The investment was made through the Bank of Ireland MedTech Accelerator Fund.
The syndicated investment comprises a €500,000 investment by the Bank of Ireland MedTech Accelerator Fund, with the remainder of the funds provided by Enterprise Ireland and a number of private investors.
According to a statement, neoSurgical, working in collaboration with practicing surgeons, is developing and delivering products that enable simpler, safer and more efficient laparoscopic abdominal surgery.
The company’s lead product, neoClose, is said to offer a new method of closing laparoscopic wounds that can reduce or prevent herniation complications while giving hospitals the opportunity to realise cost savings.
Laparoscopic surgery within the abdomen involves ’keyhole’ incisions, some of which may require closure.
Ineffective closure can lead to an operative complication called a hernia — the complication rate of which is published to be up to 3.1 per cent and can be significantly higher in obese patients.
In the US it has been estimated to cost the healthcare system in excess of $20,000 (£13,000) per patient to repair a hernia.
Barry Russell, Neosurgical’s chief executive officer, said: ‘This investment will enable us to complete our device development and take our place in the global medtech market. neoClose is the first in a portfolio of medical-device projects that neoSurgical plans to develop for market in the coming years.’
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