We expect an excellent return on our investment, with the added satisfaction of knowing we are helping millions of people worldwide who will benefit from the Ostoform devices.” Kevin is a driven and dynamic entrepreneur and there is a growing global need for the patented Ostoform devices. The angels also have valuable connections with both manufacturers and distribution channels in Europe and the US, which will help us penetrate the market and reach the patients that need our technology quickly.”ĭeclan Quinn, Lead Angel for the HBAN MedTech Syndicate, said: “The HBAN Medtech Syndicate is delighted to have led this €1.1 million investment round. That will be instrumental in helping us to avoid pitfalls along the way and ultimately succeed in getting our product to market. We now have business people involved who have already gone through the process of patient trials with the FDA in the US and the CE Mark certificate in Europe. “This investment is not just financial the angel investors bring invaluable expertise and experience that will help us to scale. The patented Ostoform Seal with FlowAssist aims to reduce the discomfort of dermatitis that often happens with this type of procedure. ![]() OstoForm CEO, Kevin Kelleher said: “Approximately one million people per year in Europe and the US have an ileostomy or urostomy, with some finding it very difficult to adapt to stoma management post-surgery. The Enterprise Ireland-backed BioInnovate Ireland programme aims to enable medical technology innovation to meet identified clinical needs through specialist training. The need for a solution to ostomy skin problems was first identified when Kevin Kelleher and Rhona Hunt took part in the BioInnovate Ireland Programme at the University of Limerick. Members of the MedTech Syndicate have specialist experience in the industry and combined with their extensive network of contacts, they will help Ostoform realise its ambition to improve the lives of people with stomas across the world. Ostoform will benefit, not just from the €1.1 million investment, but also from the expertise of the Galway-based HBAN MedTech syndicate. The €1.1 million investment will help Ostoform to expand its team by five and fund the patient trials and regulatory approval required to commercialise and distribute its patented technology in both the US and Europe. ![]() ![]() ![]() This is a seal that is secured to the skin around the stoma to effectively guide the acidic stoma output into the ostomy bag, thereby preventing it from contacting the skin. Ostoform has developed the Ostoform Seal with FlowAssist. A common complaint is irritation, redness, and discomfort around the skin caused by leaks of the acidic content contacting the skin. HBAN Angels contributed €280,000, with venture capital investor, SOSV, Enterprise Ireland, and other angel investors making up the rest of the funding round.ĭublin-based Ostoform was set up to address the management of a stoma – a small surgical opening on the surface of the abdomen to divert the flow of waste. HBAN (Halo Business Angel Network), the all-island organisation responsible for the promotion of business angel investment, and a joint initiative of Enterprise Ireland and InterTrade Ireland, today announces that its MedTech Syndicate has led a €1.1 million Series A funding round in medical device start-up, Ostoform.
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