Oxford Endovascular Raises $10 Million for Brain Hemorrhage Prevention Device

Oxford Endovascular, an Oxford University spin-out, has raised $10 million in a series A funding round to study its brain aneurysm treatment device. 

“The current device market for brain aneurysms is valued at well over $1 billion and is growing rapidly year-on-year. One of the biggest challenges when it comes to treating neurovascular disease is having devices with high efficacy whilst minimising adverse events,” said Mike Karim, CEO of Oxford Endovascular. “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. We plan to use this funding to bring Oxford Endovascular’s ground-breaking technology to the next stage and gain clinical data from human studies.”

The funding which was conducted in pounds sterling includes a £3 million investment from new investors Vulpes Investment Management, which joined to lead the round and funds from the Additio Investment Group. Existing investors Oxford Sciences Innovation PLC, Parkwalk Advisors, Perivoli Innovations, Oxford Investment Consultants, the University of Oxford, and private individuals also followed on. The raise will enable the company to complete development work and gain first in-human data through an early feasibility clinical study. This will then set the scene for a further fundraise for larger U.S. Food and Drug Administration and CE Mark clinical trials paving the way for entry into various international markets valued at over $1 billion. The Chinese market for the company’s technology is developing strongly and also presents strong opportunities.

“The life sciences team at Vulpes are excited to be participating in the next stage of the development of Oxford Endovascular’s innovative technology. We believe this platform has the potential to become a world leader in its field,” said Martin Diggle, portfolio manager, Life Sciences, at Vulpes Investment Management.
 
The raise follows on from previous non-dilutive grant funding won, including 3 million euros from the European Union’s Horizon 2020 SME Instrument and £350,000 from Innovate U.K., the U.K.’s innovation agency Smart Grant program. During the COVID-19 crisis in 2020 the company was also one of only seven startups across Europe and Israel that won funding in return for options, for roughly 500,000 euros.

“Parkwalk are delighted to have invested in Oxford Endovascular. 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,” said Alun Williams, investment director at Parkwalk Advisors, the leading investor in U.K. university spinouts.
 
Brain aneurysms are surprisingly common, affecting one in 50 people. If a patent has a rupture, they have a high chance of dying or suffering permanent brain damage. The company has developed a micro stent called OxiFlow, utilizing “origami” engineering, which 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. Spun out of the University of Oxford and developed by professors of neuroradiology and engineering, this next-generation “flow-diverter” can be placed more accurately and safely than existing treatments, reducing the risk of complications and having to use multiple devices. 
 
“Oxford Sciences Innovation has invested in Oxford Endovascular since seed stage, and we are pleased to continue to do so whilst welcoming new investors Vulpes and Additio into the syndicate, allowing the life-changing OxiFlow device to be progressed towards the clinic,” said Nick Dixon-Clegg, investment principal at Oxford Sciences Innovation.