Medical devices start-up Ostoform has secured €1.1 million in investment from backers that include former Dragons' Den panellist Seán O'Sullivan's SOSV, Enterprise Ireland and the Halo Business Angel Network (HBAN).
Ostoform is to use the funding to expand its team by five and to fund patient trials and gain regulatory approval to allow it to go to market in Europe and the US.
The company, which won the AIB Start-up Academy award last year, was set up to come up with a solution around the management of a stoma – a small surgical opening on the surface of the abdomen made to divert the flow of faeces or urine.
The opening can cause skin complications due to the acidic contents that can come into contact with the body. To address this, the Dublin-based start-up has developed a seal that is secured to the skin around the stoma to effectively guide waste into a surgical bag, without it coming into contact with the skin.
According to Ostroform chief executive and co-founder Kevin Kelleher, about a million people per year in Europe and the US have an ileostomy or urostomy, with many finding it very difficult to adapt to stoma management after surgery.
“The patented Ostoform Seal with FlowAssist aims to reduce the discomfort of dermatitis that often happens with this type of procedure,” said Mr Kelleher.
Medtech syndicate
HBAN, a joint initiative of InterTradeIreland and Enterprise Ireland that serves to bring start-ups and investors, has backed Ostoform via its medtech syndicate.
Members of the syndicate, who all have specialist experience in the industry and an extensive network of contacts, have invested 280,000 in the company and promised to advise Ostoform on how to scale.
“This investment is not just financial; the angel investors bring invaluable expertise and experience that will help us to scale. We now have business people involved who have already gone through the process of patient trials with the FDA in the US and the CE Mark certificate in Europe,” said Mr Kelleher.
“That will be instrumental in helping us to avoid pitfalls along the way and ultimately succeed in getting our product to market. The angels also have valuable connections with both manufacturers and distribution channels in Europe and the US, which will help us penetrate the market and reach the patients that need our technology quickly,” he added.
