Ceroflo secures €6.4m to develop stroke-treatment device
Irish medical device company Ceroflo has raised €6.4 million in a funding round to advance its disruptive technology to revolutionise the treatment of intracranial atherosclerotic disease (ICAD), a leading cause of stroke.
Ceroflo is developing an innovative device for the treatment and prevention of stroke – one of the leading causes of death and disability across the world.
The investment will enable Ceroflo to bring its innovative stent to 30 patients in a first-in-human clinical trial.
Ceroflo, based in Galway City, brings together a team from the Irish medical device industry, including co-founder and chairman Eamon Brady, co-founder John O’Dea, CEO Chloe Brown, CTO Brendan Casey, and advisor John O’Shaughnessy.
Other co-founders include leading stroke interventionists Prof. Tommy Andersson of Karolinska University Hospital, Sweden, Dr. Leonard Yeo of National University of Health Singapore and Dr. Paul Bhogal of Royal London Hospital.
As in the heart and other parts of our bodies, the arteries in our brains become narrowed and finally blocked with plaque, this is called Intracranial Atherosclerosis. Between 10%-50% of strokes are caused by ICAD for which current treatment options are sub-optimal, leaving this large population of patients with the ongoing risk of devastating strokes.
Pharmaceutical therapies aimed at reducing a patient’s risk of stroke are currently deemed the safest form of treatment for patients diagnosed with ICAD, but these patients continue to have a 20% risk of a devastating stroke every year.
The Ceroflo SubMax Stent represents a game-changer in the treatment of ICAD as its shape and structure has been developed to suit the unique challenges of this disease. It is designed to gently increase vital blood flow to the brain while reducing the risks associated with first-generation devices, including haemorrhage and stroke.
Chloe Brown, CEO, Ceroflo, said: “Ceroflo is developing an innovative stent device to address intracranial atherosclerotic disease, the next frontier in the treatment and prevention of stroke. We are approaching the problem with a unique understanding of the challenges and are designing the technology with clinicians who have more than 50 years’ collective experience treating this disease.
“This is a very positive time for Ceroflo. Following our successful DTIF grant award and the incredible year since, we are excited about further development of the technology. This €6.4 million investment will enable Ceroflo to bring the SubMax Stent to 30 patients in a first-in-human trial, a significant value inflection point. It will also allow us to provide a platform to support further US and Japanese regulatory studies.”