14 Jan 2015 12:13
14 January 2015
Imperial Innovations Group plc
Imperial Innovations leads £18 million Series B funding round in Veryan
Imperial Innovations (AIM: IVO, "Innovations" or "The Group") has led a £18m series B funding round in Veryan Holdings Limited ("Veryan" or "the Company") alongside co-investors Invesco Asset Management, Seroba Kernel and Seven Mile. Innovations has committed up to £8.4m to the round and following this new investment, will hold a 47.8% stake in the issued share capital of Veryan (following the conversion of loan stock).
Simon Cartmell, an Operating Partner at Innovations, has also been appointed Chairman. Simon has more than 30 years pharmaceutical, biotech and medtech experience and was formerly, CEO of ApaTech, which he developed into a world leader in orthobiologics prior to its sale to Baxter for $330m in March 2010.
Veryan is a specialist in vascular disease that has developed and patented a three-dimensional stent technology, BioMimics 3D™, based on pioneering research by Professor Colin Caro at Imperial College London, into the link between blood flow mechanics and vascular disease.
The objective of Veryan's technology is to improve upon the biomechanical and flow characteristics of stents, particularly those used in arteries of the leg, where the straight tubular design currently used, tends to straighten the natural curvature present in vessels and may lead to vessel re-narrowing and stent fracture. In contrast, Veryan's BioMimics 3D™ stents have a patented three-dimensional helical shape that more closely mimics the natural geometry of the human vascular system, which not only improves blood flow in stented vessels, but also provides greater flexibility, kink and fracture resistance.
In November 2014, the full two-year data from the "Mimics" randomised controlled study of Veryan's BioMimics 3D™ Stent System were presented by Principal Investigator Professor Thomas Zeller, at the VIVA Symposium in Las Vegas. The results of this study confirmed that the advanced stent design offers statistically significant clinical benefits in terms of improved haemodynamics and clinical outcomes, and improved vascular compatibility, when compared to straight nitinol stents.
Russ Cummings, CEO of Imperial Innovations, said:
"The results of the Mimics trial provided independent evaluation of Veryan's stent technology and confirmed our belief that the Company's advanced stent design offers outstanding clinical benefits, as well as a favourable and competitive foundation for commercialisation in the USA and Europe. The market for peripheral vascular stents is estimated at over $1.2bn per annum and we are excited to be supporting Veryan's strategy to take its products to market.
"Veryan has already gained a CE Mark enabling sales of its BioMimics 3D™ stent within the European Economic Area (EEA).The funds from the Series B investment round will now enable Veryan to build a team to support the international launch later this year and to expand the addressable market by completing a FDA regulatory trial, with a view to taking the product through pre-market approval (PMA) in the USA.
"I am delighted that Simon Cartmell has been appointed as Chairman of Veryan to help guide the Company through the next phase of its growth.
"Following the £50m funding round we led for Cell Medica, this is another example of Innovations putting its capital to work in businesses we know intimately and are ready to scale."
Innovations first invested in Veryan in 2004 and as at 31 July 2014, the Group had invested a total of £11.0 million in the Company, representing a 44.0% interest in the issued share capital of the Company, with such interest having a fair value of £18.1 million. The current investment will be subject to a modest uplift in value.
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Notes to editors
About Imperial Innovations - www.imperialinnovations.co.uk
Imperial Innovations Group plc creates, builds and invests in pioneering technologies developed from the academic research within the 'Golden Triangle' broadly bounded by London, Cambridge and Oxford, which is home to the UK's four leading research-intensive universities.
This area is home to many new technology companies through its proximity to the academic communities of Imperial College London, the University of Cambridge, the University of Oxford and University College London, as well as other leading research institutions.
Imperial College London, the University of Cambridge, the University of Oxford and University College London collectively have research income of £1.4 billion per annum and are ranked as four of the top ten Universities in the world (source: QS World University Rankings 2014/15).
Innovations supports scientists and entrepreneurs in the commercialisation of their ideas through the licensing of intellectual property, by leading the formation of new companies, providing facilities in the early stages, providing investment and encouraging co-investment to accelerate development, providing operational expertise and recruiting high-calibre management teams. It also runs an incubator in London that is the initial home for many of its technology spin-outs.
Since admission of its shares to trading on AIM in 2006, Innovations has raised more than £346.0 million of equity from investors, which has enabled it to invest in some of the most exciting spin-outs to come out of UK academic research. In addition, the Group has a £30.0 million loan facility from the European Investment Bank (EIB) for investment in biotech and therapeutics businesses.
During the period from admission on AIM up until 31 July 2014, Innovations has invested a total of £176.0 million across its portfolio companies, which have raised collectively investment of £822.5 million.
About Veryan
Veryan is developing innovative solutions to improve the performance of vascular stents using the principles of biomimicry. Veryan's BioMimics 3D™ stent technology involves adapting traditional straight stent designs to a patented three-dimensional helical shape, which more closely mimics the natural geometry of the human vascular system.
BioMimics 3D technology has been proven to enhance clinical performance by improving flow conditions in, and the biomechanical performance of, stented vessels. The advanced, biomimetic design of the BioMimics 3D stent is intended to provide improved flow conditions and more flexibility, kink and fracture resistance than other nitinol stents. Veryan's Research & Development facility is located in Galway, Ireland.
BioMimics 3D is a registered trademark of Veryan Medical Limited, a wholly-owned subsidiary of Veryan.