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03 May 2013

Neuroradiology Technology Developer Secures £600,000 Investment from The North West Fund for Biomedical

Press Release 3rd May 2013

A Company which has developed an implantable medical device for treating intracranial aneurysms has secured a £600,000 investment from The North West Fund for Biomedical, managed by SPARK Impact.

Cerus Endovascular Ltd, headquartered in Oxford and soon to move to Liverpool Science Park, has developed a minimally invasive device for the interventional neuroradiology (INR) market.

The North West Fund for Biomedical is part of the wider £155m North West Fund, financed jointly by the European Regional Development Fund and the European Investment Bank.

The funding, which was part of a £1.5m investment round, will be used by Cerus Endovascular to help initiate product development and to fund more in-depth clinical trials leading to CE marking approval.

J Todd Derbin, executive chairman of Cerus Endovascular, said: "We believe our device represents the next generation in the minimally invasive treatment of neurovascular diseases, particularly intracranial aneurysms.

"We're delighted to be working with SPARK Impact and The North West Fund for Biomedical. The investment means we can further develop our technology, which addresses unmet clinical needs in the interventional neuroradiology, cardiovascular, urology and gastroenterology markets."

Dr Penny Attridge, senior investment director at SPARK Impact and manager of The North West Fund for Biomedical, said: "We are delighted to have Cerus Endovascular on board and to make this investment in a high quality service which is an asset to the North West and to SPARK's biomedical portfolio."

Cerus Endovascular Ltd is The North West Fund for Biomedical's 52nd investment to date and 37th company to be supported by The Fund.

 

 


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