The founder of a Galway based medtech company said that recently announced EU funding will help them get their product through clinical trials, and onto the market.
Loci Orthopaedics, who are developing an implant for people suffering from arthritis of the thumb, was one of two Galway companies chosen for the European Innovation Council (EIC) Accelerator Programme.
They, along with InveraMedical in Galway, will share in €23 million in funding and supports for four Irish companies under the EIC accelerator.
Dr. Brendan Boland, CEO at Loci Orthopaedics said that the funding from the EU is a “major endorsement” of their efforts to tackle an “unmet clinical need” in thumb base joint arthritis.
The InDx Implant created by Loci is the first ever implant for the base join of the thumb that fully mimics the movement of the natural joint.
“The EIC Accelerator Funding will enable the company to finish clinical trials and gain regulatory clearance so we can get our new technology, literally, into the hands of those that need it most,” Dr Boland said.
Loci Orthopaedics was founded in 2017 by Dr Boland and Mr Gerry Clarke as an NUIG spin out company, and is based at the university’s Innovation Centre.
The other Galway medtech company chosen for the EIC Accelerator Programme, InveraMedical, is based out of the Innovation Hub at Atlantic Technological University’s Galway campus.
The medtech company is developing a groundbreaking medical devices for the treatment of varicose veins and venous ulcers, collectively known as chronic venous disease.
Stephen Cox, CEO of InVera Medical said that this funding is a “huge step forward” in the execution of their plans to scale up.
“This EIC Accelerator funding will hugely benefit the quality of life of EU and US venous leg ulcer patients as we bring our medical device treatment to the market over the coming years.”
“The experience and guidance of Enterprise Ireland was a key factor in our EIC success, and their continued support is greatly appreciated.”
The EIC Accelerator Programme provides funding to high-potential, high-risk start-ups, scale ups and SMEs that are already making progress on products with the potential to disrupt existing markets, or create new ones.
The Programme provides grant funding of up to €2.5 million combined with an equity investment ranging from €0.5 to €15 million.
This round of the programme saw a total of 74 companies from 18 European countries selected by panels of experts, to receive a total of €382 million in funding.
Enterprise Ireland CEO, Leo Clancy, said that the success of the four Irish companies in getting funding showcases Ireland as a “world-leading location” for start-ups and scaling businesses.
