Joe Lynam

Breakfast Business with Enterprise Ireland on Newstalk.

And still to come on Breakfast Business, we get all of your market news as usual.

Breakfast Business with Enterprise Ireland on Newstalk.

Now, Galway Medtech Symphysis Medical recently secured a 1.25 million grant to support its push for US regulatory clearance and commercialisation.

And the firm is also looking to complete a crowdfunding round by the end of the year.

And with us to explain more is Dr. Michelle Tierney, co-founder and chief scientific officer of Symphysis Medical.

First up, Dr. Michelle, your company has developed a device to drain fluid from the chest.

Can you tell us more about it?

Well as I'm listening to you I'm just thinking about the sheer difference that could make as you say to somebody's quality of life I mean if they can't breathe or if they're breathing under significant difficulty if you can take away the pressure that the fluid is there I know obviously I'm preaching to converted in you now Michelle but I'm just thinking through the physical impact of that and

Looking at your journey so far, you've raised more than 4 million from Enterprise Ireland and EIT Health.

Can you tell us what your funding journey, specifically the experience of that has been like over the years?

Well, of course, the other thing too, Michelle, is in a business like yours, it takes a long time to get to revenue generation of the pathway in order to get not just the product built and prototyped, but of course,

in a position where it can actually be deployed and then used and then generating revenue and then profitability.

The road is long.

But however, you're seeking to now raise between 3 million and 5 million in the next six months.

How are you planning to do that?

So does that mean, so Michelle, that if somebody puts in, as you say, assuming beyond the minimum, somebody puts in 100 euro tax,

they will actually get back some money or is it that it would be before tax it would be let's say around 70 euros they would put in the additional 30 euros would go in in terms of tax relief and then you would get the 100 is that the way it works?

So the cash flow benefit of this comes at the end of the tax year.

So the money goes in up front.