Follow on Investment
6 January 2008
Braveheart Investment Group plc
('Braveheart' or the 'Group')
Further Investment in Tayside Flow Technologies Ltd
Braveheart (AIM: BRH), the technology commercialisation and investment management company, announces that it has led a further funding round for Tayside Flow Technologies ('TFT' or 'the Company') with investors comprising Braveheart and its clients, Scottish Enterprise, Sir Tom Farmer and Quayle Munro. Company management and private investors also participated in the round, which totaled c£1m and which comprised the conversion of bridge funding into equity and the provision of new equity. Braveheart first invested in TFT in 2002 and has participated in a number of funding rounds since then.
TFT was initially founded in 1998 as a spin out from Tayside University Hospitals NHS Trust. The Company specialises in technology that reintroduces the human body's natural bloodflow, known as Spiral Laminal Flow (SLF); SLF technology will be used in medical implants. By reintroducing natural blood flow, SLF can reduce bloodflow turbulence and disturbance in implants such as grafts and stents, thereby increasing patency and mitigating downstream disease progression. TFT has made significant progress in the past 12 months and will use the additional funding to further register and commercialise its novel peripheral bypass graft that has now been launched in several European markets.
The global market for TFT's products is estimated to be around £11 billion. Cardiovascular diseases are the number one killer in the US and the UK. According to the American Heart Foundation over 60 million Americans have some form of cardiovascular disease. The graft market has seen little innovation in the past 20 years and the Company's proprietary SLF technology has the potential to extend both the quality and lifespan of cardiovascular devices.
The Company's lead product is a peripheral vascular graft ('PVG graft') that is used to bypass blocked arteries. The PVG graft has been in successful clinical trials showing compelling evidence for the technology (18 month data was recently presented), achieved European authorisation (the CE mark) in January 2008 and has now been launched in several European countries. Progress has been made in the United States with the 510k application to the Federal Drug Administration and the Company is expecting to launch the product there in the first half of 2009.
Commenting on the investment, Geoffrey Thomson, Chief Executive of Braveheart said; 'This financing round will further progress the journey of TFT's lead product to market. The results of the clinical trials for the PVG graft have been successful and it is encouraging to see that patients are now benefiting from the company's innovative technology.'
David Lawrence, CEO of Tayside Flow Technologies, said; 'We are pleased to have secured funding which will enable us to complete registration and commercialise our lead products that incorporate our proprietary SLF technology. The market for such products is both large and growing and we believe our unique technology will benefit patients, surgeons and hospitals by increasing device patency, reducing surgery times compared to vein harvesting and avoiding amputations.'
For further information please visit www.braveheart-ventures.co.uk or contact:
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Braveheart Investment Group |
Tavistock Communications (for Braveheart) |
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Geoffrey Thomson, Chief Executive |
Simon Hudson / James Midmer |
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Tel: 01738 587555 |
Tel: 020 7920 3150 |
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gthomson@braveheart-ventures.co.uk |
shudson@tavistock.co.uk |
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Tayside Flow Technologies |
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David Lawrence, Chief Executive |
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Tel: 01382 598532 |
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david.lawrence@tayflow.com |
Notes to Editors
Braveheart Investment Group is a technology commercialisation and investment management company based in Perth, Scotland. Since its formation in 1997 it has made the transition from start-up angel syndicate to fully listed company. Braveheart's shares listed on AIM in March 2007.
Investments are made in young, emerging, unlisted companies where there is potential for significant growth through successful commercialisation of IP and Braveheart enjoys close relationships with several universities to identify emerging technologies. Investments are predominantly technology-focused; however the Group also maintains limited exposure to more traditional businesses.
Braveheart's diverse portfolio currently comprises over 30 companies and it has completed over 80 deals in its eleven year history, including 6 IPOs, 3 trade sales and 8 write-offs and has an exit IRR of 33%.
At the 2008 Ernst & Young Entrepreneur of The Year Awards (Scotland) Braveheart CEO Geoffrey Thomson was given a special award recognising his contribution and support of emerging technology businesses in Scotland over the past decade.
This information is provided by RNS
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