Business

Galway medtech closes €6.5m funding round for C-section birth device

Nua Surgical grew out of the BioInnovate Ireland programme at the University of Galway

Nua Surgical Co-Founders Padraig Maher (left), Marie Therese Maher and Barry McCann. Mr McCann said the funding will help drive the commercialistion of the firm's device. Photograph: Andrew Downes, xposure
Nua Surgical Co-Founders Padraig Maher (left), Marie Therese Maher and Barry McCann. Mr McCann said the funding will help drive the commercialistion of the firm's device. Photograph: Andrew Downes, xposure
Ian Curran
Fri Dec 06 2024 - 08:13

Nua Surgical, an Enterprise Ireland-backed medical technology firm based in Galway, has closed a €6.5 million funding round it says will fund its drive to secure US regulatory approval for its surgical retractor device.

The product, called SteriCision, is designed specifically for Caesarean section surgeries and is aimed at reducing the risk factors associated with the procedure that can lead to complications.

On Friday, the company, which grew out of the BioInnovate Ireland programme at the University of Galway, said it has now closed its €6.5 million series A founding round, led by Swedish investor EQT Life Sciences and supported by the Texas Medical Center Venture Fund (TMCVF), Kidron Capital and existing investors including Enterprise Ireland.

TMCVF is a $50 million (€47.2 million) US fund that invests in early-stage medical companies and is the venture capital arm of the Houston, Texas-based medical research and treatment complex.

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Israeli-headquartered Kidron Capital, meanwhile, is a fund that invests in women’s health-focused companies.

Barry McCann, chief executive and co-founder of the business, said the funding is a crucial milestone for the company. “It not only provides the capital needed to advance our product but also brings on board a group of experienced investors who share our vision for transforming maternal health,” he said. We are eager to leverage their expertise as we move towards commercialising SteriCision.”

Nua Surgical plans to use the funding to expand its team, establish a manufacturing base in the Republic and ramp up towards its goal of receiving US Federal Drug Administration clearance for its device to be used in clinical settings.

The company has also announced a number of appointments to its board, including Anne Portwich, partner at EQT and Kidron Capital co-founder Anula Jayasuriya.

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Ian Curran

Ian Curran

Ian Curran is a Business reporter with The Irish Times

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