The standards body, which certifies medical devices under EU rules, is shuttering its medtech unit, creating bottlenecks for companies that need certification services.
The Galway company’s attempts to raise a $50m Series C round fell through and a liquidator has been called in just weeks after it published the results of its latest clinical trial.
The Western Development Commission is a frequent investor in medtech in the West of Ireland. The Currency examines the depth of those investments and potential risks of over-reliance.
Megadale makes equipment for the medtech and life-sciences sectors but a cancelled contract by a major multinational forced the company into liquidation.
US medical device maker Teleflex is carving up its business in a series of deals totalling $2bn with private equity firms acquiring the Irish operations.
The multinational has struck a deal to sell its Galway design and manufacturing hub to Quasar Medical. Its Roscommon site is untouched by the deal.
The National Standards Authority of Ireland was suspended from certifying in-vitro diagnostic devices for three months, all the while the agency faces an “overhaul” by the Government.
The National Standards Authority of Ireland suspended certifying certain types of medical devices. Meanwhile, the government is planning an overhaul of the agency.
The start-up, formed just this year, is building a device for treating internal bleeding and tumours and Elkstone and Atlantic Bridge have now backed it.
The Dublin-based company makes glue for closing wounds and has been acquired as part of a broader €180 million deal.
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