The start-up and its partners were recently awarded a €7m grant to develop a device that treats complete coronary artery blockages.
Galway Medtech Versono Medical has opened its newly expanded site, which includes two floors of offices and laboratories.
The expansion took place at Versono’s current facility in Parkmore Business Park. The company said it has grown to 22 staff since it was founded in 2018.
The official opening was conducted by Minister of State at the Department of Transport Hildegarde Naughton, TD, who called the expanded facility “impressive”.
“The emergence of new, innovation led, Medtech companies is critical to advancing and sustaining the industry in Ireland,” Naughton said.
The opening comes after Versono and its partners were awarded a €7m grant from the Government’s Disruptive Technologies Innovation Fund (DTIF) awards.
The funding went towards the VascuSense programme. Led by Versono, this programme is developing a non-invasive device that will treat patients with chronic total occlusion, or complete coronary artery blockages.
Other members of the programme include Integer Ireland Medical, the University of Galway and Technology University Dublin.
Versono has developed the Fastwire device, which uses ultrasonic technology to break down complex blockages in patients who have critical limb ischemia, an advanced form of peripheral artery disease (PAD).
The device carries ultrasonic waves through a flexible wire, which can help restore blood flow in affected limbs. This technology is being used in the VascuSense programme.
The medtech said its Fastwire device could help reduce the need for more invasive and traumatic surgical procedures in PAD patients. It is estimated that more than 230m people worldwide are living with PAD.
In May, Versono raised €6.7m in funding to help complete clinical trials of the device and bring it to market.
Minister Naughton said disrupting innovation “like Versono’s” can enable small companies to build businesses that can compete – or even lead – in global marketplaces.
“The Government’s DTIF programme recognises that small Irish businesses can produce and commercialise innovative products and that larger companies can help them in scaling the commercial opportunity,” Naughton said.
“Its purpose is to help overcome the challenges faced in creating disruptive technology and in finding the capital to commercialise it.”
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