Ireland's Novate Medical has closed an €8.7 million ($12.4 million) round of investment led by Crédit Agricole Private Equity and Seroba Kernel Life Sciences. Existing investors ACT Venture Capital and Seroba Bioventures also participated in this round, according to the Irish Times.
Novate will use the investment for clinical trials and development of its lead medical device product. The five-year-old company has developed an inferior vena cava filter that prevents the development of pulmonary embolism during surgery. The condition affects more than 1.2 million people in the U.S. and Europe annually and may account for as many as half a million deaths. What makes Novate's offering so interesting is that it is biodegradable, eliminating the need for a secondary procedure to remove it.
Novate, which hopes to obtain regulatory sign-off for its product in the U.S. and the EU, employs 12 staff in Galway and another four at a sales operation in Britain.