Oxford Technology & Innovations EIS Fund (OTIF) invests £230k into University of Oxford spinout company Oxford Endovascular Ltd
- Oxford Endovascular Ltd is commercialising OxiFlow™, a novel blood flow diversion device (‘stent’) for treating Intracranial Aneurysms (ICAs).
- OTIF’s investment was advised by Oxford Investment Consultants LLP and was part of a $10m Series A funding round led by Vulpes Investment Management, a Singapore-based life sciences investor.
- This is the second OTIF investment in Oxford Endovascular to date, bringing total funds invested by the fund in the Company to £500k.
Oxford Investment Consultants LLP (OIC) is pleased to announce a £230k investment from the Oxford Technology and Innovations EIS Fund (OTIF) into Oxford Endovascular Ltd. Spun out of the University of Oxford by world leading professors of neuroradiology and engineering, Oxford Endovascular is developing a OxiFlow™, a novel, next generation flow-diversion device to treat Intracranial Aneurysms (ICAs), which affect 1 in 50 people globally. OxiFlow™ is inserted into blood vessels in the brain via minimally invasive groin access and lies across the base of the aneurysm, causing it to shrink and heal. The benefit is that OxiFlow™ can be placed more accurately and safely than existing treatments, reducing the risk of complications and the use of multiple devices, making procedures shorter and less expensive.
OTIF’s investment was part of a $10m Series A funding round led by Vulpes Investment Management, a Singapore-based life sciences investor. The round included contributions from new investor the Additio Investment Group, as well as existing investors Oxford Sciences Innovation PLC, Parkwalk Advisors, Perivoli Innovations and the University of Oxford. The funding will enable the company to complete development of OxiFlow™ and gain first in-human data through an early feasibility clinical study. On the back of this, the company plans to raise a Series B to fund larger clinical trials for FDA approval and CE Mark, paving the way for entry into various international markets valued at over $1 billion.
The Series A fundraise follows on from previous non-dilutive grant funding, including €3m from the European Union’s prestigious Horizon 2020 SME Instrument and £350k from Innovate UK, the UK’s innovation agency Smart Grant programme.
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 $50k 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.”
Commenting on the investment, James Mallinson, a Partner of OIC, said: “The interest from international life sciences investors in Oxford Endovascular’s Series A is a real testament to the management team and the high quality of companies that we see spun out of Oxford University. Oxford Endovascular is the sort of company that sits in OIC’s sweet spot, commercialising truly ground-breaking science with the potential to transform the lives of millions.”
Further information on OIC, OTIF and Oxford Endovascular can be found here.