT ACD in the United States and to invest in new product development.
Vasorum is led by its founder and chief executive Dr Jim Coleman and serial entrepreneur Chas Taylor. Mr Taylor is also a former senior executive of med tech company Bard.
Leo Casey, head of BGF in Ireland, said: “We are delighted to welcome Jim and his team into the growing portfolio of successful Irish businesses backed by BGF.”
Vasorum is the seventh investment that BGF Ireland has closed in the last two years, this Mr Casey said, demonstrates BGF’s “continued momentum in the market.”
"BGF’s portfolio of Irish business now spans multiple sectors including medical devices, software, aerospace engineering, security and residential construction,” he added.
Vasorum is chaired by former SIAC Construction CEO Finn Lyden.
Mark Sykes of BGF will join the Vasorum board with Maedhbh O’Driscoll of BGF joining as a board observer.
BGF was advised by Dillon Eustace and Potter Clarkson (legal), Ronan Murray (financial) and Grant Thornton (tax).
Vasorum was advised by Clark Hill (legal), Michael Kinsella of BCA (financial) and David O’Flynn of EVA Consulting (commercial).