ICL vascular implant spinout Veryan Medical has been bought by medical device firm Otsuka after raising $56m from investors including IP Group.
Veryan Medical, a UK-based vascular implant spinout from Imperial College London, has been acquired by medical device manufacturer Otsuka Medical Devices for an undisclosed exit, allowing commercialisation firm IP Group to exit.
Founded in 2003, Veryan has devised a vascular flow stent with a 3D helical shape designed to reflect natural curvatures in the body’s arterial system.
The stent, dubbed Swirling Flow, is intended to treat peripheral vascular disease by improving blood circulation to the target area while strengthening the interface between circulating blood and the rest of the vessel wall, a grouping of cells known as the endothelium.
Swirling Flow was approved by US regulator Food and Drug Administrator in October 2018. Following the close of the deal, Otsuka Medical will collaborate with Veryan on product development, and Otsuka also intends to maintain the company’s offices in Galway, Ireland.
Veryan had raised approximately $56m in equity and debt financing, including $16.8m in a February 2017 debt and equity round backed by Touchstone Innovations, the ICL tech transfer operation subsequently acquired by IP Group.
Investment management group Invesco Asset Management also participated in the 2017 round, as did venture capital firm Seroba Life Sciences and venture debt institution Silicon Valley Bank, which supplied a $5.3m loan.
Touchstone, under its earlier name of Imperial Innovations, had already co-led a $27.4m series B round for Veryan Medical in 2015 alongside Invesco, Seroba and private equity firm Seven Mile Capital Partners.
