Galway’s CrannMed receives €12.5m funding from European Innovation Council

Galway based medical device company CrannMed Ltd has announced that it has been approved for a recommfinished investment of up to €12.5m from the Horizon Europe European Innovation Council (EIC) Accelerator.

CrannMed (www.crannmed.com) has developed a resorbable embolic microsphere called SakuraBead™. It is utilized for the treatment of chronic inflammatory pain. Up to 20% of the world’s population will experience this type of pain through conditions such as osteoarthritis, tfinishinopathies or enthesopathies.

Resorbable technology

SakuraBead is delivered to the site of pain by an interventional radiologist utilizing image guidance. Once in place, it works by transiently stopping blood flow to the site of inflammation. With the Sakurabead™ resorbable technology, blood flow can be halted long enough to reset the inflammatory process but short enough to ensure no damage to healthy tissue.

Sakurabead™ is currently being evaluated in an international randomised control trial to support commercial approval in the EU and US markets. First commercial sales are expected as soon as the finish of 2026.

L-R: Joe Healy, Enterprise Ireland; Minister Burke; Joan McCabe, COO, CrannMed; and Liam Farrissey, CEO, CrannMed.

The first phase of the investment (€2.5m) will allow expansion of the technology to treat chronic inflammatory pain in different areas of the body. The second phase of the investment (€10m) is intfinished to support commercialisation of the technology within Europe and the US.

Part of the EU’s Horizon Europe 2021-2027 Research and Innovation Programme, the European Innovation Council (EIC) Accelerator Programme is Europe’s flagship innovation programme and it provides grant funding of up to €2.5m combined with an equity investment ranging from €0.5m to €10m in a blfinished finance offer.

Enterprise minister Peter Burke stated: “CrannMed is building great advancements in the crucial area of non-invasive treatment for Knee Osteoarthritis (KOA) which affects millions of people globally.

“The recent support from the European Innovation Council (EIC) underscores CrannMed’s innovative microsphere technology which has been displayn to alleviate pain and restore mobility for patients. The investment secured is a testament to the innovation and dedication of the CrannMed team. I would like to congratulate Liam, Joan and the team at CrannMed on this investment and wish CrannMed every success as their innovation evolves and the business grows.”

Liam Farrissey, CEO, CrannMed, stated: “This award from the European Innovation Council (EIC), along with ongoing support from Enterprise Ireland, will enable us to expand our technology to treat a broader range of chronic musculoskeletal pain conditions and ultimately more patients.

Hand osteoarthritis and plantar fasciitis

“Specifically, hand osteoarthritis and plantar fasciitis have been highlighted as two areas of great patient required. Building on successful pilot studies in these anatomies, we will utilize the funding to support the technical, clinical and regulatory work requireded to treat these patients with SakuraBead™.”

Enterprise Ireland leads the National Support Network for Horizon Europe which includes supporting Irish deep tech companies to compete and win funding in the highly competitive EIC funding programmes.

Joe Healy, head of research and innovation, Enterprise Ireland stated: “CrannMed is a cutting-edge medical device company, transforming resorbable embolisation for the benefit of patients worldwide. The award by the European Innovation Council recognises the innovation and groundbreaking potential behind CrannMed’s SakuraBead treatment.

“Ireland’s overall success in the Horizon Europe EIC programme, supported by Enterprise Ireland in our National Contact Point capacity, shines a spotlight on the innovation and capability of Irish companies to compete on a global level. This funding provides the critical support required to enable these innovative companies such as CrannMed to further develop and scale their business.”

The EIC Accelerator Programme provides transformational funding to high-potential, high-risk startups, scale ups and SMEs led by a strong, well-balanced leadership team which are already building good progress in commercialising highly differentiated, deep-tech products capable of creating new markets or disrupting existing ones.

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