Galway, Ireland - Neuravi, a company dedicated to improving clinical outcomes for stroke patients, announced today that it has completed a Series B financing of €19M ($21M) to advance the company’s minimally invasive thrombectomy device for acute ischemic stroke, the EmboTrap® Revascularization Device. The round was led by European private equity firm LSP (Life Sciences Partners), with participation from returning Series A investors Fountain Healthcare Partners, Delta Partners and the Western Development Commission.
The funding will support European commercialization of the EmboTrap device, as well as Neuravi’s clinical trial, ARISE II, which will begin enrolling patients this year at select centers in the United States and Europe.
Ischemic strokes, caused by blockages in vessels supplying blood to the brain, account for 87 percent of all strokes and are a leading cause of death and disability. Approximately one million Europeans and 700,000 Americans suffer ischemic strokes each year.
Following a stroke, rapid intervention is critical. Minimally invasive thrombectomy devices, also known as “stent retrievers,” are used by physicians in an acute intervention to remove a clot and reopen cerebral blockages to immediately restore blood flow to the brain. A series of recent highly positive multinational clinical trials have demonstrated that patients treated with thrombectomy have better outcomes than those treated with medical therapy alone.
Based on a foundation of clot mechanics research, Neuravi’s technology is designed to capture and remove clots while reducing the opportunity for embolization of clot particles that could potentially cause a new stroke in another territory, contributing to poor patient outcomes. In a case series presented at the European Stroke Organization Congress earlier this year evaluating use of the EmboTrap device in 42 stroke patients at two European centers, treatment with the device restored significant blood flow in 86 percent of patients, with the majority of patients recovering to be able to function independently.
“This is an exciting time to be backing a company dedicated to improving stroke therapy, given the recent series of positive trial results that have decisively demonstrated the value of endovascular treatment for large vessel occlusions. These are the most devastating types of stroke, creating a tremendous social and economic burden for patients, and improved treatment has the potential to both save lives and improve quality of life,” said Anne Portwich, partner, LSP. “The Neuravi team has impressed us tremendously with its thorough approach, from the clot research that informs the company’s technology development, to collaborations with leading experts in the treatment of stroke.”
As part of the financing, Anne Portwich and René Kuijten, partner, LSP, will join Neuravi’s board of directors.
“As the company moves into commercialization in Europe and into U.S. clinical trials, we are gratified to be supported by such a knowledgeable group of investors who share our vision of improving outcomes for stroke patients and see the value of our innovative technology,” said Eamon Brady, Neuravi’s CEO. “We look forward to working closely with the clinical community as we make the EmboTrap commercially available in Europe, and gather more data through ARISE II to support the device’s use clinically in the U.S.”
About the EmboTrap Revascularization Device
The design of the EmboTrap Revascularization Device is informed by extensive research into a full range of clots that cause ischemic stroke. With this foundation of research, the EmboTrap device is engineered to retrieve and retain the clot with a proprietary dual-layer stent-like structure while restoring blood flow to the brain. The device’s integrated distal protection zone is designed to reduce the risk of fragments of clot dislodging during retrieval, which could cause additional harm to the patient.
Based in Galway, Ireland, Neuravi is dedicated to improving clinical outcomes for stroke patients. The company’s initial stroke therapy platform, the EmboTrap Revascularization Device, is CE marked, and commercially available in Europe, while it is for investigational use only in the United States. Through its investment in the Neuravi Thromboembolic Initiative (NTI), Neuravi supports collaboration between engineers, clinicians and researchers to deepen the understanding of clot and occlusion dynamics, in order to improve patient outcomes in stroke. Neuravi is led by a team experienced in endovascular device development and global commercialization. More information can be found at www.neuravi.com.
LSP (Life Sciences Partners) is a leading independent European investment firm, providing financing for private and public life-science companies. Since the late 1980s, LSP’s management has invested in a large number of highly innovative enterprises, many of which have grown to become leaders of the global life-science industry. With over USD 1 billion of investment capital raised to date and offices in Amsterdam, Munich and Boston, LSP is one of Europe’s largest and most experienced specialist life-science investors. LSP will participate with two funds in this financing, the LSP Health Economics Fund and the LSP 5 Fund. For more information, please visit www.lspvc.com.
About Fountain Healthcare Partners
Fountain Healthcare Partners fund is the largest dedicated life science venture capital fund in Ireland, with €176m under management. Exclusively focused on the life science sector, specific areas of interest to Fountain include specialty pharma, medical devices, biotechnology and diagnostics. The firm deploys the majority of its capital in Europe, with the balance in the United States. Fountain’s main office is in Dublin, Ireland, with a second office in New York. For more information, please visit www.fh-partners.com.
About Delta Partners
Delta Partners is a venture capital firm investing primarily in Ireland and the United Kingdom. Established in 1994 with €250 million under management, Delta is among the most active early-stage investors in Europe. The partners’ backgrounds in operations, strategy and finance complement the drive and ambition of entrepreneurial management teams. For more information, please visit www.deltapartners.com.