The corporate has additionally introduced plans to broaden into the US subsequent yr.
LaNua Medical, an Irish medtech gadget spin-out from College School Dublin (UCD), right this moment (12 December) introduced that it has raised €6m in seed funding.
The beginning-up, which was arrange earlier this yr, will use these funds to develop expertise that makes it “straightforward, protected and cheaper” for medical doctors to deal with inside bleeding, vascular malformations, and each benign and malignant tumours. The funding may even be used to speed up product improvement 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 yr, to advance regulatory approval.
The enterprise’ principal product is ‘Ecore’, an umbrella-shaped gadget which intends to modernise embolisation procedures – a way utilized by surgeons and radiologists to regulate the circulate of blood in sure areas of the physique.
It is a notable purpose for the corporate, as the worldwide embolisation market is at present price $2.2bn and is predicted to succeed in $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.
In keeping with the corporate, Ecore is designed to boost the protected and focused supply of instruments used to dam blood circulate, by getting into blood vessels deep throughout the physique and forming an “occlusive barrier”.
Particularly, the gadget permits medical doctors to limit blood circulate in a focused phase of veins or arteries, whereas nonetheless permitting sure medical instruments (guidewires and catheters) to move via it.
One other goal of the gadget is to cut back publicity to x-ray radiation for each the affected person and practitioner, along with decreasing general human error in the course of the process.
‘Transformative platform expertise’
CEO and co-founder of LaNua Medical, Tom Fitzmaurice stated that his firm is “delighted” to finish the seed spherical.
“It is going to allow our crew to rent extra expert assets, develop a spread of units to satisfy the rising calls for of embolisation within the interventional radiology medical neighborhood and acquire entry into our first market within the US.”
Chief medical officer and co-founder Dr Cormac Farrelly stated: “Having carried out hundreds of embolisation procedures, I strongly consider this next-generation embolisation gadget is a transformative platform expertise. It won’t simply make current procedures safer and more practical however may even allow new scientific functions for minimally invasive embolisation procedures worldwide.”
LaNua Medical is now setting its sights on looking for worldwide companions to construct out its scientific and business worth proposition.
The corporate can also be at present hiring for roles throughout R&D and high quality primarily based in Atlantic Technological College’s iHub in Galway and NovaUCD in Dublin.
Regardless of solely being established earlier this yr, LaNua Medical has already made some massive strides within the medtech sector.
In June, Farrelly spoke to SiliconRepublic.com after successful the Enterprise Eire Large Concepts pitch.
He stated on the time: “It’s wonderful – wanting on the different pitches up there I actually didn’t assume there was an opportunity, so it was an incredible shock when our title went up.”
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