Galway company Vysera Biomedical Limited has announced a new agreement with Merit Medical Systems Inc, a leading manufacturer and marketer of medical devices used primarily in cardiology, radiology, and gastroenterology procedures.
The deal will provide Merit with an exclusive licence for certain valve technology that may be incorporated into oesophageal stents to address acid reflux conditions. The transactions also provide Merit with an exclusive licence for the development and use of certain biomaterial technology for the coating of selected non-vascular stents and gastrointestinal and drainage catheters.
Merit has also made an equity investment for a minority interest in Vysera, and Fred P Lampropoulos, Merit’s chairman, president, and CEO, has been elected as a director of Vysera.
The equity investment by Merit forms part of a larger funding round also supported by existing investors Enterprise Equity Investment Fund Limited, Enterprise Ireland, the Western Development Commission, and private sources.
Vysera is based in Galway and was established in 2005 by Donal Devery, CEO and Dr Niall Behan, CTO. The company is focused on the development of products and therapies using its unique proprietary materials technology.
“We are pleased to join the Enterprise Equity Investment Fund Limited, Enterprise Ireland, the Western Development Commission, and other Vysera investors in what we believe are cutting-edge device and biomaterial opportunities,” Lampropoulos said. “We believe the licensed technologies will be beneficial for products developed for Merit’s Endotek division as well as our interventional radiology product group.”
Donal Devery, CEO of Vysera, said the company looked forward to working with Merit Medical Systems. “Their long record of innovation and growth in addition to their marketing resources with global reach will expedite the commercialisation of our technology in the medical device market.”
In addition to Merit’s applications, the company is applying this technology to address the problem of gastrointestinal reflux disease, a condition which causes the flow of stomach acids into the oesophagus. The technology also has additional applications which are in the early stages of development.
Vysera was advised by Mason Hayes & Curran and EVA Consulting Ltd.
