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February 6, 2017
Funding Will Support Market Approval Efforts for Veryan Medical's BioMimics 3D Stent
February 7, 2017—Veryan Medical Ltd. announced that it has received £13.5 million of funding in the form of both equity and debt that will allow the company to continue its progress toward United States and Japanese regulatory approvals of the company's BioMimics 3D stent that features three-dimensional helical geometry for the treatment of femoropopliteal arteries. The BioMimics 3D stent has received European CE Mark approval.
According to the company, the funding comes after Veryan Medical achieved several milestones in 2016, including the completion of enrollment into the MIMICS-2 investigational device exemption study in the United States, Germany, and Japan; the publication of the results from the MIMICS randomized controlled trial in Circulation: Cardiovascular Interventions; the enrollment of the first 50 patients into the MIMICS-3D Registry; and continued commercial adoption in European markets. Veryan Medical is developing a clinical dataset of approximately 1,000 patients in both primary stenting and bailout procedures in conjunction with drug-coated balloons.
The new equity funding has been secured from its existing investors, including Touchstone Innovations, Invesco Perpetual, and Seroba Life Sciences with the debt element of the round provided by Silicon Valley Bank in the form of a €5 million capital term loan, advised Veryan Medical.
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