Incereb Secures Funding Round of €830k & FDA Approval (30th October 2015)

  • €830,000 investment raised from existing shareholders, including: ACT Venture Capital; Delta Partners; the Boole Group and Enterprise Ireland
  • FDA Approval secured for Incereb neon™ device - opening up US market

Dublin based medical device company, Incereb Limited, has been granted FDA approval from the United States Food & Drug Administration. This approval enables the sale of the neon™ neonatal electrode array in the USA. This announcement followed the completion of a second round of funding which secured a further €830,000 from existing shareholders, bringing the company’s total investment to date up to €1.53m

Incereb, founded in 2012, has developed the neon™ range of neonatal EEG electrode arrays for use in the Neonatal Intensive Care Unit (NICU). EEG tests are undertaken to detect seizures and electrical abnormalities in brain activity which, in neonates, can be the result of oxygen deprivation during delivery. The neon™ devices will significantly speed up the time taken to set up the infant for testing and are designed to interface with all existing brands of EEG and CFM equipment.

There are over 1,500 NICU’s in the USA with an estimated 450,000 admissions per annum – the US target addressable market is potentially worth between €20m and €40m per annum.

Commenting on these developments, James Roche, founder and CEO, said “we have demonstrated that we have the ability to design, develop, manufacture and bring to market a medical device – we now have the resources and have opened the door to the largest medical device market on earth – these are very exciting times for the continuously growing Incereb team”.

About Incereb

Incereb is a venture funded Irish company – investors include ACT Venture Capital Limited, Delta Partners, the Boole Group and Enterprise Ireland (the Irish government organisation responsible for the development and growth of Irish enterprises in world markets).

The company was founded in 2012 by James Roche, CEO, to develop a simpler method of recording neonatal EEG, a traditionally time consuming and complex procedure with which he was very familiar having worked in hospitals in London, Glasgow and Dublin.