Origami is more traditionally associated with the art of paper folding, but one British startup is using the technique to develop a treatment for brain aneurysms.
Oxford Endovascular Ltd has raised $10 million in Series A funding for its OxiFlow solution, which aims to overcome challenges with existing medical devices.
Vulpes Investment Management led the round, with the Additio Investment Group, Oxford Sciences Innovation PLC, Parkwalk Advisors, Perivoli Innovations, Oxford Investment Consultants, the University of Oxford and private individuals following on.
The Oxford University spin-out has previously won funding from the European Union’s Horizon 2020 SME instrument and the UK’s grant programme, Innovate UK.
WHAT IT DOES
Brain aneurysms affect one in 50 people and if a patient suffers a rupture, there is a high chance of death or permanent brain damage.
Oxford Endovascular’s OxiFlow micro stent was developed using ‘origami engineering’, enabling its structure to be reduced and subsequently enlarged.
OxiFlow can be inserted into the brain blood vessels via minimally invasive groin access. It lies across the base of the aneurysm and causes it to shrink and heal. This ‘flow-diverter’ can be placed more accurately and safely than existing treatments, reducing the risk of complications and having to use multiple devices.
WHAT IT’S FOR
The funding will enable the company to complete development work and gain first in-human data through an early feasibility clinical study, setting the scene for a further fundraise for larger FDA and CE Mark clinical trials.
The global brain aneurysm treatment market was valued at more than $2.184 billion in 2019 and is expected to grow to reach more than $6.222 billion by 2027.
ON THE RECORD
Mike Karim, CEO of Oxford Endovascular, said: “One of the biggest challenges when it comes to treating neurovascular disease is having devices with high efficacy whilst minimising adverse events.
“Studies show that often multiple attempts are made to place treatment devices, as they often have challenges of landing accurately, opening and maintaining position. This can lead to adverse events and multiple devices being used. Procedures typically cost over $50,000 to treat a brain aneurysm and a next generation flow diverter overcoming unmet needs, offers the chance for more effective, safer and cost-effective treatments as well as allowing many more patients to benefit.”
Martin Diggle, portfolio manager, life sciences at Vulpes Investment Management, said: “We believe this platform has the potential to become a world leader in its field.”
Alun Williams, investment director at Parkwalk Advisors, said: “This raise is testament to the extraordinary work and innovation of a great team of development engineers and inventors and will help the company through its next stages of research.”
Nick Dixon-Clegg, investment principal at Oxford Sciences Innovation, said: “Oxford Sciences Innovation has invested in Oxford Endovascular since seed stage, and we are pleased to continue to do so.”