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€5m investment for Galway company

Neuravi has secured the investment which will help it to hire more staff and start clinical trials on its device.

John O’Shaughnessy, Chairman, Neuravi,  Eamon Brady, CEO, Neuravi and Justin Lynch, Partner, Fountain Healthcare Partners
John O’Shaughnessy, Chairman, Neuravi, Eamon Brady, CEO, Neuravi and Justin Lynch, Partner, Fountain Healthcare Partners
Image: Andrew Downes.

A GALWAY company that has created a medical device to retrieve a clot following a stroke has received a €5.2 million investment.

Neuravi, which is run by Eamon Brady, David Vale and John O’Shaughnessy, is developing a device that is to be used in the treatment of acute ischemic strokes.

Neuravi is developing a medical device to help stroke doctors treat patients very quickly after stroke onset by removing the lodged blood clot from the brain with its proprietary Stent Basket technology.

The device helps to restore blood flow in patients who have had such strokes, which are due to the blockage of an artery to the brain.

The company was founded in 2009 and Brady told TheJournal.ie that the Series A financing round investment came from two lead investors, Fountain Healthcare Partners and Delta Partners.

Neuravi expects to create 25 new jobs over the next three years as a result of this investment.

“It’s a very significant investment,” said Brady.

It’s going to allow us to rapidly accelerate our development and clinical trials.

The investment will go towards testing the device on humans in Europe.

The company works with Dr Mahmood Razavi, who is an international radiologist who came out of Stanford University in California and has a stroke practice in southern California.

Brady, O’Shaughnessy and Vale were previously involved with a company called Mednova, which was sold for more than $100 million.

Brady explained more about the benefit of the device:

If you have an ischemic stroke, you have five per cent chance of getting therapy. The vast majority of people get palliative care only. The reason for that is there is only one drug available to treat acute ischemic stroke and it is only used in a small subset of patients.

When Neuravi was founded in 2009, the businessmen licensed a big portfolio of patents from Abbott and after three years of “intensive” research and development they built up their platform.

The company says the potential market could be as high as $2 billion per year following successful clinical trial completion and the products being approved for sale in major markets.

Read: Lack of sleep “top risk of stroke”>

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