The FINANCIAL — Paris — Novate Medical Ltd., a privately-held development stage medical device company, has secured a Series B investment of €8.7 million co-led by Crédit Agricole Private Equity, based in Paris and venture capital firm Seroba Kernel Life Sciences, based in Dublin.
According to Credit Agricole, The investment will be used to finance the clinical development of Novate’s lead medical device product in the USA and Europe. Bruno Montanari (Crédit Agricole Private Equity) and Daniel O’Mahony (Seroba Kernel) will both join the board of Novate. Existing Irish investors, ACT Venture Capital and Seroba Bioventures, are also participating in the Series B round, having first invested in Novate Medical in a Series A round in 2007.
Novate Medical, based in Galway Ireland, is focused on developing unique inferior vena cava filter devices (‘IVC filters’) for the prevention of Pulmonary Embolism (PE) in patients at transient high risk for Pulmonary Embolism. The lead product is the world’s first, and only, bio-convertible IVC filter. PE is a major cause of acute cardiovascular death in the developed world. It affects over 1.2 million people in the US and Europe annually and may account for as many as 500,000 deaths per year. IVC filters are designed to capture clots, preventing them from reaching the lungs and causing PE.
The Novate device is unique in that it contains a bio-absorbable element that allows for protection during the period of PE risk. It eliminates the need for a second, follow-up procedure which is required to remove currently available temporary IVC filters.
Speaking at the announcement of the €8.7 million investment in Novate Medical, Daniel O’Mahony, a partner in Seroba Kernel Life Sciences, said “We are excited to partner with Crédit Agricole Private Equity in co-leading this investment and in working together with the company to bring such an innovative, break-through and best-in-class medical device product through clinical development. Novate Medical is well-placed to leverage the extensive experience and expertise that exists in Ireland to support the development of new medical devices.”
Bruno Montanari, Director with Crédit Agricole Private Equity, added “The Novate filter is a unique device for the prevention of PE in high risk patients and it has been successfully demonstrated in initial First-In-Man studies. In addition, the Novate management team has extensive global experience and a proven track record in the engineering, clinical development, regulatory approval, sales and marketing of medical devices. We believe the Novate filter will address many, if not all, of the limitations of current IVC filters. We see Novate’s new device as a winning solution to a very serious patient need.”
Novate was founded by Chas Taylor and Paul Gilson who have considerable experience in medical device development. Speaking at the announcement Taylor said “This investment by Seroba Kernel and Crédit Agricole Private Equity will allow us to continue our clinical study programme towards US approval. The entire team at Novate Medical in Galway are proud to have developed a unique, breakthrough solution to a world-wide problem, a solution that we believe has the potential to transform the prevention of PE.”