Covidien announces investment in new medical firm FIRE1

Covidien will be allying with Lightstone Ventures and New Enterprise Associates to invest in a new Irish medical technology company called FIRE1.

Launched by The Foundry, a premier medical device incubator, FIRE1 is based in Dublin and will focus on developing novel therapeutic devices. It is the first company to be created in Ireland by The Foundry.

Series A funding will be extended to the new company to provide it with the resources needed to develop and commercialise solutions to address certain unmet medical needs.

FIRE1's board of directors will now be expanded to include representatives of all three of its new backers, including Stacy Enxing Seng, president for vascular therapies at Covidien.

Ms Enxing Seng said: "Broadening our innovation focus is a key component of Covidien's strategy and we believe this partnership can help us to bring inspired, clinically relevant and cost-effective new treatment options to market."

This comes after the company announced the acquisition of gastrointestinal imaging specialist Given Imaging last month.