Monday 22nd July 2024
UCC spinout ProVascTec on a mission to raise €1.1m
ProVascTec’s treatment can reduce the number of leg amputations due to blocked arteries. Cork cell therapy business ProVascTec is set to raise €1.1m in a new crowdfunding campaign.
The UCC spinout, which is currently valued at €5.3m, has developed a treatment for blocked arteries in lower limbs, a condition that leads to up to 800 leg amputations annually in Ireland alone.
“A successful campaign will enable us to accelerate our growth, bringing life-saving treatments far quicker for critical limb ischemia to many millions of patients worldwide”
€450,000 of that sum has already been secured from NLC Ventures and Enterprise Ireland.
Keeping people on their legs
Blocked arteries in lower limbs affects 260 million sufferers worldwide. 40% of them can go on to develop critical limb ischemia (CLI).
CLI is a worsened condition of peripheral arterial disease (PAD) and requires medical intervention. Despite low awareness of PAD in Ireland an estimated 110,000 people in Ireland suffer from it and 41,000 progress to CLI.
“With the support of our investors, we can combine two established principles, cell therapy and intra-arterial delivery, in a novel configuration offering true innovation to the lives of millions of patients throughout the world from our base in Cork at UCC’s Gateway Innovation & Incubation Hub,” explained Dr Holger Müller, CEO of ProVascTec.
“A successful campaign will enable us to accelerate our growth, bringing life-saving treatments far quicker for critical limb ischemia to many millions of patients worldwide.”
Legs 1.1
ProVascTec have chosen the Central Bank of Ireland regulated Spark Crowdfunding platform to raise the balance of the funds.
“We have been hugely impressed with what the team at ProVascTec has achieved to date and really believe in what they are doing,” said Chris Burge, CEO of Spark Crowdfunding.
“This is a fantastic opportunity for families and friends of those affected to be part of the solution to fix this life-threatening condition. This is an exclusive opportunity for small and medium sized investors in Ireland to access a highly impressive, highly scalable MedTech investment opportunity with a minimum investment size of just €100. Investments qualify for a 50% EIIS tax rebate also.”
Source: ThinkBusiness