GALWAY, Ireland--(BUSINESS WIRE)--Perfuze, a medical device company developing next-generation catheter-based aspiration technology to treat large vessel occlusion acute ischemic stroke, has closed a €22.5 million Series A investment round. Proceeds from the financing will be used to drive the next stage of US clinical study and regulatory clearance of its Millipede System. The funds will also be used to support ongoing development of new products and to initiate commercialization of its technology.
The Series A funding was led by new investors LSP, investing from its LSP Health Economics Fund 2, and Seroba Life Sciences. The round was also supported by new investor SV Health Investors, investing from its Medtech Convergence Fund and existing investors Earlybird, the HBM-MedFocus Fund, Enterprise Ireland and a syndicate of Irish business veterans and stroke physicians.
With the closing of the Series A financing round, Anne Portwich, Partner at LSP, and Daniel O’Mahony, Partner at Seroba Life Sciences, will join the Perfuze board of directors and Megan MacDonagh, Senior Associate at SV Health investors will join as a Board Observer.
“Perfuze has a technology with the potential to significantly improve outcomes for stroke patients,” says Anne Portwich, Partner at LSP. “We are delighted to support the company and its management team to expand as it pushes towards getting its life-saving technology to market.”
Speaking on why Seroba decided to invest in Perfuze, Daniel O’Mahony said “Seroba recognizes that for patients who have suffered a stroke event, time is brain. Perfuze’s Millipede technology will allow for rapid and successful blood vessel recanalization which is vital to improve the patient’s functional status and reduce mortality following a stroke event.”
Wayne Allen, CEO of Perfuze, says: “We are delighted to have completed our Series A financing with such experienced investors and this capital facilitates our continued growth and development. We believe that the Perfuze Millipede System is the next wave of thrombectomy technology in the rapidly growing stroke market and has the potential to positively impact the lives of thousands of stroke patients.”
According to the WHO, stroke is the second leading global cause of death and a leading cause of disability. An ischemic stroke occurs when a blood vessel in the brain is blocked by a clot, preventing blood flow. Perfuze’s technology aims to provide superior clinical outcomes in shorter procedural times, resulting in safe cost-effective therapy.
Based in Galway, Ireland, Perfuze has developed super-bore diameter aspiration technology that has the capability to navigate the complex neurovascular anatomy. Perfuze’ pipeline of products are designed to facilitate fast, complete clot removal during acute ischemic stroke. Perfuze has CE Mark approval for its first device, Millipede 088 and has successfully treated its first cohort of patients. Perfuze was founded in 2018 by Wayne Allen and Liam Mullins, who have over 35 years combined medtech experience. This is the second medtech company they have co-founded; the previous company, Embo Medical, was acquired by CR Bard in 2016. For more information, please visit www.perfuze.com
LSP is a European investment firm providing financing for life sciences and health care companies. LSP’s management has raised over $3.5 billion (€3 billion) and supported the growth of 150 companies since it started to invest in 1988, including signature deals such as Argenx, Crucell and Neuravi. With offices in Amsterdam, Munich and Boston, LSP currently has the possibility to invest through five strategies, each having a distinctive investment scope and a dedicated team: LSP 7 invests in private early- to late-stage drug development and medical technology companies; LSP HEF 2 focuses on private late-stage medical technology companies; the LSP Dementia Fund invests in companies targeting neurodegenerative diseases; LSP Public targets public healthcare companies; and EBAC is LSP’s SPAC exclusively focusing on European biotech. LSP is an active contributor to the global life sciences industry and the European life science eco-system by assuming roles as initiators, founders and board members in various private and public bodies and organizations, for example being founder and board member of the Oncode Institute. For more information: lspvc.com.
About Seroba Life Sciences
Seroba is a European life sciences venture capital firm focused on investing in winning innovations in biotech and medtech. The team has deep investment and industry experience enabling Seroba to help entrepreneurs realise their ambitions whilst creating value for investors. The firm has a number of funds under management and has built a portfolio of investee companies across multiple indications. Seroba partners with entrepreneurs to create and build businesses around extraordinary science.
Follow our story at www.seroba-lifesciences.com
About SV Health Investors
SV Health Investors is a leading healthcare fund manager investing in tomorrow’s healthcare breakthroughs. The SV family of funds invests across stages, geographic regions and sectors, with expertise spanning healthcare services / technology, medical products, biotechnology, dementia and public equities. With approximately $2.7B in assets under management and a truly transatlantic presence with offices in Boston and London, SV has built an extensive network of talented investment professionals and experienced industry veterans. Since its founding in 1993, SV has invested in more than 200 companies with more than 90 of these having achieved successful acquisitions or IPOs. The Medtech Convergence Fund (MCF) is a seed and early-stage venture capital fund focused on the increasing convergence of medical technology with software, telecommunications, and new service models to create solutions to some of the most significant health challenges. For more information: svhealthinvestors.com