Seroba Kernel Co-leads £5m Investment in Veryan Medical.
Dublin, Ireland, November 1, 2011. Seroba Kernel Life Sciences (Seroba Kernel) and Imperial Innovations Group (Innovations) have co-led a £5m funding round into Veryan Medical, which is developing innovative solutions for vascular disease using its unique Biomimics 3D™ stent technology.
Seroba Kernel and Innovations each invested approximately half of the funds raised. Dr Geoffrey Vernon, the Chairman of Veryan Medical, also invested in this round. This follows a £3.6m funding round in March 2010.
Veryan’s BioMimics 3D™ stent technology aims to mimic the natural shape and geometry of the human vascular system. It involves transposing a three dimensional helical shape onto a traditional straight stent. Pre-clinical studies have shown that BioMimics3D stents are more flexible, more kink resistant and more fracture resistant than straight stents. They also impart a swirling flow of blood through the stent, which has been shown to reduce restenosis (the re-narrowing of stented arterial segments). Existing stent technologies have demonstrated poor clinical performance in peripheral vascular disease and exhibit inadequate mechanical properties, leading to stent fracture and suboptimal clinical results.
The BioMimics 3D stent is initially targeted at the peripheral stent market which exceeds $1 billion per year. This market is growing strongly, due to new technology and expanding indications for vascular stents.
Veryan, which has its operational base in Galway, Ireland, has recently completed enrollment in its pivotal European study. This prospective randomized study was conducted in Germany with Professor Thomas Zeller as the Principle Investigator. Initial results confirm that the strong preclinical results can be transferred to human clinical experience. Veryan will apply for CE mark during mid-2012. This latest funding will be employed to add additional clinical cases and progress the Company towards a clinical study in the USA to achieve FDA approval.
Chas Taylor, Veryan’s Chief Executive, commented, “We are delighted by the continued support of our investors. Our early clinical results show great promise and we are excited about the opportunities for the BioMimics stent technology in this rapid growth market segment. We look forward to moving towards a clinical study in the US as a result of this latest funding.”
Alan O’Connell, who represents Seroba Kernel on the Veryan board added “There is a significant clinical and commercial need for improved stent technologies to address the unique issues associated with peripheral vascular disease. Veryan’s BioMimics stent is demonstrating encouraging clinical data and we are pleased to continue to support the company as it advances its clinical and regulatory program.”
For further information please contact:
Seroba Kernel Life Sciences
15 Molesworth Street, Dublin 2
T: +353 (0)1-6334028
M: +353 87 7991612
Note to Editors:
About Seroba Kernel Life Sciences.
Managed from its offices in Dublin, Seroba Kernel Life Sciences is a Venture Capital fund that invests in innovative European Life Science companies. Seroba Kernel invests in early-stage start-ups to more mature, development-stage bioscience and medical device companies, typically investing €5m – €7m over the life of each investment. Seroba Kernel is a five-partner team, spread over three locations (Dublin, Oxford and Cambridge). The principals in the firm have strong science credentials and have held senior management positions across the international life science, financial and venture capital industries in Europe and North America. We have about €200m in funds under management along with our partner firm, Kernel Capital, which focuses on technology and seed capital investments.
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