Ireland's Neuravi has pulled in nearly $6.5 million in Series A financing, convincing investors to grab a stake in its clot retrieval device designed to quickly treat acute ischemic strokes. Fountain Healthcare Partners and Delta Partners led the round, which the company plans to use to accelerate human clinical testing of its product.
Launched just three years ago, Neuravi is a virtual infant in the medical device world. But the Galway, Ireland startup is focused on an area drawing steady investor and device company interest. In December, for example, Cerevast Therapeutics in Redmond, WA drew $6.6 million of a planned $15 million Series C financing round to support an 800-patient trial for a treatment that uses applied ultrasound to treat brain blood clots. Covidien ($COV) gained FDA clearance for its Solitaire FR revascularization device earlier this year, a product designed to restore blood flow to the brain for patients suffering from the condition.
Neuravi says its "stent basket" tech is designed to help surgeons quickly treat patients after the onset of an ischemic stroke by removing the blood clot from the brain.
Success in the space is lucrative. Neuravi estimates the global market could reach $2 billion annually, a figure that explains why companies want to grab a stake. Existing treatment options include clot busting drugs and clot removal devices, the Mayo Clinic notes. But as Neuravi points out, most patients don't get "acute intervention" and end up being treated after the fact, when the stroke damage is already done. Earlier intervention could minimize or even prevent ischemic stroke damage, companies and physicians hope.
In addition to advancing clinical trials, Neuravi says it will also add about 25 jobs.
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