VERSONO Medical is delighted to announce that it has raised €6.7 million in new funding to boost the company’s bid to bring its ground-breaking FastWire intravascular medical device to market.

VERSONO raised the funds from existing investors, including DHKN, BVP and private investors from the medical device sector, as well as State investors Western Development Commission and Enterprise Ireland.

VERSONO’S revolutionary FastWire product uses ultrasonic technology to break through complex blockages in patients with Critical Limb Ischemia (CLI), the most severe and advanced form of peripheral vascular disease.

The firm’s board and management are thrilled with the success of what was VERSONO’S second round of funding, which was also significantly oversubscribed. The funds will now be used to complete clinical studies and to qualify the company’s strategic medical device technology in 2023, for its initial clinical indication to cross arterial blockages and carry therapies to treat blockages.

“The fallout from a health perspective, from PAD, is enormous. It must be remembered that you can appear completely healthy and have this awful disease. The outcomes for patients eventually diagnosed with CLI is similar to many diagnosed with an aggressive cancer,” VERSONO CEO Finbar Dolan said.

“We are both delighted and encouraged by the level of enthusiasm and support from our investor base. It is truly exciting times for VERSONO as we move forward towards our clinical trials, and continue to build and develop the team, to advance our product development activities.”