Perfuze, a Galway-based medical device company developing next-generation catheter-based aspiration technology to treat large vessel occlusion acute ischemic stroke, has closed a €22.5 million Series A investment round.
Proceeds from the financing will be used to drive the next stage of US clinical study and regulatory clearance of its Millipede System. The funds will also be used to support ongoing development of new products and to initiate commercialization of its technology. Perfuze currently employs 20 people and expects to have doubled headcount at the company by the end of next year.
The Series A funding was led by new investors LSP, investing from its LSP Health Economics Fund 2, and Seroba Life Sciences. The round was also supported by new investor SV Health Investors, investing from its Medtech Convergence Fund and existing investors Earlybird, the HBM-MedFocus Fund, Enterprise Ireland and a syndicate of Irish business veterans and stroke physicians.
With the closing of the Series A financing round, Anne Portwich, Partner at LSP, and Daniel O’Mahony, Partner at Seroba Life Sciences, will join the Perfuze board of directors and Megan MacDonagh, Senior Associate at SV Health investors will join as a Board Observer.
“Perfuze has a technology with the potential to significantly improve outcomes for stroke patients,” says Anne Portwich, Partner at LSP. “We are delighted to support the company and its management team to expand as it pushes towards getting its life-saving technology to market.”
Speaking on why Seroba decided to invest in Perfuze, Daniel O’Mahony said “Seroba recognizes that for patients who have suffered a stroke event, time is brain. Perfuze’s Millipede technology will allow for rapid and successful blood vessel recanalization which is vital to improve the patient’s functional status and reduce mortality following a stroke event.”
Wayne Allen, CEO of Perfuze, said he is delighted to have completed the Series A financing with such experienced investors.
"This capital facilitates our continued growth and development. We believe that the Perfuze Millipede System is the next wave of thrombectomy technology in the rapidly growing stroke market and has the potential to positively impact the lives of thousands of stroke patients," he said.
According to the WHO, stroke is the second leading global cause of death and a leading cause of disability. An ischemic stroke occurs when a blood vessel in the brain is blocked by a clot, preventing blood flow. Perfuze’s technology aims to provide superior clinical outcomes in shorter procedural times, resulting in safe cost-effective therapy.
Based in Galway, Perfuze has developed super-bore diameter aspiration technology that has the capability to navigate the complex neurovascular anatomy. Perfuze’ pipeline of products are designed to facilitate fast, complete clot removal during acute ischemic stroke.
Perfuze has CE Mark approval for its first device, Millipede 088 and has successfully treated its first cohort of patients. Perfuze was founded in 2018 by Wayne Allen and Liam Mullins, who have over 35 years combined medtech experience. This is the second medtech company they have co-founded; the previous company, Embo Medical, was acquired by CR Bard in 2016.
For more information, please visit www.perfuze.com
