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Medical start-up gets €1.6m capital

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MEDICAL start-up company neoSurgical has secured €1.6 million syndicated investment led by Kernel Capital.

Minister for Jobs, Enterprise and Innovation Richard Bruton yesterday announced a €1.6m investment in neoSurgical Ltd led by Kernel Capital.

The syndicated investment comprises a €500,000 investment by the Bank of Ireland MedTech Accelerator Fund, with the rest of the funds coming from Enterprise Ireland and a number of private investors including "experienced promoters" from the Irish Med Tech industry.

neoSurgical, working in collaboration with practising surgeons, is committed to developing and delivering innovative products that enable simpler, safer and more efficient laparoscopic abdominal surgery for better patient outcomes. Mr Bruton is to announce the investment in the US today.

Kernel Capital’s Dawn Guiney said neoSurgical is an excellent start-up.

"We are impressed with their cohesive team, who previously held senior executive positions in Johnson and Johnson Ireland. neoSurgical has developed a strong patent family, excellent product roadmap and the team has vast global experience in selling medical device products," she said.

The company’s lead product, neoClose, offers a new, superior method of closing laparoscopic wounds that can reduce or prevent herniation complications while giving hospitals the opportunity to realise significant cost savings.

neoSurgical Limited chief executive, Barry Russell, said: "The neoSurgical team is proud to have secured Kernel Capital as an investor with their great knowledge of our sector and strong validation of our technical and commercial roadmap."

This appeared in the printed version of the Irish Examiner Tuesday, September 20, 2011

Read more: http://www.irishexaminer.com/business/kfgbidkfkfmh/rss2/#ixzz1YUUvJwNR