Oxford University spinout Oxford Endovascular has secured £8M in a Series A funding round to advance its brain aneurysm technology. The company hopes to perform human trials in the near future.
The medtech startup, founded in 2015, hopes to reduce occurences of brain haemorrhage by treating intracranial aneurysms. Their device, OXIFLOW, diverts blood flow away from intracranial aneurysms at risk of rupture. Capital from the raise will be used to fuel further product development in order to work towards clinical study.
OXIFLOW is a flow-diverter stent which is used to treat intracranial aneurysms at risk of rupture. The miniature device is laser-cut from Nitinol, an advanced nickel titanium alloy with superior memory and design capabilities.
Unlike conventional flow-diverters, OXIFLOW's construction allows it to position and open more accurately and reliably according to the startup. It is designed to conform to the patient's blood vessels and reduce the risk of complications associated with current treatments. Up to 35 per cent of existing device placements for treating brain aneurysms today may have complications that can lead to adverse events.
CEO Mike Karim said: “With the support of our investment partners, we are close to realising our vision of transforming brain aneurysm treatment. As we approach First-In-Human trials, our expert team is focused on working with regulators, physicians, and industry experts to bring this product to market and help tackle a condition that afflicts so many in the UK and worldwide.”
To date, Oxford Endovascular has also received financial backing in the form of grants from Horizon Europe, the EU's key funding programme for research and innovation, and Innovate UK, the UK's national innovation agency, as well as selection by the EU for its EIT-funded Covid rescue programme.
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