Galway MedTech firm Versono Medical has opened its newly expanded laboratories and offices over two floors at its facility in Parkmore business park.
The reopening was conducted by Minister of State at the Department of Transport Hildegarde Naughton and attended by Tom Kelly, divisional manager for cleantech, electronics and life sciences at Enterprise Ireland.
"We are delighted to expand the business in Galway which is a leading global hub for MedTech," said John O'Shaughnessy, chairman of Versono.
"The prospect of new Irish companies like Versono, producing world class innovative products and technologies for patients and physicians around the world, is truly exciting."
Versono was recently awarded €7m from the Disruptive Technologies Innovation Fund for the Vascusence programme, which builds on its platform technology through strategic research conducted by a consortium including Interger Holdings, the Technological University of Dublin and the University of Galway.
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"The focused collaboration the DTIF Award, by building bridges between R&D done by researchers in universities and industry, fosters sustained innovation, focused on real clinical needs, and creating real jobs in R&D and commercialisation," O'Shaughnessy added.
The firm raised €6.7m last May to assist with efforts to bring its Fastwire intravascular medical device to market. The technology employs novel ultrasonic technology to treat the most severe and advanced form of the peripheral vascular disease.
Versono said the new device technology platform would help reduce the need for more invasive and traumatic surgical procedures, leading to better outcomes for patients who could otherwise be facing the dire amputation or death.
"It is exciting to see the expansion of such a disruptive vascular device company designed and built in Galway, one of the world’s leading centres of excellence in MedTech. The emergence of new, innovation led, MedTech companies is critical to advancing and sustaining the industry in Ireland," Minister Naughton said.
"The DTIF, through projects like Vascusense, is designed to assist companies collaborate and leverage the State’s research infrastructure at third level in order to innovate. Its purpose is to help overcome the challenges faced in creating disruptive technology and in finding the capital to commercialise it.
"Its aim is to help achieve the government's goal of protecting existing jobs and creating new ones, while sustaining and strategically growing the Irish economy.”
Versono was founded in 2018 by CEO Finbar Dolan and CTO Hugh O'Donoghue and has grown from two people to a staff of 22 in the past three years. Accounts for 2021 show Versono Medical Ltd has net assets of €8.5m, including cash holdings of €7m.
Versono recorded losses of €1.5m last year and €1.3m in 2020. Minority partners in the firm include Enterprise Ireland and the Western Development Commission.
Photo: Minister Hildegarde Naughton opens the expanded Galway facilities of Versono Medical.
