Dublin-based medical devices company Vasorum has secured a €6 million equity investment from State-backed venture capital firm BGF.
The deal, BGF’s seventh in the Irish market over the past two years, sees the firm taking a minority interest in the medtech company.
Founded and led by Dr Jim Coleman, Vasorum specialises in sophisticated devices used to close arterial punctures in vascular, cardiology, radiology and neuro-radiology procedure.
Its flagship product is the Celt Arterial Closure Device for femoral artery punctures, which has received FDA approval and been used in over 70,000 patients to date.
Vasorum, which is chaired by former SIAC Construction chief executive Finn Lyden, said BGF's investment will be used to accelerate the roll-out of the device in the US and to invest in new product development.
"Vasorum represents an exciting opportunity to scale a fast growth medical device business with globally leading technology," said Mark Sykes, an investor at BGF.
“Its Celt ACD already has industry-leading performance, and it is well advanced in new product development programs, which have the potential to revolutionise vascular closure in structural heart, ventricular assistance and endovascular aneurysm repair,” he added.
BGF, formerly the Business Growth Fund, counts the State-owned Ireland Strategic Investment Fund and the main Irish banks among its investors. The other Irish companies it has backed in recent years are Croom Precision Medical, Action24, Brindley Healthcare, Winterbrook, Edgescan and Team Accessories Limited.