AuriGen Medical to raise €750,000 to crowdfund clinical trials – The Irish Times

Irish medical device company AuriGen Medical has raised €750,000 to help fund clinical trials for a heart transplant that it hopes will revolutionize the management of chronic heart disease.

The crowdfunding campaign, which is being conducted through Spark Crowdfunding, will facilitate clinical trials scheduled to begin next year.

Current methods of treating heart failure and atrial fibrillation involve multiple devices and procedures that can be expensive. AuriGen from NUI Galway has developed a minimally invasive implant that can help treat the risk of stroke and arrhythmias associated with atrial fibrillation.

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Dr John Thompson, Co-Founder and CEO of AuriGen Medical, said: “Despite great focus and progress in treating chronic heart disease, it still kills more Europeans than cancer, cripples healthcare systems and costs the EU more than €210 billion. annually”. Patients with chronic heart disease are at high risk of heart failure, atrial fibrillation, blood clots, and stroke. Devices exist to filter out these blood clots, which reduces the risk of stroke. However, implanting these devices is challenging due to the sharp fixed spines used to hold the device in the heart, which can rupture the heart wall causing significant injury. The devices also do not offer any treatment for arrhythmias or heart failure, nor do they provide the ability to monitor patients at home after the procedure.”

The AuriGen device integrates stroke prevention, heart failure monitoring, and arrhythmia management into a single 30-minute procedure that can be treated as a daily condition. It will include smart sensors to detect changes in the heart in real time, to give more accurate data at an early stage, which is transmitted from a handheld receiver at home to a secure cloud service that the doctor can access immediately.

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The crowdfunding campaign follows AuriGen’s fundraising round that saw €1.75m raised from institutional investors in Ireland. This brought the total funding to more than 15 million euros, including two EU grant programmes.

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“We recently raised €1.75 million from institutional investors, and we are now exclusively inviting Spark Crowdfunding members to the opportunity to invest on exactly the same terms, but with the added benefit of a 40 percent tax rebate through the EIIS scheme,” AuriGen Medical co-founder Siora McClain said. .

Investors will invest in the Spark Crowdfunding platform at a 40 percent discount for venture capitalists, due to AuriGen’s qualification as an EIIS firm.

Dublin-based Spark Crowdfunding has over 10,000 investors in its database, and in the past four years has raised money for 32 Irish startups.


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