AIB Seed Capital Fund leads €2.2m investment in Capsos Medical
The AIB Seed Capital Fund, co-managed by Enterprise Equity Venture Capital, has led an equity investment of €2.2 million in medical device start-up, Capsos Medical. The AIB Start-Up Accelerator Fund (managed by ACT Venture Capital) was also part of the investment syndicate.
Galway-based Capsos Medical is pioneering a new treatment of Chronic Total Occlusions (CTOs) which are complete blockages of an artery resulting in reduced blood flow. Their US-patented CapBuster solution is a balloon catheter and guidewire combination device that provides physicians with a solution for re-opening occlusions where a calcified cap has formed on the surface of the blockage.
CTOs are encountered in up to 30% of all patients who undergo angiography. This equates to approximately 1.8m CTO’s globally. 50% are treated with medication, 40% receive bypass surgery, and only 10% are currently treated using minimally invasive techniques. The ‘CapBuster’ device will enable minimally invasive treatment of a large segment of this market.
Capsos Medical have appointed Helen Ryan as chairman of the mompany. Ryan was CEO of Creganna-Tactx Medical from 2005 until September 2013. During her time as CEO the company grew five-fold to become the largest indigenous medical device company in Ireland. Helen currently serves as a non-executive director on a number of Boards.
Brendan McLaughlin, Capsos Medical CEO, explained: “Penetrating CTOs is often described as the final frontier of angioplasty, so new treatment methods attract a lot of attention from the clinical community. To date, none of the existing devices on the market can penetrate a calcified cap in a safe, slow and controlled manner.
“Our technology has the potential to become the standard of care while simultaneously reducing the cost of healthcare. CapBuster utilises the mechanical advantage of a screw-thread to apply gradual, sustained pressure using the balloon catheter as an anchor to hold the device in place for a more controlled approach, thus reducing patient risk.”