The corporate has additionally introduced plans to broaden into the US subsequent 12 months.
LaNua Medical, an Irish medtech system spin-out from College School Dublin (UCD), right now (12 December) introduced that it has raised €6m in seed funding.
The beginning-up, which was arrange earlier this 12 months, will use these funds to develop know-how that makes it “simple, protected and cheaper” for docs to deal with inside bleeding, vascular malformations, and each benign and malignant tumours. The funding will even be used to speed up product growth and market entry.
The funding spherical was co-led by Elkstone and Atlantic Bridge, with participation from Enterprise Eire and Furthr VC.
As well as, LaNua Medical has stated that it needs to broaden into the US subsequent 12 months, to advance regulatory approval.
The enterprise’ predominant product is ‘Ecore’, an umbrella-shaped system which intends to modernise embolisation procedures – a way utilized by surgeons and radiologists to regulate the movement of blood in sure areas of the physique.
It is a notable purpose for the corporate, as the worldwide embolisation market is presently price $2.2bn and is anticipated to achieve $3.88bn in 2031, as a result of elevated incidences of vascular ailments and most cancers, in addition to a rising demand for minimally invasive surgical procedures.
Based on the corporate, Ecore is designed to reinforce the protected and focused supply of instruments used to dam blood movement, by coming into blood vessels deep inside the physique and forming an “occlusive barrier”.
Particularly, the system permits docs to limit blood movement in a focused phase of veins or arteries, whereas nonetheless permitting sure medical instruments (guidewires and catheters) to go by way of it.
One other intention of the system is to scale back publicity to x-ray radiation for each the affected person and practitioner, along with decreasing total human error in the course of the process.
‘Transformative platform know-how’
CEO and co-founder of LaNua Medical, Tom Fitzmaurice stated that his firm is “delighted” to finish the seed spherical.
“It should allow our group to rent extra expert assets, develop a variety of gadgets to fulfill the rising calls for of embolisation within the interventional radiology medical group and acquire entry into our first market within the US.”
Chief medical officer and co-founder Dr Cormac Farrelly stated: “Having carried out 1000’s of embolisation procedures, I strongly imagine this next-generation embolisation system is a transformative platform know-how. It is not going to simply make current procedures safer and more practical however will even allow new scientific purposes for minimally invasive embolisation procedures worldwide.”
LaNua Medical is now setting its sights on looking for worldwide companions to construct out its scientific and industrial worth proposition.
The corporate can be presently hiring for roles throughout R&D and high quality based mostly in Atlantic Technological College’s iHub in Galway and NovaUCD in Dublin.
Regardless of solely being established earlier this 12 months, LaNua Medical has already made some huge strides within the medtech sector.
In June, Farrelly spoke to SiliconRepublic.com after profitable the Enterprise Eire Large Concepts pitch.
He stated on the time: “It’s superb – wanting on the different pitches up there I actually didn’t assume there was an opportunity, so it was an amazing shock when our identify went up.”
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