Medtech company Oxford Endovascular has raised $10 million in Series A funding round, led by a £3 million investment from new investor Vulpes Investment Management, and funds from the Additio Investment Group.
Existing investors Oxford Sciences Innovation, Parkwalk Advisors, Perivoli Innovations, Oxford Investment Consultants, the University of Oxford, and private individuals also followed on.
Oxford Endovascular is a spin-out from Oxford University developing a treatment for brain aneurysms to overcome challenges with existing medical devices.
The raise will enable the company to complete development work and gain first in-human data through an early feasibility clinical study. This will set the scene for a further fundraise for larger US Food and Drug Administration and CE Mark clinical trials paving the way for entry into international markets. Oxford Endovascular stated that the China market is developing strongly and presents strong opportunities for the company’s technology.
The raise follows on from previous non-dilutive grant funding won, including €3 million from the EU’s Horizon 2020 SME Instrument and £350,000 from Innovate UK, the UK’s innovation agency Smart Grant programme.
Brain aneurysms affect one in 50 people. If a patent has a rupture, he or she has a high chance of dying or suffering permanent brain damage. The company has developed a micro stent called OxiFlow, utilising Origami engineering, which can be inserted into the brain blood vessels via minimally invasive groin access. It lies across the base of the aneurysm and causes it to shrink and heal. Developed by professors of neuroradiology and engineering, this novel, next-generation ‘flow-diverter’ can be placed more accurately and safely than existing treatments, reducing the risk of complications and having to use multiple devices.
Mike Karim, chief executive of Oxford Endovascular, said: “The current device market for brain aneurysms is valued at well over $1 billion and is growing rapidly year-on-year. One of the biggest challenges when it comes to treating neurovascular disease is having devices with high efficacy whilst minimising adverse events. Studies show that often multiple attempts are made to place treatment devices, as they often have challenges of landing accurately, opening and maintaining position. This can lead to adverse events and multiple devices being used.
“Procedures typically cost over $50,000 to treat a brain aneurysm and a next-generation flow diverter overcoming unmet needs, offers the chance for more effective, safer and cost-effective treatments, as well as allowing many more patients to benefit. We plan to use this funding to bring Oxford Endovascular’s groundbreaking technology to the next stage and gain clinical data from human studies.”
Martin Diggle, portfolio manager, life sciences at Vulpes Investment Management, said: “We believe this platform has the potential to become a world leader in its field.”
Alun Williams, investment director at Parkwalk Advisors, added: “This raise is testament to the extraordinary work and innovation of a great team of development engineers and inventors and will help the company through its next stages of research.”
Nick Dixon-Clegg, investment principal at Oxford Sciences Innovation, commented: “Oxford Sciences Innovation has invested in Oxford Endovascular since seed stage, and we are pleased to continue to do so whilst welcoming new investors Vulpes and Additio into the syndicate, allowing the life-changing OxiFlow device to be progressed towards the clinic.”
Date published: April 8, 2021