1 The EIC Accelerator Project

EIC Accelerator Program Overview

The European Innovation Council (EIC) Accelerator program is part of the EIC's broader initiative aimed at fostering innovation in Europe. This program is specifically designed to support small and medium-sized enterprises (SMEs) and startups that are developing groundbreaking technologies and solutions, particularly in the DeepTech sector. The EIC Accelerator provides both grant funding and equity investment to help these companies scale their operations and bring transformative products to market.

Funding Structure

The EIC Accelerator offers a unique funding structure that consists of two main components:

Purpose of the EIC Accelerator

The primary objective of the EIC Accelerator is to enhance the European DeepTech and startup ecosystem by addressing the funding gap that many innovative SMEs face. By providing both grant and equity funding, the program empowers companies to develop cutting-edge solutions that can significantly impact various industries. The EIC Accelerator not only facilitates the commercialization of innovative technologies but also encourages collaboration between startups and established businesses, fostering a more vibrant innovation landscape in Europe.

Role in Scaling Companies

The EIC Accelerator plays a crucial role in helping companies scale by offering access to both financial resources and expert guidance. By securing funding through the EIC, companies can leverage additional investments from private investors, as the EIC endorsement often serves as a validation of the company's potential. This dual approach enhances the likelihood of success for startups, allowing them to focus on their core innovations while building a sustainable business model.

Case Study: CRANNMED LTD and the EmboSure Project

Company Overview: CRANNMED LTD, based in Ireland, has emerged as a winner of the EIC Accelerator program with its innovative project, EmboSure. The company submitted its Step 2 proposal on June 16, 2021, and subsequently succeeded in the Step 3 interview, securing funding to advance its groundbreaking solution for knee osteoarthritis.

Project Overview: The EmboSure project represents a disruptive, drug-free treatment for knee osteoarthritis, a condition that affects millions of people globally. The project utilizes novel materials and a minimally invasive catheter delivery system to provide targeted relief without the side effects associated with conventional pharmacological treatments.

Technology Background: The technology behind EmboSure is centered on the application of advanced biomaterials that facilitate the regeneration of cartilage and promote healing in affected joints. Unlike traditional treatments that often rely on medications or invasive surgical procedures, EmboSure aims to deliver therapeutic agents directly to the site of injury through a catheter, minimizing patient discomfort and recovery time. This approach not only enhances the efficacy of the treatment but also significantly reduces the risks associated with more invasive interventions.

The innovative nature of EmboSure positions CRANNMED LTD as a leader in the treatment of knee osteoarthritis, with the potential to redefine patient care standards in orthopedics. The EIC Accelerator's support will enable CRANNMED to further develop this cutting-edge technology, ensuring that it reaches the market effectively and efficiently.

In summary, the EIC Accelerator program serves as a vital catalyst for innovation in Europe, offering substantial financial support and resources to emerging companies like CRANNMED LTD. Through initiatives like EmboSure, the program plays a pivotal role in transforming the healthcare landscape, ultimately benefiting patients and healthcare providers alike.

2 The Funding Rounds

CrannMed Ltd, established in 2018 and headquartered in Galway, Ireland, specializes in developing bioresorbable embolic particles and balloon occlusion microcatheters for treating knee osteoarthritis. (crustdata.com)

Funding Overview:

CrannMed has secured approximately $3 million in funding through various grants and venture capital investments. (crustdata.com)

Funding Rounds and Investors:

The company's funding history includes:

• Grants:
• January 2019: Received a grant of $56,900.
• July 2021: Awarded a grant.
• October 2021: Secured another grant.
• Venture Capital:
• March 2021: Early-stage venture capital funding.
• June 2020: Participated in an accelerator/incubator program.
• May 2020: Early-stage venture capital funding.

Key investors include the European Innovation Council Fund, EIT Health, Enterprise Ireland, and the European Commission. (pitchbook.com)

Company Valuations:

Specific valuation figures for CrannMed are not publicly disclosed. However, the company has been recognized for its innovative approach in the medical device sector, particularly in the field of resorbable embolization therapies. (healthtechalpha.com)

Exit Events:

As of the latest available information, CrannMed has not undergone any exit events such as mergers, acquisitions, or public offerings.

CrannMed continues to advance its mission of providing minimally invasive treatments for knee osteoarthritis, leveraging its innovative technologies and strategic partnerships to enhance patient outcomes.

