German corporation purchases Cork medical technology business.
AventaMed, a Cork-based provider of medical technology, has been purchased by Karl Storz of Germany for an unknown sum.
The Cork company created a ground-breaking single-use medical device, Solo+ TTD, which addresses pain points of the current treatment of the surgical tympanostomy, a procedure that drains out the excess fluid accumulated in the ear. The device was first spun out of Munster Technological University in 2015.
The surgical tympanostomy is the most common procedure done on children.
Enterprise Ireland and other angel investors across the country contributed approximately €5 million to the company’s original funding, which helped it achieve success and grow its workforce to seven employees today.
The purchase by German family-owned Karl Storz signifies the company’s ongoing commitment in otolaryngologists and surgical practices.
With a simple 1-step procedure and topical anesthesia, the AventaMed device is designed to assist in the treatment of otitis media (fluid in the middle ear) and to prevent any ensuing hearing loss.
The ventilation tympanostomy tube is pre-loaded at the tip of the handheld Solo+ TTD. With just one button press, the otologist specialist inserts the tube into the patient’s ear in a secure manner.
Seven present AventaMed employees will gradually be incorporated into the Karl Storz operations.