Ostoform’s seal is proving to be life-changing for its users, so there is a clear need for global expansion. The recent funding round, led by BGF with support from Enterprise Ireland, will help Ostoform in the pursuit of this expansion, specifically in the US. This round, combined with their €2.7m grant from the Disruptive Technologies Innovation Fund, totals Ostoform’s 2021 funding to €6m.
“Ostoform is a great example of Irish innovation in the MedTech sphere, with their solutions having the potential to significantly improve the daily quality of life for ostomy patients.” – Mark Sykes, an investor at BGF in Ireland
Westmeath-based Ostoform creates seals for anyone that has received a colostomy, ileostomy, or urostomy. Ostoform understands the hesitations, preoccupations, and discomfort ostomy patients can face on a daily basis and their ostomy seal allows patients to focus more on their lives and less on their condition.
Ostoform’s seal reduces the risk of skin complications while improving the lives of its users through their non-absorbent spout. Ostomy patients regularly cope with damaged peristomal skin, and Ostoform works to provide solutions to the challenges they experience from this. Other benefits of the seal include ease of use, secure attachment, assisted flow, and longer wear time.
“Ostoform’s goal is to improve the lives of ostomates across the globe by understanding and solving their unmet needs. Our first product addresses one of the most common problems amongst this population.”- Kevin Kelleher, CEO of Ostoform.
Ostoform’s seal went through multiple quality assurance processes before becoming available in the US, including three clinical studies that successfully demonstrated the product’s effectiveness and a completed FDA registration. Ostoform can change the lives of 750,000 to 1 million ostomy patients in the US. This number continues to grow with approximately 100,000 new ostomy surgeries performed each year.
“This is a landmark equity raise for us which will enable us to capitalize on growing international opportunities for our existing and pipeline products.” – Kelleher.
Ostoform exemplifies the life-changing ideas and innovation that Irish companies generate. Enterprise Ireland’s support allows products like the Ostoform seal to evolve medical technology and healthcare not just in Ireland and the US, but also globally, in order to help those in need all over the world.