AventaMed, a Cork-based medical device company, has raised €1.3 million in funding to commence clinical trials and secure regulatory approval for its device aimed to transform the $5 billion grommet surgery industry.
AventaMed co-founder and CEO Olive O’Driscoll said: “The insertion of grommets to treat ear infections and hearing loss is the number one reason children undergo surgery requiring a general anaesthetic. Over 2 million children require this procedure annually, making it a global market worth over $5 billion. AventaMed’s hand-held device completely changes that approach, allowing grommets to be inserted by a consultant in an ear in just a few minutes. This is a common procedure for so many families and we are proud to provide a new way of advancing the quality of care for these young children.”
AventaMed’s quick procedure will give parents and surgeons the option to undergo grommet surgery without the need for a full general anaesthetic. This reflects a growing trend in paediatric medicine for less invasive surgery, which minimises or avoids the use of general anaesthetics and provides a more cost-effective treatment.
“We’ve had huge interest in the product from parents and Ear, Nose and Throat (ENT) surgeons worldwide since we first unveiled it, and it is really exciting to now be at the stage where we can proceed to clinical trials,” O’Driscoll said. “We are seeking regulatory approval in both the US and European markets, which we are confident we will secure, and this successful round of funding will enable us to progress with our work over the next year. Following this, we plan to commence manufacturing and market roll-out over the next two years.”
AventaMed was founded by O’Driscoll and John Vaughan, CTO, in 2013. O’Driscoll is a biomedical engineer who previously worked in business, clinical and regulatory roles in the medical device industry. Vaughan is a biomedical engineer with a background in industry.
In Association with
AventaMed was awarded Best Overall Early Stage Company at the InterTradeIreland Seedcorn Competition in 2014, winning €100, 0000 in prize money. The product development was funded with a grant secured by the co-founders from the Enterprise Ireland’s Commercialisation Fund as well as support from Local Enterprise Office, Cork. AventaMed is a spin-out company from Cork Institute of Technology and an Enterprise Ireland High Performance Start-Up.
AventaMed Chairman Jack Cashman said: “I have been very impressed with this management team, who have developed a practical and simple solution to the treatment of ear infections with grommets without the inherent risks of general anaesthetics in children. AventaMed’s highly innovative device has the potential to completely revolutionise the industry. Securing funding for clinical trials and regulatory approvals is a really important step in enabling us to capitalise on the global market opportunity for this innovative product.”
According to the company, the latest investors include HBAN syndicates Medtech, Irrus, Boole, and Enterprise Ireland. An allotment document filed in September 2015 discloses equity investment totalling €955,000, with Medtech investing €525,000, Irrus €230,000 and Boole €134,000.
