Galway-based medtech startup EnteraSense has managed to secure €3.5 million through EU Horizon grants and private investment.
Andrew Downes
The company has developed a capsule that can detect bleeding in the gastrointestinal (GI) tract. Post-surgical patients who are at risk of further bleeding can have the capsule attached to their stomach to monitor and detect bleeding. The capsule can be swallowed if a diagnosis is needed quickly if the patient has suspected GI bleeding.
Donal Devery, founder and CEO of EnteraSense said: “We want to improve patient outcomes and drive cost down for the health system. Each process and function within the deliverables associated with the grant will help us achieve this goal.
“The fact that physicians are among our investors shows just how exciting EnteraSense’s product is. The EU’s backing only underlines that.”
€2.5 million of the backing has come through the Horizon 2020 grants from the European Union, while €1 million came from private investments in a Seed round. The capital will be used to expand the team and further its field of diagnostics.
The company has run initial trials to prove and validate the capsule. EnteraSense will move towards ‘First in Human’ studies by Q3 2019 and hope to be commercial with FDA and CE approval by mid 2020.
Dr Matt Ben, Gastrointestinal Physician New York, investor in EnteraSense: “As a GastroIntestinal physician, I could immediately see the potential of this unique technology. Upper GastroIntestinal bleeding has a high mortality rate and can cause serious problems for patients and a solution to mitigate this is very welcome.
“The current diagnosis involves an invasive endoscopy which ultimately carries risk and is expensive. The ability to immediately diagnosis a bleed will result in better patient outcomes, quicker and more appropriate treatment and savings to the healthcare system.”
