Investment in Tayside Flow Te

RNS Number : 9669H

Braveheart Investment Group plc

03 March 2010

 



3^rd March 2010

Braveheart Investment Group plc

("Braveheart" or the "Group")

Investment in Tayside Flow Technologies Ltd

Braveheart (AIM: BRH), the technology commercialisation and investment management company, today announces that it has led a further funding round into existing portfolio company Tayside Flow Technologies ("TFT" or "the Company"). Scottish Enterprise, Sir Tom Farmer and Quayle Munro Holdings plc also participated in the funding round, which has raised over £500,000. Braveheart first invested in TFT in 2002 and has since participated in several funding rounds.

TFT is a Dundee-based life science business that was formed in 1998 as a spin out from Tayside University Hospitals NHS Trust to develop and commercialise novel cardiovascular devices based on a new understanding of blood flow dynamics called Spiral Laminar Flow ('SLF'). By restoring the natural bloodflow pattern in healthy veins and arteries via incorporation of its proprietary SLF technology into the design of implants such as grafts and stents, turbulence and sheer wall stresses in vessels are reduced. This prevents occlusions caused by the body's reaction to turbulence and the restoration of the natural bloodflow pattern may result in mitigation of disease progression.

Cardiovascular disease is the leading cause of death in the westernised world, attributing to over 7 million deaths per year. TFT's products will be applied to the peripheral vascular disease ('PVD') market. PVD is caused by the obstruction of large peripheral arteries and can lead to a reduction in blood supply, most commonly to the legs. The main geographic focus for the Company's products is in the USA, where approximately 10 million people are affected by PVD each year. In 2008, the US market for peripheral vascular devices was valued at $2.6b, an increase of 8.9% over 2007. Market growth is being driven by ageing population and diseases such as diabetes and obesity.

TFT's lead product is a peripheral vascular graft ('PVG') that is used to bypass blocked arteries. To date the product has secured regulatory approval for both the European and US markets, with further approvals anticipated in 2010. Around 30 distributors have been appointed in key markets and sales are progressing well.  The company's second product - an access graft ('AVG') for use mainly in dialysis patients - is planned for launch in mid 2010.

The Company believes that its spiral laminar flow technology will address an unmet clinical need for this market and that there is significant growth potential.  The current funding will provide working capital to accelerate commercial traction of the graft business through building the profile of its SLF technology.

Commenting on the investment, Geoffrey Thomson, Chief Executive of Braveheart said; "TFT continues to prove the credibility of its technology through the commercialisation of its lead product, the Peripheral Vascular Graft. We are pleased to be able to offer continued support to another of our existing portfolio companies."

David Lawrence, CEO of Tayside Flow Technologies, said; "We are delighted to have received further support from both our main investors and smaller shareholders to drive the commercialisation phase of our lead products. During 2010 we will launch our second product, present our two year clinical data and launch in further markets. This funding and the progress that the company is making should see us well-placed to raise further development capital during 2010, thus enabling us to bring additional products to market during 2011 and beyond."

For further information please visit www.braveheartinvestmentgroup.co.ukor contact:

Braveheart Investment Group	Tavistock Communications (for Braveheart)
Geoffrey Thomson, Chief Executive	Simon Hudson / James Midmer
Tel: [phone]	Tel: [phone]
[e-mail]	[e-mail]
Tayside Flow Technologies
David Lawrence, Chief Executive
Tel:  [phone]
[e-mail]

Notes to Editors

Braveheart Investment Group is a technology commercialisation and investment management company based in Perth, Scotland. It was founded in 1997 by a small group of investors in order to encourage and syndicate investments in privately held companies that offered opportunities for significant growth. Thirteen years on, Braveheart is a public company with offices in Perth, London and Yorkshire, and a demonstrable track record in early stage technology investing as well as an established client base of high net worth individuals. Service offerings include bespoke EIS portfolios, fund management, investment facilitation and management services.

Investments are made in young, emerging, unlisted companies where there is potential for significant growth through successful commercialisation of IP. Through close relationships with a number of leading universities and innovation centres Braveheart has access to a wide variety of emerging commercial opportunities at early stages.  

 

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