Monday, 25 February 2013
Irish venture capital firm, Seroba Kernel Life Sciences, along with USA-based Ascent Biomedical Ventures have co-led an investment of $15 million into medical device company, PQ ByPass Inc.
PQ Bypass is a spin-out company from the Fogarty Institute for Innovation in Mtn. View, California, USA. The company has developed a new medical device to treat peripheral vascular disease, by creating a percutaneous surgical bypass.
As a result of this new investment, PQ Bypass will set up an Irish subsidiary. The Irish operation of PQ Bypass will initially employ a team of R&D engineers and Clinical Affairs experts.
Richard Lotti, CEO of PQ Bypass is a serial entrepreneur in the medical device industry and Richard Ferrari of De Novo Ventures is the Chairman. The underlying technology was co-developed by two interventional cardiologists, Dr James Joye (El Camino Hospital, California, U.S.A) and Dr Richard Heuser (St. Luke’s Hospital, Phoenix, Arizona).
Speaking about the investment, CEO Rich Lotti said “This international syndication will allow PQ ByPass to bring this novel device through to the next stage of development”.
Dr Daniel O’Mahony, a partner in Seroba Kernel Life Sciences said. “Seroba Kernel is delighted to announce this investment which will support the development, in Ireland, of a novel medical device to treat peripheral vascular disease worldwide.
Dr Avi Kometz, a partner at Ascent Biomedical Ventures said “We are very pleased to be syndicating with Seroba Kernel in this $15m funding of PQ Bypass.” Both Avi Kometz and Daniel O’Mahony sit on the board of PQ Bypass.