Perfuze has raised €22.5m in a Series A financing round for its catheter-based aspiration technology to treat large vessel occlusion acute ischemic stroke.

The investment round was led by new investors LSP, through its LSP Health Economics Fund 2, and Seroba Life Sciences.

It has also seen participation from new investor SV Health Investors, alongside existing investors Earlybird, HBM-MedFocus Fund, Enterprise Ireland and a syndicate of Irish business veterans and stroke physicians.

Perfuze plans to utilise the funding to conduct US clinical study and pursue regulatory approval for of its Millipede System.

LSP partner Anne Portwich said: “Perfuze has a technology with the potential to significantly improve outcomes for stroke patients. We are delighted to support the company and its management team to expand as it pushes towards getting its life-saving technology to market.”

Seroba Life Sciences partner Daniel O’Mahony said: “Perfuze’s Millipede technology will allow for rapid and successful blood vessel recanalization which is vital to improve the patient’s functional status and reduce mortality following a stroke event.”

The Irish medical technology firm also intends to use the funds to support its ongoing development of new products and to start commercialisation of its stroke treatment technology.

Ischemic stroke occurs when a blood vessel in the brain is blocked by a clot, obstructing the blood flow. It is one of the leading causes of death and disability worldwide, according to WHO.

Perfuze claims that its aspiration technology is designed to provide superior clinical outcomes in shorter procedural times, resulting in safe cost-effective therapy.

The company has developed  super-bore diameter aspiration technology that has the ability to navigate the complex neurovascular anatomy.

Its first device Millipede 088 has already secured CE Mark approval.

Perfuze CEO Wayne Allen said: “We are delighted to have completed our Series A financing with such experienced investors and this capital facilitates our continued growth and development.

“We believe that the Perfuze Millipede System is the next wave of thrombectomy technology in the rapidly growing stroke market and has the potential to positively impact the lives of thousands of stroke patients.”