MedTech pioneer Ceroflo Limited, based in Galway Business Park, is launching a second round of its initial funding requirement for the development of a revolutionary device for the treatment and prevention of stroke.
MedTech is a thriving sector in the West of Ireland, with significant clusters growing close to the region’s universities and innovation hubs. Now, one pioneer in the sector, Ceroflo Limited, is partnering with accounting and EIIS experts DHKN to launch its EIIS investment to help advance its innovative, disruptive technology.
Ceroflo is developing a revolutionary device for the treatment and prevention of stroke, which is one of the leading causes of death and disability across the world, and is backed by some of the most respected and recognisable names in the Irish MedTech sector.
IntraCranial Stroke
Investment in Ceroflo provides a rare opportunity to participate in a funding round for a best-in-class MedTech business that is creating technology designed to save lives. Following recent tax changes, this EIIS investment now provides up to 50 per cent tax relief on the amount invested. The 2024 opportunity follows last year’s fundraising of €5 million, which was oversubscribed. The total initial investment into Ceroflo will be raised over three years to bring the Ceroflo Sub-Max stent through clinical trials.
“Ceroflo is developing an innovative stent device to address Intracranial Atherosclerotic Disease (ICAD), the next frontier in the treatment and prevention of stroke,” said Chloe Brown, CEO, Ceroflo. “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.”
Ceroflo brings together a stellar team from the Irish medical device industry, including the founder and some of the senior leadership team from Neuravi, a company acquired in 2017 by Johnson and Johnson (J&J) in one of the biggest MedTech acquisitions in Europe. Ceroflo co-founder Eamon Brady founded Neuravi alongside John O’Shaughnessy, and they serve as Chairman and Advisor of Ceroflo, respectively. Ceroflo’s CEO, Chloe Brown, was previously Neuravi’s commercial leader and Ceroflo’s CTO is Brendan Casey, formerly R&D Senior Manager at Neuravi.
“There are many parallels to draw between Ceroflo and our Neuravi journey. Neuravi’s success was driven by a clear strategy and focused execution bringing a novel technology solution to an enormous market opportunity with a highly experienced team of industry professionals,” said Eamon Brady, Chairman and Co-Founder, Ceroflo.
“Ceroflo is similarly approaching an enormous unmet clinical need with a unique solution led by a specialist neurovascular team. I am excited to see the progress that this funding round will help bring to Ceroflo.”
Strong Track Record
Other co-founders include serial MedTech entrepreneur John O’Dea, and leading stroke interventionists Prof. Tommy Anderson of Karolinska University Hospital, Sweden; Dr. Leonard Yeo of National University of Health, Singapore; and Dr. Paul Bhogal of Royal London Hospital.
The innovation is a significant step forward in the treatment of stroke. Up to 10-50 per cent 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 the stroke rate are currently deemed the safest form of treatment for patients with symptoms from ICAD, but these patients have a 20 per cent risk of a devastating stroke within 12 months.
The Ceroflo SubMaxä 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.
“The treatment of ischemic stroke has been growing exponentially over the last 10 years and we are finding more and more patients suffering stroke from ICAD,” said Prof. Tommy Andersson, Chief Medical Officer, Ceroflo and Neurosurgeon at the Karolinska Hospital, Sweden.
“We have set out to develop a device to treat the millions of patients who currently have no good treatment option, to enable them to live out their lives, stroke free.”
Investment Opportunity
Ceroflo’s EIIS investment is being managed by DHKN, an accounting firm with more than 15 years’ experience in managing tax-based EIIS investments. These include successful exits from Cambus Medical, SSL Logistics, Claregalway Hotel, and Rushmany Nursing Home, where investors received an additional premium return. Recent investments with Clubforce and VERSONO Medical continue to perform very well.
“DHKN is delighted to manage this EIIS investment on behalf of Ceroflo,” said Mark Gibbs, Corporate Finance Partner, DHKN. “The most important ingredient for success is the quality of the people behind the business and there is no doubt that there is a world-class team of MedTech pioneers behind Ceroflo.”
DHKN, alongside some Ceroflo board and leadership team members will host a number of online investor presentations over the coming weeks, starting on Mon 4 and Tue 5 November, where you can learn more about the opportunity. For more information, please contact DHKN at info@dhkn.ie or call 091 782020.
For more information, visit www.ceroflo.com
