Crédit Agricole PE and Seroba Kernel invest €8.7 million in Novate Medical
Crédit Agricole Private Equity and Seroba Kernel Life Sciences are co-leading an €8.7 million investment round in Irish company Novate Medical. The funds will support the clinical development of Novate's medical device for preventing pulmonary embolism in the US and Europe.
Paris-based Crédit Agricole Private Equity and Dublin-based Seroba Kernel Life Sciences have co-led an €8.7 million Series B investment in Novate Medical Ltd. The Galway, Ireland-based company is developing medical devices aimed at preventing pulmonary embolism (PE).
The investment will finance the clinical development of Novate's lead product, described as the world's first bio-convertible inferior vena cava (IVC) filter. This technology aims to protect patients during periods of high PE risk and potentially eliminate the need for a follow-up procedure to remove temporary filters. PE is a significant cause of sudden cardiovascular death, affecting over 1.2 million people annually across the US and Europe.
Existing Irish investors ACT Venture Capital and Seroba Bioventures, who first invested in Novate Medical in 2007, also participated in the funding round. Bruno Montanari of Crédit Agricole Private Equity and Daniel O’Mahony of Seroba Kernel will join the board of Novate Medical.
"The Novate filter is a unique device for the prevention of PE in high risk patients and it has been successfully demonstrated in initial First-In-Man studies," stated Montanari. The company believes the device addresses limitations of current IVC filters and fulfills a significant patient need. Co-founders Chas Taylor and Paul Gilson expect the investment to advance clinical studies toward US regulatory approval.