Oxford Endovascular Ltd, the developer of advanced neurovascular technologies to save lives of patients suffering from brain aneurysms has been awarded non-dilutive grant funding of £350,000 match funded by the company with £150,000 via the prestigious Smart Grant Program run by Innovate UK, the UK’s innovation agency.
Mike Karim, CEO, said: “I am delighted that the extraordinary work and innovation of our great team of development engineers, inventors, investors and others who support the business, has been validated and recognised by experts in the UK. These are particularly challenging times, working through lockdowns, social distancing and supply chain challenges, so the award is all the more meaningful as we have managed to continue our development as well as take on a key new graduate engineer. The award has supported job generation, scientific discovery and will see us through several stages of vital pre-clinical research.”
Oxford Endovascular Ltd is a spin-out from Oxford University, working to prevent brain haemorrhage by treating brain aneurysms, a condition that affects 1 in 50 persons. OxiFlow is its novel, next generation flow-diverter, that diverts blood flow away from intracranial aneurysms at risk of rupture. It places more accurately and safely than existing devices, reducing the risk of complications. It conforms better to blood vessels making more patients treatable. Invented by a world-renowned physician who pioneered the treatment of aneurysms over the last 30 years and an expert in ‘origami engineering’, it has patents in Europe, US, China & Japan. Targeting a market over $1 billion, that is growing rapidly, Oxford Endovascular is the only British medical device company developing a next generation device in the brain aneurysm space and is poised for significant increased value as it progresses through its preclinical phases on the journey to human trials to address unmet clinical needs.