Enniscorthy-based medical devices group Clearstream Technologies has launched a new catheter that it believes could win it a large share of a $600 million (€469 million) global market.
The Aim-listed company claimed yesterday the new product would offer a "major advance" in the treatment of a serious and often fatal condition known as critical limb ischaemia (CIL).
This condition is caused when narrowed or blocked arteries lead to a shortage of blood to the legs. It often results in the amputation of a limb, with about 9 per cent of affected patients dying.
Clearstream completed the required self-certification process on the ReeKross catheter almost two weeks ago and is now free to sell the product in Europe.
The catheter was designed with the input of Dr Ian Kelly, an interventional radiologist at Waterford Regional Hospital.
An initial commercial evaluation, carried out by the University of Amsterdam, found the catheter could cut the time needed for the angioplasty procedures that are used in some cases of CIL.
Angioplasties can be used to clear blocked arteries before limbs are lost. Clearstream's catheter is designed to simplify this process. The evaluation concluded that the device could cut the procedure time from one hour to 20 minutes, while potentially reducing the number of catheters required.
Andy Jones, chief executive of Clearstream, described the ReeKross catheter as "a relatively simple and effective, but unique solution". He said it should allow the firm to take a "leading position" in a market that industry journals expect to be worth $600 million within five years.
The global market for such products is currently worth about $30 million.
Mr Jones said Clearstream had already won orders for the catheter from the Netherlands, with "an array" of further hospital evaluations lined up.
About half of the potential market is in the US, where Clearstream will need regulatory approval to sell the new catheter. The firm may look at this in the future, according to Mr Jones.
Shares in the firm climbed by 2.5p, or almost 5 per cent, to close at 57.5p in London last night.