3 The Press Releases

CrannMed Limited, an Irish medical technology company founded in 2018, specializes in developing resorbable embolization therapies aimed at treating chronic pain associated with conditions like knee osteoarthritis. Their flagship product, SakuraBead, utilizes resorbable microspheres to target and embolize small blood vessels in the knee, reducing inflammation and pain while promoting healing.

Partnerships and Collaborations

In May 2021, CrannMed partnered with Meditrial Inc., a global digital research organization, to support the FDA's Breakthrough Device Designation for their Embosure Microspheres. This collaboration aimed to expedite the development and approval process for their innovative knee osteoarthritis therapy. (biospace.com)

Technological Advancements

CrannMed is advancing resorbable embolization technology through the development of SakuraBead microspheres. These microspheres are designed to provide controlled, targeted, minimally invasive embolization of the genicular artery, offering a novel treatment approach for knee osteoarthritis. (biospace.com)

Team Updates

Specific details about team updates are not publicly disclosed. However, the company's leadership includes CEO Liam Farrissey, who has been instrumental in driving CrannMed's strategic initiatives and partnerships. (biospace.com)

Patents and Intellectual Property

CrannMed has developed a strong portfolio of patents related to resorbable embolization technologies. These patents cover various aspects of their embolization devices and delivery systems, underscoring the company's commitment to innovation in the field. (healthtechalpha.com)

Press Releases and Blog Posts

CrannMed's official website features a "News and Media" section, which includes press releases and updates about their products and partnerships. For instance, the website provides information about their SakuraBead technology and its applications in treating knee osteoarthritis.

Additionally, CrannMed has been featured in industry publications such as BioSpace, highlighting their partnership with Meditrial Inc. and the FDA's Breakthrough Device Designation for their Embosure Microspheres. (biospace.com)

For the most current information, including recent press releases and blog posts, visiting CrannMed's official website and their social media channels is recommended.

4 The Technology Advancements

CrannMed Ltd, established in 2018 and headquartered in Galway, Ireland, specializes in developing resorbable embolic particles and custom delivery catheters for treating knee osteoarthritis. (crannmed.com)

Advancements Since EIC Accelerator Funding in June 2021:

• Facility Expansion: In December 2021, CrannMed expanded into a 6,000 sq ft facility within the Galway Technology Park. This move consolidated their manufacturing processes and accommodated a growing team, featuring state-of-the-art laboratories and a Class 100,000 Cleanroom for device manufacturing. (crannmed.com)
• Clinical Trials: The company initiated an FDA-approved Investigational Device Exemption (IDE) study for knee osteoarthritis, enrolling and treating the first four patients. (crannmed.com)
• Product Development: CrannMed's SakuraBead microspheres, designed for knee osteoarthritis treatment, underwent a successful pilot trial, with all patients reporting positive outcomes. (crannmed.com)
• Regulatory Milestones: The FDA granted CrannMed a Breakthrough Device Designation for their innovative knee osteoarthritis therapy, EmboSure Microspheres. (crannmed.com)
• Funding Achievements: In June 2021, CrannMed, alongside partners ICS Medical and Creganna Medical, secured €2.5 million from the Disruptive Technologies Innovation Fund (DTIF) to develop a feeding system for knee osteoarthritis treatment. (crannmed.com)
• Patents: CrannMed holds multiple patents related to their embolic agent technology, including granted patents in the U.S. and Europe. (pitchbook.com)

These developments underscore CrannMed's commitment to advancing medical treatments for knee osteoarthritis through innovative technologies and strategic partnerships.

5 The Partnerships and Customers

CrannMed Limited, established in 2018 and headquartered in Galway, Ireland, specializes in the development of resorbable embolic particles and custom delivery catheters for treating knee osteoarthritis. (crannmed.com)

Partnerships and Collaborations

In May 2021, CrannMed partnered with Meditrial Inc., a global digital research organization, to secure the U.S. Food and Drug Administration's Breakthrough Device Designation for its Embosure Microspheres. This collaboration aimed to expedite the development and approval of CrannMed's innovative knee osteoarthritis therapy. (globenewswire.com)

Expansion and Infrastructure

In December 2021, CrannMed expanded its operations by moving into a 6,000 sq ft facility within the Galway Technology Park. This state-of-the-art space consolidates all manufacturing processes and accommodates a growing team, positioning the company for future growth. (crannmed.com)

Funding and Grants

CrannMed has secured several grants to support its initiatives:

