Galway-based Medtech company Vivasure Medical is the latest Irish company to agree a financing deal with the European Investment Bank.

The €10m in new financing will be used by Vivasure to expand research and development of medical devices to provide non-invasive cardiology treatment. 

The company has developed pioneering non-invasive biodegradable devices to treat cardiology patients with conditions that require vascular surgery.

The second long-term EIB financing for an Irish medical technology company was confirmed ahead of a briefing for Irish business leaders on new innovation financing opportunities supported by the EU bank.

"We welcome the European Investment Bank's firm support and agreement of €10m of new financing that will enable Vivasure to accelerate innovation and expand into new markets," commented Gerard Brett, CEO and co-founder of Vivasure Medical.

"This is a vote of confidence in the Irish Medtech sector," Mr Brett added. 

Last year the European Investment Bank Group provided a total of €970m of long-term financing to strengthen higher education, improve healthcare, transform transport and harness clean energy across Ireland.

The bank also invested in corporate research and innovation projects here.