Galway’s Embo start-up gets €3m
6th October 2014
Galway-based Embo Medical, an early stage medical device company focused on developing technology to shut down blood flow in blood vessels, has secured €3 million in seed-funding.
The investment syndicate included the AIB Seed Capital Fund (managed by Enterprise Equity), Irrus Investments, HBAN’s Medtech Business Angel Syndicate, Western Development Commission, Enterprise Ireland and the AIB Start-Up Accelerator Fund (managed by ACT Venture Capital).
The investment will enable Embo Medical to secure regulatory approval and enter the market, and in doing so employ approximately 10 people directly and up to another 10 people indirectly.
Embo Medical is based in NUI Galway’s Business Innovation Centre. In 2011, the management team of Wayne Allen, Colin Forde and Liam Mullins undertook the BioInnovate Ireland Fellowship, a specialist medical device innovation programme. Upon completion, they founded Embo Medical to develop solutions to unmet clinical needs that were identified while observing embolization procedures in hospitals during the Fellowship.
Embolization is a minimally invasive endovascular procedure used to deliberately stop blood flow in blood vessels when treating cancers, internal haemorrhage, aneurysms, and venous disease. Current embolization procedures require multiple coils and plugs, which can be cumbersome and time consuming to insert and often do not provide an optimal clinical result.
Embo is developing the first true one-shot (one device per vessel) vascular embolization device. The product is aimed at the peripheral vascular embolization market, a market where physicians perform about 180,000 procedures per year worldwide. The Embo platform technology is intended to provide a superior solution in shorter procedural times; resulting in safe, cost-effective embolization. In preclinical studies, Embo’s technology reduced blood vessel treatment time by over 80pc, while ensuring rapid and durable occlusion across all blood vessel sizes.
Embo CEO Wayne Allen said: “This investment will accelerate Embo’s development of a state-of-the-art solution for the treatment of several diseases, will further prove the product’s value through clinical studies and enable us to access the large US market. Our technology has the potential to become the standard of care while simultaneously reducing the cost of healthcare.”