Disruptive Galway medtech Ceroflo raises €6.4m

Ceroflo has raised funding to advance its revolutionary stroke treatment technology.

Irish medical device player Ceroflo has raised €6.4m to advance the development of its disruptive technology to revolutionise the treatment of intracranial atherosclerotic disease (ICAD), a leading cause of stroke. 

Ceroflo engaged Galway-based accounting firm, DHKN to lead an EIIS investment round, which raised €5m in a number of weeks. EIIS (Employment Investment Incentive Scheme) is a mechanism for young businesses in Ireland to receive investment that is tax efficient for the investor, who can receive 40% tax relief on the investment.

“Ceroflo are approaching a critical unmet clinical need for the millions of patients at risk of an acute stroke from ICAD”

The additional €1.4m wCeroflo are approaching a critical unmet clinical need for the millions of patients at risk of an acute stroke from ICADas raised from highly-respected Irish medtech entrepreneurs and leading global stroke key opinion leaders. 

The €6.4m will enable Ceroflo to bring its innovative stent to 30 patients in a first-in-human clinical trial.

Innovative stroke technology

Ceroflo, which is based in Galway City, brings together a stellar team from the Irish medical device industry, including co-founder and chair 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.

“Ceroflo is developing an innovative stent device to address intracranial atherosclerotic disease (ICAD), 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 €6.4m 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.”

Game-changing, life-saving technology

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 (ICAD).  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 SubMaxT 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. 

“Ceroflo are approaching a critical unmet clinical need for the millions of patients at risk of an acute stroke from ICAD,” said Prof Tommy Andersson, neurosurgeon and co-founder of Ceroflo who is also a globally-recognised stroke expert.

“The technology and tools I have available to treat these patients today are not sufficient. They are not designed to address the specific challenges associated to plaque in the brain, therefore adding to the burden of this disease. Paul, Leonard and I identified a unique novel technology solution and engaged a highly-experienced team of industry professionals to create Ceroflo. I am excited to see the progress that this funding round will help bring to Ceroflo, and ultimately the patients in need.” 

Main image at top: Ceroflo CEO Chloe Brown with the breakthrough device.

John Kennedy
Award-winning ThinkBusiness.ie editor John Kennedy is one of Ireland's most experienced business and technology journalists.