Novate Medical Ltd secures €4m funding from ACT Venture Capital, Seroba Bioventures and Enterprise Ireland
GALWAY, IRELAND: Novate Medical Ltd, a privately-held development-stage medical device company based in Galway, Ireland has just completed a €4m round of funding. The financing was co led by Dublin based ACT Venture Capital and life science investor Seroba BioVentures, with Enterprise Ireland also participating in the round.
Novate was formed in 2006 to develop and commercialise a novel technology aimed at the rapidly expanding market for inferior vena cava filters. These products are used as a means of preventing clots reaching the lungs and causing a pulmonary embolism (PE). PE is the third leading cause of acute cardiovascular death in the developed world. It affects over 1.2 million people in the US and Europe annually and accounts for as many as 500,000 deaths per year.
The founders of Novate, Chas Taylor (Chairman) and Paul Gilson (CEO) are experienced medical device entrepreneurs. They were co-founders of MedNova Ltd., a leader in carotid artery stenting. MedNova was purchased by Abbott Laboratories in 2005. They issued a joint statement as follows, "This is a very important market segment where patients requirements are not completely met by existing technologies. We are delighted to have the backing of ACT, Seroba and Enterprise Ireland. This funding will be utilized to build a novel platform of products which we believe will provide significant advantages over existing product designs."
About the investors:
ACT Venture Capital is Ireland's leading venture capital company. Founded as an independent operation in 1994, ACT has completed over 70 investments, principally in technology based companies serving global markets.
Seroba BioVentures is a life science venture capital management company. Seroba was established in 2001 to manage Ireland’s first dedicated life science venture capital fund and is now the leading life science investor in Ireland.
Enterprise Ireland is the Irish Government Agency tasked with the support and development of indigenous technology based companies.
For further information please contact:
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Mr Chas Taylor
Novate Medical
Innovation In Business Centre
G.M.I.T.
Dublin Road
Galway
Tel: 0044 1403 258 984
Fax: 0044 1403259 642
Mobile: 0044 7887 727 077
Email: chas.taylor@novate.biz
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Mr John O’Sullivan
ACT Venture Capital
6, Richview Office Park
Clonskeagh
Dublin 14
Tel: +353 (0)1 2600966
Fax: +353 (0)1 2600538
Email: josullivan@actvc.ie
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Mr Seamus O’Hara
Seroba BioVentures
Alma House
Alma Place
Monkstown
Co. Dublin
Tel: +353 1 2140400
Fax: +353 1 2140432
Email: seamusohara@seroba.ie
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