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Funding sees Med tech firm set up here

Friday, February 22 11:34:17

Irish venture capital firm, Seroba Kernel Life Sciences and US-based Ascent Biomedical Ventures have co-led an investment of $15 million into medical device company, PQ ByPass that will see it set up and Irish base.

PQ Bypass is a spin-out company from the renowned Fogarty Institute for Innovation in Mtn. View, California, USA. The company has developed a new medical device to treat peripheral vascular disease, by creating a percutaneous surgical bypass.

As a result of this new investment, PQ Bypass will set up an Irish subsidiary, which will initially employ a team of R and D engineers and Clinical Affairs experts.

Richard Lotti, CEO of PQ Bypass is a serial entrepreneur in the medical device industry and Richard Ferrari of De Novo Ventures is the Chairman. The underlying technology was co-developed by two interventional cardiologists, Dr James Joye (El Camino Hospital, California, U.S.A) and Dr Richard Heuser (St. Luke's Hospital, Phoenix, Arizona).

Speaking about the investment, CEO Rich Lotti said "This international syndication will allow PQ ByPass to bring this novel device through to the next stage of development".