Cork medtech company acquired by German firm

Cork-based medical technologies company, AventaMed has been acquired by German firm, Karl Storz for an undisclosed amount.

Originally spun out of Munster Technological University in 2015, the Cork firm developed a breakthrough single-use medical device, Solo+ TTD that addresses pain points of the current treatment of the surgical tympanostomy, a procedure that drains out the excess fluid built up in the ear.

The surgical tympanostomy is the most common procedure done on children.

The firm initially gained investment support from Enterprise Ireland and several angel investors of over €5m across the country which led to the company's breakthrough and its workforce of now seven employees.

The acquisition by German family-owned Karl Storz marks the firm's continued investment in ear, nose and throat surgeons and surgical practices. 

The Aventamed device is intended to help in the treatment of otitis media (fluid in the middle ear) and to prevent consequent hearing loss in an in-office and outpatient setting under topical anesthesia with a quick 1-step approach.

The Solo+ TTD is a handheld device, with the ventilation tympanostomy tube pre-loaded at the tip. The otologist specialist uses the device to safely place the tube into the patient’s ear with just one click of the button.

AventaMed currently has seven employees which will all be progressively integrated into the Karl Storz operations. 

While the AventaMed Sales & Marketing employees will join the existing ENT team right away, other functions will remain standalone and will work in close collaboration with a dedicated Integration and Advisory Team until they become an integral part of Karl Storz.

Reporting: The Irish Examiner