A £1.5 million investment for Cerus Endovascular will be used to continue the development of its device aimed at aneurysms.
The North West Fund for Biomedical, managed by SPARK Impact, has stepped in as a backer and is providing £600,000 of the £1.5 million total.
The £25 million pot is a sub fund of The North West Fund and is open to companies based in, or prepared to relocate to, the North West of England. As part of the deal, Cerus will be moving its base from Oxford to Liverpool.
The company has developed a minimally invasive device for the interventional neuroradiology market aimed at intracranial aneurysms. Its new capital will be used to help start product development and fund further clinical trials with the goal of CE marking approval.
J Todd Derbin, executive chairman of Cerus Endovascular, comments, ‘We believe our device represents the next generation inn the minimally invasive treatment of neuromuscular diseases, particularly intracranial aneurysms.
‘The investment means we can further develop our technology, which addresses unmet clinical needs in the interventional neuroradiology, cardiovascular, urology and gastroenterology markets.’
More on The North West Fund for Biomedical:
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By backing Cerus, The North West Fund for Biomedical has now completed 52 investments across 37 different companies.
Penny Attridge, senior investment director at SPARK Impact, adds, ‘We are delighted to have made this investment in a high-quality service which is an asset to the North West and to SPARK’s biomedical portfolio.
Between December 2010 and March 2013 The North West Fund invested £54 million into 180 businesses.
