EIT Health-supported start-up, Oxford Endovascular has just raised $10m in a series A funding round.
The Oxford University spin-out, is developing a treatment for brain aneurysms that will overcome challenges with existing medical devices.
The funding includes a £3m investment from new investors Vulpes Investment Management, who joined to lead the round and funds from the Additio Investment Group. Existing investors Oxford Sciences Innovation PLC, Parkwalk Advisors, Perivoli Innovations, Oxford Investment Consultants, the University of Oxford and private individuals also followed on.
The investment will enable the company to complete development work and gain first in-human data through an early feasibility clinical study. This will then set the scene for a further fundraise for larger FDA and CE Mark clinical trials paving the way for entry into various international markets valued at over $1billion. The China market for the company’s innovative technology is developing strongly and also presents strong opportunities.
The raise follows on from previous funding successes, including €3m from the European Union’s prestigious Horizon 2020 SME Instrument and £350k from Innovate UK, the UK’s innovation agency Smart Grant program.
In 2020 the company was also one of seven start-ups across Europe & Israel that won funding through the EIT Health Covid-19 Start-up Rescue Instrument.
Martin Diggle, Portfolio Manager, Life Sciences at Vulpes Investment Management, who led the round, commented: “The life sciences team at Vulpes are excited to be participating in the next stage of the development of Oxford `Endovascular’s innovative technology. We believe this platform has the potential to become a world leader in its field.”
Brain aneurysms are surprisingly common, affecting one in 50 people in the United States1. If a patent has a rupture, they have 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. Spun out of the University of Oxford and developed by world leading 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, CEO of Oxford Endovascular, said: “The current device market for brain aneurysms is valued at well over $1bn 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 ground-breaking technology to the next stage and gain clinical data from human studies.”
This article was first published on 9 April by EIT Health.