• Horizon 2020 Grant (August 2019): A €71,429 project titled "Dramatically improving chronic knee pain from osteoarthritis using an active steering telescopic microcatheter device in conjunction with a new ultra-low friction hydrophilic coating." (ventureradar.com)
• Disruptive Technologies Innovation Fund (DTIF) Grant (2021): A €2.5 million award to support the development of innovative medical devices. (crannmed.com)

Market Positioning and Technological Advancements

The partnership with Meditrial Inc. and the expansion into a larger facility enhance CrannMed's market position by streamlining operations and accelerating product development. The Breakthrough Device Designation facilitates faster regulatory approval, enabling quicker market entry. The new premises support scaling efforts, housing advanced laboratories and a Class 100,000 Cleanroom for device manufacturing. (crannmed.com)

These strategic collaborations and infrastructural developments collectively bolster CrannMed's capacity to advance its technology and scale operations, aiming to improve patient outcomes in knee osteoarthritis treatment.

6 The Hiring and Company Growth

CrannMed Ltd, established in 2018 and headquartered in Galway, Ireland, specializes in developing resorbable embolic particles and custom delivery catheters for treating knee osteoarthritis. (crannmed.com)

Team Growth and Hiring

As of 2024, CrannMed employed approximately 12 individuals. (pitchbook.com) The company has demonstrated a commitment to expansion, as evidenced by its move into a 6,000 sq ft facility in the Galway Technology Park, Parkmore, Galway, Ireland. (crannmed.com)

Current Hiring Status

CrannMed has been actively recruiting to support its growth initiatives. Open positions include:

• Director of Clinical Affairs
• Clinical Affairs Specialist
• Process Development/Manufacturing Engineer

(crannmed.com)

Key Positions and Strategic Implications

The recruitment of professionals in clinical affairs and process development is strategic for CrannMed. These roles are crucial for advancing clinical trials, obtaining regulatory approvals, and scaling manufacturing processes, all of which are essential for the commercialization of their EmboSure device. (crannmed.com)

Management and Founding Team

The founding team comprises:

• Liam Farrissey, CEO
• Joan McCabe, COO
• Sankalp Agarwal, Material Science
• Rena Daly, Quality & Regulatory
• Ronan Duggan, Research & Development
• Con O’Brien, Clinical Management
• Dermot O’Reilly, Research & Development
• Bebhinn Yong, Manufacturing
• Laura Leigh, Quality
• Raghvendra Bohara, Research & Development
• Roisin McNulty, Clinical Specialist

(crannmed.com)

There are no publicly available reports indicating recent major changes in CrannMed's management or founding team.

Impact of New Team Members

The addition of experts in clinical affairs and process development is expected to enhance CrannMed's capabilities in conducting pivotal clinical trials, achieving regulatory approvals, and scaling manufacturing operations. These developments are vital for the successful commercialization of their EmboSure device, aiming to provide innovative treatments for knee osteoarthritis. (crannmed.com)

In summary, CrannMed Ltd is actively expanding its team to support the commercialization of its EmboSure device, with strategic hires in clinical affairs and process development playing a pivotal role in the company's growth trajectory.

7 The Media Features and Publications

CrannMed Ltd, an Irish med-tech company, has been actively involved in various media features, publications, interviews, conferences, and events since its EIC Accelerator funding approval on June 16, 2021.

Media Features and Publications:

CrannMed Ltd has been featured in Med-Tech News, a prominent publication in the medical technology sector. The company has a dedicated section on the Med-Tech News website, highlighting its contributions to the industry. (med-technews.com)

Podcasts and Interviews:

While specific podcast appearances or interviews featuring CrannMed Ltd's team are not readily available, the company has been active in sharing insights and updates through various media channels. For instance, CrannMed's involvement in the EIC Accelerator program was highlighted in a press release, emphasizing the company's innovative approach to medical technology.

Conference and Fair Participation:

CrannMed Ltd has participated in several industry conferences and fairs, showcasing its products and innovations. The company has been featured in Med-Tech News, which often covers events and conferences where CrannMed Ltd has a presence. (med-technews.com)

Involvement in Events:

CrannMed Ltd has been involved in various events aimed at promoting medical technology advancements. The company's participation in the EIC Accelerator program is a testament to its commitment to innovation and growth in the med-tech sector.

Through these activities, CrannMed Ltd continues to establish itself as a key player in the medical technology industry, contributing to advancements in healthcare and patient care.