Bank of Ireland has added Dublin, Ireland-based neoSurgical to the list of companies supported through the Bank of Ireland MedTech Accelerator Fund managed by Kernel Capital.
The development emerged as Irish start-up neoSurgical secured a €1.6m investment led by Kernel Capital.
The syndicated investment consists of a €500k investment by the Bank of Ireland MedTech Accelerator Fund, with the remainder of the funds provided by Enterprise Ireland and a number of private investors including experienced promoters from the Irish Med Tech industry.
neoSurgical, which is working in collaboration with practicing surgeons, is focusing on developing and delivering products that enable safer and more efficient laparoscopic abdominal surgery for better patient outcomes. The company’s website states loft ambitions about addressing “technical problems” faced by surgeons, while not actually being all that forthcoming about what the challenges are and how they are placed to address them. A direct extract states; “neoSurgical is crystal clear about delivering significant value to the surgical community through the conception and delivery of products to solve technical conundrums in surgery. We are in the business of seeking out surgical problems – only when you have identified a problem can you offer a solution. Only when you have an identifiable problem can you offer a good solution. Importantly, only where a market exists for this do you then have a viable solution.”
According to the company, its lead product neoClose offers a new method of closing laparoscopic wounds that can reduce or prevent herniation complications while giving hospitals the opportunity to realise significant cost savings.
Laparoscopic or minimally invasive surgery within the abdomen involves ‘keyhole’ incisions some of which may require closure. Ineffective closure can lead to an operative complication called a hernia, the complication rate of which is published to be in up to 3.1% and can be significantly higher in obese patients. In the US, it has been estimated to cost the healthcare system in excess of $20,000 per patient to repair the hernia.
The development is expected to result in new Medical Device Jobs.
“This investment will enable us to complete our device development and take our place in the global med tech market. neoClose is the first in a portfolio of medical device projects that neoSurgical plan to develop to market in the coming years with the associated positive spin off to the Irish economy in terms of high value jobs and exports,” said Barry Russell, CEO, Neosurgical.
Source: neosurgical.com, pharmaceuticaljobs.com