Galway medical device company Ceroflo has closed out an investment round which has raised €6.4m to advance its disruptive technology to revolutionise the treatment of intracranial atherosclerotic disease (ICAD ), a leading cause of stroke.
Ceroflo, founded by some of the most respected and recognisable names in stroke treatment, and the Irish MedTech sector, is developing an innovative device for the treatment and prevention of stroke – one of the leading causes of death and disability across the world.
The €6.4m will enable Ceroflo to bring its innovative stent to 30 patients in a first-in-human clinical trial.
The company engaged Galway-based accounting firm, DHKN to lead an EIIS investment round, which raised €5m in a number of weeks. EIIS (Employment Investment Incentive Scheme ) is a mechanism for young businesses in Ireland to receive investment that is tax efficient for the investor, who can receive 40% tax relief on the investment.
The additional €1.4m was raised from highly-respected Irish Medtech entrepreneurs and leading global stroke key opinion leaders.
Ceroflo, which is based in Galway City, brings together a stellar team from the Irish medical device industry, including co-founder and chairman Eamon Brady; co-founder John O’Dea, CEO Chloe Brown, CTO Brendan Casey and advisor John O’Shaughnessy.
Other co-founders include leading stroke interventionists Prof. Tommy Andersson of Karolinska University Hospital, Sweden, Dr. Leonard Yeo of National University of Health Singapore and Dr. Paul Bhogal of Royal London Hospital.
As in the heart and other parts of our bodies, the arteries in our brains become narrowed and finally blocked with plaque, this is called Intracranial Atherosclerosis (ICAD ). Between 10-50% of strokes are caused by ICAD for which current treatment options are sub-optimal, leaving this large population of patients with the ongoing risk of devastating strokes.
Pharmaceutical therapies aimed at reducing a patient’s risk of stroke are currently deemed the safest form of treatment for patients diagnosed with ICAD, but these patients continue to have a 20% risk of a devastating stroke every year.
The Ceroflo SubMaxTM Stent represents a game-changer in the treatment of ICAD as its shape and structure has been developed to suit the unique challenges of this disease. It is designed to gently increase vital blood flow to the brain while reducing the risks associated with first-generation devices, including haemorrhage and stroke.
Last November, a consortium led by Ceroflo, including manufacturing firm Advant Medical and the Medical and Engineering Technologies Centre at Atlantic Technological University, secured €3.4m from the Department of Enterprise, Trade and Employment’s Disruptive Technologies Innovation Fund (DTIF ).
Chloe Brown, CEO Ceroflo, says Ceroflo is developing an innovative stent device to address intracranial atherosclerotic disease (ICAD ), the next frontier in the treatment and prevention of stroke. “We are approaching the problem with a unique understanding of the challenges and are designing the technology with clinicians who have more than 50 years’ collective experience treating this disease.
“This is a very positive time for Ceroflo. Following our successful DTIF grant award and the incredible year since, we are excited about further development of the technology.
“This €6.4m investment will enable Ceroflo to bring the SubMaxTM Stent to 30 patients in a first-in-human trial, a significant value inflection point. It will also allow us to provide a platform to support further US and Japanese regulatory studies.”
Prof. Tommy Andersson, Neurosurgeon, Co-Founder Ceroflo and global stroke expert, said Ceroflo are approaching a critical unmet clinical need for the millions of patients at risk of an acute stroke from ICAD.
“The technology and tools I have available to treat these patients today are not sufficient. They are not designed to address the specific challenges associated to plaque in the brain, therefore adding to the burden of this disease.
“Paul, Leonard and I identified a unique novel technology solution and engaged a highly-experienced team of industry professionals to create Ceroflo. I am excited to see the progress that this funding round will help bring to Ceroflo, and ultimately the patients in need.”
