Galway medtech firm raises €6.4m to develop revolutionary stroke treatment
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 Irish Medtech entrepreneurs and leading global stroke key opinion leaders.
Ceroflo, 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.
Pictured: Ceroflo CEO Chloe Brown with the company's innovative device for the treatment and prevention of stroke.