Galway company to create 20 new roles on back of €2 million investment

An innovative materials technology company based in Galway has secured €2 million in seed-funding to utilise materials science to facilitate the development of disruptive catheter based medical devices.

The investment in DiaNia Technologies was led by four key investors – Helen Ryan, Liam Farrissey, Ian Quinn and Gearóid Faherty – and also included the HBAN’s Medtech Business Angel Syndicate and Enterprise Ireland.

The funding will allow DiaNia Technologies to develop and commercialise the first application of its proprietary materials science technology which will enhance the performance and functionality of medical devices resulting in increased patient safety and improved product performance.

The technology works by providing in-built low friction at the surface of an extrusion, delivering a paradigm shift in the manipulation of friction on both the inside and outside surface of extruded catheter shafts.

This inherent lubricity in the main component of a catheter will eliminate the industry’s need for expensive liners and coatings.  It is estimated that the global market potential for this material science technology is in excess of €250 million.

DiaNia Technologies, which is based in NUI Galway’s Business Innovation Centre, expects to create 20 new jobs over the next two years.

These will include a number of specialised materials science and extrusion positions as well as roles in quality assurance, regulatory affairs, manufacturing, marketing and finance.

The four investors share a background in this sector – primarily with the hugely successful Creganna Medical.

Helen Ryan is the ex-CEO of Creganna Medical and a board member of Enterprise Ireland; Liam Farrissey is Vice President of product development within Creganna Medical; Ian Quinn was the founder and first CEO of Creganna Medical, and Gearóid Faherty is founder, ex-Chairman and CEO of Eurand NV, a NASDAQ listed Pharmaceutical Company.

DiaNia Technologies was founded in 2013 by Sinéad Kenny and Mark Mellett, who both have extensive experience in the medical device industry.

Sinéad, who has a degree in Materials Science,  and a PhD in Biomedical Cements, has previously worked with a host of multinational companies, consultancies and start-ups including Cook Medical, Boston Scientific, Altran and Creganna Medical – the latter for seven years – developing devices for a wide variety of applications.

Mark, a Fellow of the Institute of Chartered Accountants, has held a variety of senior roles in various international companies including Deloitte, Kerry Group, Oracle and more recently Alere, where he is Director of Toll Manufacturing.

For more, read this week’s Connacht Tribune.