|Veryan's 3D BioMimics stent in axial compression with the knee bent at 90 degrees--Courtesy of Veryan|
Vascular device outfit Veryan roped in £18 million ($27.4 million) in Series B financing to develop its next-generation stent technology, giving the company a boost as it eyes a rapidly growing peripheral vascular stent market.
Imperial Innovations led the round along with co-investors Invesco Asset Management, Seroba Kernel and Seven Mile, committing up to £8.4 million ($12.8 million) and gaining a 47.8% share in the company. U.K.-based Veryan plans to use funds to build a team to support an international launch for its BioMimics 3D Stent System later this year, and also to nab U.S. regulatory approval for its product. The company hopes to complete an FDA regulatory trial and usher the device through the agency's pre-market approval (PMA) process this year, Veryan said in a statement.
The fresh infusion of cash bodes well for Veryan, as it continues to forge ahead with development for its stent technology. The company touts its BioMimics self-expanding stent as superior to traditional devices used in leg arteries, which tend to straighten the natural curvature in blood vessels and could lead to vessel re-narrowing and stent fracture. Veryan's product has a helical shape that more closely mimics blood vessels' natural shape, improving blood flow and providing greater flexibility, kink and fracture resistance, the company said in a statement.
In November, Veryan reported two-year data from a randomized controlled study of the device, which showed that BioMimics' advanced stent design offered statistically significant clinical benefits when compared to straight nitinol stents, including improved vascular compatibility and blood flow. In particular, the loss of primary patency at two years was 72% for patients who received BioMimics, as opposed to 55% for patients who were not outfitted with the device.
"The results of the Mimics trial provided independent evaluation of Veryan's stent technology and confirmed our belief that the company's advanced stent design offers outstanding clinical benefits, as well as favorable and competitive foundation for commercialization in the USA and Europe," CEO of Imperial Innovations Russ Cummings said in a statement. "The market for peripheral vascular stents is estimated at over $1.2 billion per annum and we are excited to be supporting Veryan's strategy to take its products to market."
But Veryan faces some stiff competition in the field, as big names such as Covidien ($COV), Stryker ($SYK) and Abbott Laboratories ($ABT) roll out new devices and ramp up R&D for their products. In March, Abbott won FDA approval for Supera Peripheral Stent System to treat blocked blood vessels in the upper leg caused by peripheral artery disease (PAD). In December, Covidien and Stryker touted results from a new trial showing that treating stroke patients with the companies' stent thrombectomy devices was twice as effective as using medication alone.
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