Investment in Tayside Flow Te
10 December 2010
Braveheart Investment Group plc
("Braveheart" or the "Group")
Investment in Tayside Flow Technologies Ltd
Braveheart Investment Group (AIM: BRH) today announces that it has led a further funding round into existing portfolio company Tayside Flow Technologies ("TFT" or the "Company"). The c£300,000 funding package comprised funds from Braveheart clients, Scottish Enterprise, Quayle Munro Holdings PLC and other private investors.
TFT is based in Dundee and was formed in October 1998 by three vascular specialists, as a spin-out from Tayside University Hospitals NHS trust. It was set up to develop and commercialise novel cardiovascular devices based on a new understanding of blood flow dynamics called Spiral Laminar Flow ('SLF'). By mimicking the physiological features of healthy veins and arteries into the design of grafts and stents, the spiral flow reduces turbulence and sheer wall stresses in vessels, and therefore prevents a build- up of the deposits that would eventually lead to a blockage.
Cardiovascular disease remains the number one cause of death in the world with an estimated 17 million fatalities each year. According to the World Health Organisation, almost 60 million Americans have one or more types of cardiovascular disease and predictions are this will remain the single leading cause of death with over 23 million people estimated to die from the disease by 2030.
Most leading vascular surgeons agree that existing treatments do not adequately address the problems seen with current surgical grafts and peripheral stents, namely the risk of thrombosis and restenosis in the future from the implant. Surgeons are therefore looking for devices and/or techniques that will either prolong or obviate the need for a reintervention procedure. TFT's technology is positioned to provide this option. The Company has secured regulatory approval in Europe and the US for its first two products, the peripheral vascular graft, launched in 2008, and the arteriovenous graft, launched in June this year. To date 29 distributors have been appointed covering over 20 countries worldwide.
Results of the Company's two year first-in-man clinical study of the peripheral vascular graft implants were presented at the prestigious Veith Symposium in New York in November by the renowned vascular surgeon and principal investigator, Professor Frank Vermassen of Ghent in Belgium. These new results will be used to showcase the technology and promote global marketing and sales activities. The results reveal that after 24 months follow-up, of the 40 patients implanted, 81% maintained primary patency in above the knee procedures and over 64% in below the knee procedures, with no serious adverse events.
TFT has recently appointed a new management team, led by Brian Howlett (ex CEO of Lombard Medical Technologies) as non-executive chairman, and Dr Tom Shepherd (ex Chief Executive of CXR Biosciences) as CEO. The team is further strengthened by Jane Williamson, formerly of Abbott Vascular, as Sales Director.
Commenting on the investment, Geoffrey Thomson, Chief Executive of Braveheart said: "We are encouraged by the results of TFT's clinical study, and are confident that the Company's new management can successfully commercialise and promote its technology."
Tom Shepherd, CEO of Tayside Flow Technologies, added: "I am very pleased to be joining the enthusiastic team at TFT at this critical stage in the Company's commercial development. After several years of successful R&D and regulatory work on the unique concept of Spiral Laminar FlowTM, the company is now poised for growth with two approved products launched in the USA, EU and several other countries. The recent two-year clinical data presented by Professor Vermassen at the Veith conference highlights the advantages of our technology platform and will be a key tool in establishing our products in the market."
For further information please visit www.braveheartinvestmentgroup.co.uk or contact:
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Braveheart Investment Group plc |
Seymour Pierce |
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Geoffrey Thomson, Chief Executive |
John Cowie (Nominated Adviser) |
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Tel: 01738 587555 |
Jeremy Stephenson, Paul Jewell (Corporate Broking) |
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gthomson@braveheart-ventures.co.uk |
Tel: 020 7107 8000 |
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Tayside Flow Technologies |
Media inquiries |
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Tom Shepherd, Chief Executive |
Allerton Communications (for Braveheart) |
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Tel: 01382 598435 |
Peter Curtain |
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Tel: 020 3137 2501 |
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Notes to Editors
Braveheart Investment Group makes and manages investments in young emerging British companies, specialising in building tax efficient portfolios for business angels, high net worth individuals and family offices. Braveheart 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. Fourteen 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.
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. There are currently around 45 companies in Braveheart's diverse portfolio (includes all companies where the Group has a financial interest) and it has completed over 90 deals in its 14 year history.
On 6 October 2010 Braveheart announced the formal completion of its acquisition of Envestors Ltd, the London-based specialist corporate finance advisory business. The acquisition creates an enlarged entity that will offer a unique and comprehensive suite of tax efficient products to offer high net worth investors and gives the Group greater geographical reach.
This information is provided by RNS
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