Seroba Kernel Life Sciences and Triventures co-lead €3.75M Investment to put Apica Cardiovascular Ltd in the heart of Galway

Dublin, Ireland, January 2011: Seroba Kernel Life Sciences has announced a €3.75m investment in Apica Cardiovascular Ltd. Seroba Kernel, Ireland’s leading life science venture capital company, has co-led this investment with Triventures, a med tech specialist Israeli based VC company.

Apica is developing an innovative transapical access and closure system that can simplify and standardize the technique used to open and close the apex of a beating heart, in order to deliver large therapeutic devices into the inner chambers of the heart in a minimally invasive manner. The Apica access and closure system will equalize all transapical surgeries by standardizing the access and closure process and by making the procedure a comfortable and routine process for all surgeons.

The Apica technology and early prototypes were initially developed at the Georgia Institute of Technology (Georgia Tech) and Emory University, Atlanta, USA by a founding team with extensive cardiovascular, engineering, and regulatory experience. Initial research and development was made possible through seed funding provided by the Coulter Foundation Translational Research Program and Georgia Research Alliance “Venture Lab” Program. Apica also benefits from the vast development and medical experience of leading clinicians from Stanford University Medical Centre. The company is now moving to Ireland and will be based at the Innovation Centre in NUI Galway.

Apica’s CEO, James L. Greene, who hails from ‘New Jersey’ in the U.S. has over 20 years of experience in the medical device industry. “I am delighted that Apica and I are moving to Ireland and benefiting from the synergies associated with NUI Galway’s Innovation Centre.”, says Mr. Greene. “Galway is rapidly becoming a major medical device hub of innovation on the global stage and it’s exciting to have Apica’s product development at the heart of that.”

Dr. Daniel O’Mahony, Partner at Seroba Kernel Life Sciences, and who will be joining the Board of Apica, added: “We are delighted to co-lead this investment in Apica. The Apica technology has the potential to revolutionise the delivery of different types of medical devices to the heart, including aortic and mitral valves. The new company will leverage the extensive medical device development expertise and much lauded med tech ‘DNA’ which exists in Ireland today. Apica provides an excellent example of a new medical device, which was initially conceived and developed overseas, but which is now locating to Ireland to tap into that Irish device development and bio-engineering ‘DNA’.”

Prof. Terry Smith, VP of Research at the NUIG said: “The establishment of Apica Cardiovascular Ltd at the NUI Galway Innovation Centre will leverage the strategic alliance between NUI Galway and Georgia Tech, as well as NUI Galway’s biomedical engineering capabilities and emerging graduates.”

For further information please contact:

Vicky La Touche-Price,
Marketing and Operations Manager,
Seroba Kernel Life Sciences.
Tel: +35316334028.

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