Evonik invests in Irish medical device startup

As part of its initiative to help fund startups with innovative technologies (and that often use its materials), chemicals company Evonik (Essen, Germany) announced today that it has invested in Ireland-based Vivasure Medical Ltd. through its Venture Capital activities. Located in Ireland’s medtech hub, Galway, Vivasure reportedly has developed the only CE-marked, fully bioabsorbable, sutureless and entirely synthetic option to close large-bore openings of the artery wall that result from minimally invasive surgical procedures.

Vivasure picked up $18.3 million in this round of Series C financing. Financing was led by Netherlands-based Life Science Partners Health Economics Fund with the participation of the Milan-based Panakes Fund. Previous Vivasure investors from the medtech space, including Fountain Partners, Orchestra Medical Ventures and Ascent Biomedical Ventures, are also participating in the funding round, according to a news release from Evonik.

The Vivasure closure device, which incorporates Evonik’s bioresorbable Resomer polymer, is the first product from the company’s PerQseal technology platform. "We are pleased to have Evonik, which can especially help us with its expertise in polymers for pharma and medical device applications, as a strategic partner," said Gerard Brett, Chief Executive Officer and one of the founders of Vivasure Medical.

"Patients with aortic valve stenosis, abdominal aortic aneurysms and other serious conditions are increasingly treated with minimally invasive percutaneous procedures,” added  Brett. “The Vivasure closure device is designed to be easy to use, allowing the surgeon to provide a complete repair at the access site, without leaving metal implants, sutures or exogenous tissue behind. Our goal is improved clinical outcomes, faster recovery times and better therapeutic results for patients over the open-surgery alternative,” said Brett.

The global market for large arteriotomy closure devices is growing rapidly and is expected to exceed $500 million in value by 2021, according to Vivasure.

Noting that medical technology is one of the company’s key growth areas, Bernhard Mohr, Head of Venture Capital at Evonik, said that his company’s technological competence in these areas and its existing product portfolio makes Vivasure Medical a strategic fit.

"The participation in Vivasure Medical offers us the chance to open up a new and exciting area of application for Resomer," added Jean-Luc Herbeaux, Head of Evonik’s Health Care Business Line.