Novate Medical has secured a €4 million (£2.8 million) investment from Irish-based firms Act Venture Capital, Seroba Bioventures and Enterprise Ireland.

Novate Medical has secured a €4 million (£2.8 million) investment from Irish-based firms Act Venture Capital, Seroba Bioventures and Enterprise Ireland.

The investors are a venture capital firm, life science venture capital management firm, Irish life science investor and Irish government development agency respectively.

Novate was formed in 2006 to develop and commercialise a novel technology aimed at the rapidly expanding market for inferior vena cava filters.

Solicitors firm LK Shields provided legal advice to Novate Medical, led by partner in the business department Philip Daly. He was assisted by Deirdre Kilroy, a partner in the firm’s intellectual property and technology unit.

Philip Daly had previously acted as Irish legal adviser to MedNova, of which the founders of Novate Medical were co-founders amongst others, including acting for MedNova Limited in its sale to Abbott Laboratories in 2005.