2 Apr 2009 07:00
Embargoed: 0700hrs 2 April 2009
Imperial Innovations Group plc ("Imperial Innovations" or the "Company") Imperial Innovations invests £2.5m in portfolio company Veryan
Imperial Innovations (AIM:IVO), a leading technology commercialisation and investment company, has invested £2.5 million in a further funding round for portfolio company Veryan Holdings Limited ("Veryan"). Veryan's own management has also invested in the round.
Veryan was founded to commercialise research carried out by Prof Colin Caro at Imperial College London. This research demonstrated that the cardiovascular circulatory system has natural 3D geometry. This geometry generates swirling blood flow which helps protect the body from vascular disease, particularly atherosclerosis (clogging of blood vessels with fatty deposits) in healthy vessels and restenosis (similar but caused by the body's response to the introduction of a foreign body) in stented vessels.
Veryan's technology is based on the idea that establishing 3D geometry in a graft or stent also creates swirling blood flow. The Veryan 3D technology involves imposing a 3-dimensional helical (spiral) shape onto a traditional straight stent. In addition to the reduction of restenosis, Veryan has also established that the 3D geometry confers significant mechanical benefits. The 3D stents are more flexible, kink resistant and fracture resistant than straight stents.
Veryan's development work to date is targeted towards the peripheral vascular system. Initially the superficial femoral artery (in the leg) has been chosen as the first application for a 3D helical stent. The peripheral market is experiencing rapid growth as a result of new technology and expanding indications for which stents could be used. The worldwide market potential for peripheral stents is over $1bn.
The new funding will support a First In Man study, to take place later in 2009. This study will evaluate the clinical performance attributes of the Veryan 3D stent technology and, if successful, will represent a significant milestone in Veryan's progress.
Susan Searle, Chief Executive of Imperial Innovations, commented,
"Imperial Innovations continues to take the lead in supporting Veryan, one of our core portfolio companies. We are in the enviable position of having the cash resources, infrastructure and people needed to turn science into value. Our further investment in Veryan today takes it a step closer to market."
Chas Taylor, Chief Executive of Veryan, also commented,
"We would like to thank Imperial Innovations for their continued support of Veryan. The technology development pathway has been impressive to date and we are confident that Veryan technology has the potential to significantly influence the design of future stent platforms. The commencement of human clinical studies is a critical milestone for Veryan."
For further information please contact:
Imperial Innovations
Susan Searle, Chief Executive
Diana Crisp, PR ManagerTel. +44 (0)20 7594 6589M:Communications
Patrick d'Ancona or Ben Simons
Tel. +44 (0)20 7153 1540
J.P. Morgan Cazenove (NOMAD to Imperial Innovations)
Steve BaldwinTel. +44(0)20 7588 2828About Imperial Innovations
Imperial Innovations is one of the UK's leading technology commercialisation and investment companies. Founded in 1986 and admitted to the AIM Market of the London Stock Exchange in 2006, Imperial Innovations' access to early stage technology and intellectual property is unparalleled. Imperial Innovations' integrated commercialisation approach encompasses the identification of ideas, the protection of intellectual property, the development and licensing of technology and the formation, incubation and funding, through investment, of technology businesses.
Based at Imperial College London, Imperial Innovations' portfolio of equity holdings in more than 80 companies spans across its four core areas of Healthcare, Engineering, Energy & Environment and Software & IT.
Companies in the portfolio include: Nexeon (lithium ion battery technology), Circassia (allergy therapeutics), Polytherics (drug development), Evo Electric (electric motor and generator solutions), Respivert (respiratory drug development), Quantasol (solar concentrators) and Inforsense (business analytics)
Imperial Innovations has already realised significant value from its investments to date including from a recent trade sale in December 2008 when Thiakis Limited, a company in which Imperial Innovations had a 23.7% stake, was sold for up to £100 million to US-based Wyeth Pharmaceuticals.
www.imperialinnovations.co.uk
vendor