Veryan Medical receives further funding
Veryan Medical (Horsham, UK) has announced that it has received a further £13.5m of funding in the form of both equity and debt. The new equity funding has been secured from its existing investors, including Touchstone Innovations, Invesco Perpetual and Seroba Life Sciences. The debt element of the round has been provided by Silicon Valley Bank in the form of a €5m capital term loan.
This new funding follows the achievement of several significant milestones in 2016, including: the completion of enrolment into the MIMICS-2 IDE study in the US, Germany and Japan; the publication of the results from the Mimics Randomised Controlled Trial in Circulation: Cardiovascular Interventions; the first 50 subjects enrolled into the MIMICS- 3D Registry; and continued strong commercial adoption in European markets.
CEO Chas Taylor said: “This funding round is reflective of growing excitement in BioMimics 3D and the benefits of swirling flow. Veryan is developing an important clinical dataset of approximately one thousand patients in both primary stenting and bail-out procedures in conjunction with drug coated balloons. This investment will allow the Company to continue its progress towards US and Japanese regulatory approvals.”
Silicon Valley Bank (SVB), the bank of the world’s most innovative businesses, enterprises and their investors, partners with the life science, technology, private equity and venture capital industries and brings its niche experience to the process.
Nooman Haque, Director of Life Sciences and Healthcare, commented: “We are delighted to lend our industry knowledge and financing capability to Veryan. This smart technology (BioMimics 3D) could be transformative for patients suffering from arterial disease. It’s great to build on our existing relationship with Touchstone Innovations and we are excited to see this innovation come to market.”
BioMimics 3D stent system
The BioMimics 3D stent has unique three-dimensional helical geometry, designed to impart natural curvature to the diseased artery, promoting secondary (swirling) flow and elevated wall shear stress, which has a protective effect on the endothelium. The helical geometry of the BioMimics 3D femoropopliteal stent is also designed to facilitate shortening of the stented segment during knee flexion and mitigate the risk of stented segment compression causing localised strains that in a straight stent may lead to stent fracture and chronic vascular injury. In the Mimics trial, the Kaplan Meier (KM) survival estimate of freedom from loss of primary patency at two years was 72% for BioMimics 3D subjects vs. 55.0% for the control arm. The difference in survival estimate between the two groups by log rank test was significant (P<0.05). Importantly, there was no increase in the KM estimate of clinically driven target lesion revascularization (CDTLR) rate in the BioMimics arm between 12 and 24 months (9% at both time-points) compared to a 3-fold increase (8% at 12 months and 24% at 24 months) in the straight stent control arm.
About Veryan Medical Ltd.
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 is designed to enhance clinical performance by improving flow conditions in, and biomechanical performance of, stented vessels. The advanced, biomimetic design of the BioMimics 3D stent is intended to provide more flexibility, kink and fracture resistance than other laser-cut nitinol tube stents, making its unique design of particular importance in the hostile environment of the femoropopliteal artery. Veryan’s Head Office is in Horsham, UK and its Research & Development facility is located in Galway, Ireland. BioMimics 3D is a registered trademark of Veryan Medical Ltd, and the BioMimics 3D Stent System has CE Mark approval for European marketing.
CAUTION: Investigational Device. Limited by Federal (or United States) Law to Investigational Use.
For further information, please visit: www.veryanmed.com
Source: Veryan Medical