February 9th 2011: Marvao Medical Devices, an early stage lrish medical device company focused on commercializing new products that reduce the risk of catheter related infections, has secured investment of €1.3 million in a funding round led by the AIB Seed Capital Fund along with earlier private investors including Harmac Medical Products and the Western Development Commission. Marvao Medical will use these funds to carry out a clinical investigation of its new NexSite catheter product in an oncology patient population who require intra-venous chemotherapy, and to develop additional NexSite catheter products for the benefit of other patient populations. Catheters equipped with NexSite technology enable the patient’s skin to fully heal into the device, a unique advantage over conventional catheters because it prevents pathogens from entering the body though the skin. ln addition to its expected safety benefits, NexSite catheter products should simplify catheter maintenance and result in significantly reduced healthcare costs.
Chris Davey, Managing Directorof Marvao Medical, said: “This latest funding demonstrates the high level of commitment from our early investors, and the ability of the NexSite technology to attract new investors as the technology matures”. He added that “We’re now ready to start our first clinical study of the NexSite platform, which builds on our pre-clinical success and will position the company to begin generating revenue at the end of 2011″. Marvao Medical has been based at the lnnovation in Business Centre on the Galway Mayo lnstitute of Technology campus since January 2009, and was supported at the start up stage by investments from Enterprise lreland and the Western Development Commission, with added funding from private investors. Marvao Medical has partnered with Harmac Medical Products (Castlerea, Roscommon) to manufacture NexSite catheters, and is engaged in ongoing discussions with several multinational healthcare companies to either distribute these products, or to license the NexSite technology for addition onto their own proprietary catheters.
This latest funding round will see Enterprise Equity partner Eric Reed joining the company’s board of directors. “Marvao Medical is another excellent example of a highly innovative early stage company that has significant growth opportunity” said Reed. “The products being developed could significantly improve the cunent standard of care for chronically ill patients, and we believe that Marvao is well positioned to gain market share internationally for its products.”
Gillian Buckley, lnvestment Manager with Western Development Commission stated that the funding round is not only an endorsement of the company but of the West of lreland as a significant location for indigenous medical device companies. The Western Development Commission manages the Western lnvestment Fund which provides seed and venture capital in the seven western counties of Clare, Donegal, Galway, Leitrim, Mayo, Roscommon and Sligo. To date it has invested in 89 enterprises of which 18 are in the medical device sector, making it one of the largest investors in this sector.
Mick McEnroe, Managing Director of Harmac Medical Products stated that Harmac are delighted to be involved in supporting the development and manufacturing of the Marvao range of products. Harmac have operations in lreland, USA and Mexico and provide a full range of development and manufacturing services to high potential start-ups and a multitude of Fortune 500 companies.
Denis Marnane, Chairman of AIB Seed Capital Fund, added that “The AIB Seed Capital Fund is delighted to invest in this exciting young business, AIBSCF is continuing to play a very important role in supporting companies throughout lreland who require seed and early stage funding.” Established in 2007, the €53 million AIB Seed Capital Fund invests amounts of up to €1.5 million in high growth start-ups and early stage companies. lt has particular focus on the sectors of technology, multimedia, wireless, food and medical devices. To date it has invested in several high- potential start ups including Movidius, Cambus and Nortev. The fund’s limited partners are AIB Bank and Enterprise lreland.
Marvao Medical Commences Its First Clinical Study
Monday, 11 April, 2011: Marvao Medical, a Galway-based medical device company focused on developing new products that reduce the risk of catheter related infections, commenced its First in Man clinical study of its NexSite vascular access catheter in University Hospital Galway in late March, and enrolled their first patient on April 8, 2011. Catheters equipped with NexSite technology enable the patient’s skin to fully heal into the device at its exit site, a unique advantage over conventional catheters because it prevents pathogens from entering the body though the skin. In addition to its anticipated safety benefits, NexSite catheters should be easier for care givers to maintain and result in significantly reduced healthcare costs.
According to Dr. Gerry O’Sullivan, Consultant Radiologist at UHG and Principal Investigator of the study, “Marvao Medical’s vascular access catheter is an innovative device designed to overcome a critical unmet medical need in patients who required long-term venous access. It should reduce the incidence of catheter related blood stream infection which is a serious and potentially fatal condition. We are proud that a patient from Galway University Hospital has been chosen to be the first in the world to receive this ground-breaking device.”
Chris Davey, CEO of Marvao Medical said, “A key element in Marvao Medical’s strategy has always been to conduct our First in Man studies here in Ireland, and we are delighted to have worked so successfully with the Irish Medicines Board, University Hospital Galway, NSAI, and the HRB Clinical Research Facility Galway to reach this critical milestone. Oncology patients receiving intra-venous chemotherapy are particularly vulnerable to infection, and results from this study will set the stage for additional studies of our novel medical devices in other vulnerable patient populations. The resulting data will provide the basis on which to establish a better standard of care for patients who require long term vascular access”.
Professor Frank Giles, Director of the HRB Clinical Research Facility added, “The HRB CRF at NUI Galway exists to support all aspects of Irish health research. The conduct of First in Man studies is the most demanding and complex clinical aspect of bringing innovative improvements into our local community. We are delighted to be working with Marvao Medical on this important study. The CRF is a resource that benefits our community in many ways, including being a partner to our thriving local medical devices industry.” NUI Galway President Dr James J. Browne welcomed this important development, saying ” this clinical study highlights NUI Galway’s role in translating biomedical research into better clinical outcomes for patients. Our researchers are working with industrial partners and with clinicians to bring new therapies to patients.”
Marvao Medical is based at the Innovation in Business Centre on the Galway Mayo Institute of Technology campus, and is supported by investments from Enterprise Ireland, the Western Development Commission, Enterprise Equity and private investors. Marvao Medical has partnered with Harmac Medical Products (Castlerea, Roscommon) to manufacture NexSite catheter products. More information can be obtained at www.marvaomedical.com.