US medtech giant pays almost €40 million for company based at NUIG

A company based at NUIG which has developed a ground-breaking catheter to remove blood clots has been bought by a US giant for nearly €40 million.

Minnesota medtech company Surmodics added Vetex Medical’s ReVene device to its portfolio of products for an up-front payment of $39.9m (€33.6) and additional payments up to $7m (€5.9m), subject to product development and regulatory milestones being met.

Vetex was founded in 2015 by Professor of Biomedical Engineering Mark Bruzzi. The company is based at the Business Innovation Centre at NUI Galway.

Thousands of patients suffer from deep vein thrombosis (DVT) every year – in the UK it affects 620,000 annually, according to the charity Thrombosis UK, which estimates that 25,000 patients admitted to hospital die each year from preventable blood clots. a

A DVT is a blood clot that occurs in the veins of lower limbs. They occur most often while in hospital after surgery, during long-haul flights and during and in the six months after pregnancy, mainly due to inactivity.

In half of cases, there are no signs of DVT until part of the clot breaks away and travels to the heart and lungs, where it can cause a potentially fatal blockage called a pulmonary embolism (PE).

The ReVene is a tiny, ball- shaped wire cage which is inserted into a blocked vein. Once in position, the collapsible cage is expanded and ‘catches’ the clot. When the device is pulled out, the clot comes with it.

For more, read this week’s Connacht Tribune.

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