Veryan has announced a multimillion-euro investment in its manufacturing facility in Galway city, Republic of Ireland, to further expand and diversify its product portfolio.

The company currently offers BioMimics 3D Swirling Flow stent, which is commercialised in Europe and US, for improving blood flow through arteries in the leg.

The new investment is supported by the Irish Government through IDA Ireland, an agency responsible for the attraction and retention of inward foreign direct investment into Ireland.

IDA Ireland CEO Martin Shanahan said: “The investment announced today by Veryan is a significant addition to the Japanese Life Sciences companies that have chosen to locate in Ireland and further strengthens the West Region’s MedTech cluster.

“I also wish to congratulate Veryan on its move to its Innovation Centre at Parkmore Business and Technology Park in Galway, and every success with this latest expansion.”

Veryan has opened its first facility in Galway and hired its first employees in 2006.

In 2018, the company was acquired by Otsuka Medical Devices (OMD), a subsidiary of Japan-based Otsuka Holdings, which operates in 30 countries, and employs 47,000 people.

Following the acquisition, Veryan’s workforce at Galway has increased from 11 to 46 employees in design engineering, development, supply chain operations, regulatory, quality assurance through to clinical operations, data management and finance.

The current investment is expected to create 20 more full-time jobs in Galway, into three development projects focused on arterial intervention and treatment for venous disease.

As part of the expansion, the Galway team recently relocated to the new Veryan Innovation Centre, a 15,000ft2 facility at Parkmore Business and Technology Park, Galway.

The company is currently recruiting multiple roles in Galway, in the areas of Regulatory Affairs, Design Assurance and R&D.

Veryan Medical chief executive officer Nick Yeo said: “Today’s announcement provides a very timely stimulus for our outstanding team, which has displayed remarkable resilience and perseverance during the Covid-19 pandemic.

“For more than a decade, our Galway R&D team has nurtured a culture of Design Intelligence and this investment will create exciting opportunities to add this value mark to the new products we are developing.”