Neuroradiology Technology Developer Secures £600,000 Investment from The North West Fund for Biomedical

  • May 2, 2013

A company which has developed an implantable medical device for treating intracranial aneurysms has secured a £600,000 investment from The North West Fund for Biomedical, managed by SPARK Impact.

Cerus Endovascular Ltd, headquartered in Oxford and soon to move to Liverpool Science Park, has developed a minimally invasive device for the interventional neuroradiology (INR) market.

The North West Fund for Biomedical is part of the wider £155m North West Fund, financed jointly by the European Regional Development Fund and the European Investment Bank.

The funding, which was part of a £1.5m investment round, will be used by Cerus Endovascular to help initiate product development and to fund more in-depth clinical trials leading to CE marking approval.

J Todd Derbin, executive chairman of Cerus Endovascular, said: “We believe our device represents the next generation in the minimally invasive treatment of neurovascular diseases, particularly intracranial aneurysms.

“We’re delighted to be working with SPARK Impact and The North West Fund for Biomedical. The investment means we can further develop our technology, which addresses unmet clinical needs in the interventional neuroradiology, cardiovascular, urology and gastroenterology markets.”

Dr Penny Attridge, senior investment director at SPARK Impact and manager of The North West Fund for Biomedical, said: “We are delighted to have Cerus Endovascular on board and to make this investment in a high quality service which is an asset to the North West and to SPARK’s biomedical portfolio.”

Cerus Endovascular Ltd is The North West Fund for Biomedical’s 52nd investment to date and 37th company to be supported by The Fund.

 

ENDS


Media contacts

 

SPARK Impact

Louise Clancy, Louise.Clancy@sparkimpact.co.uk, 0151 705 3416


The North West Fund

Lizzie Johnson, lizzie.johnson@thenorthwestfund.co.uk, 01925 443 767

 

Notes to editors

The North West Fund for Biomedical and SPARK Impact

 

The £25m North West Fund for Biomedical, managed by SPARK Impact, is a sub-fund of The North West Fund, which is provided by the European Investment Bank (EIB) and the European Regional Development Fund (ERDF), to supply equity funding to small and medium sized enterprises in the North West of England.

The North West Fund for Biomedical, which was launched in February 2011, is accessible to a broad range of companies including those developing pharmaceuticals, new diagnostics and medical devices, and those working in the fields of clinical research, contract manufacturing and analytical services. It is open to companies based in, or prepared to relocate to, the North West of England, with 40% of the fund to be invested on Merseyside. It is expected that the fund will invest in over 50 businesses. It has already received over 200 applications and made over 30 investments to date. For more information about the fund and how to apply please visit www.thenorthwestfund.co.uk

The North West Fund

 

The North West Fund is a substantial evergreen investment fund established to provide debt and equity funding (from £50,000 to £2 million) to small and medium sized enterprises based in, or relocating to, the North West of England. The North West Fund addresses an identified gap in the lending, venture capital and private equity markets. It is one of the largest public sector funds of its kind in Europe and the largest in the UK.

The North West Fund is financed by the European Regional Development Fund (ERDF) and the European Investment Bank (EIB) under the European Commission’s Joint European Resources for Micro to Medium Enterprises Initiative – otherwise known as the JEREMIE programme.

The North West Fund is the umbrella name for the six funds that are available to businesses in the form of debt, equity and quasi-equity. These funds are managed by five fund managers under contract with North West Business Finance Limited (NWBF), which has been established to oversee the delivery of The North West Fund.  Initially, £150m has been allocated to the fund managers, as outlined below, with a further £5m to be allocated in due course:

 

Fund manager Name of fund Fund committed
Enterprise Ventures Ltd Mezzanine £15m
FW Capital Ltd Loans Plus £45m
Enterprise Ventures Ltd Venture Capital £30m
Spark Impact Ltd Biomedical £25m
CT Investment Partners LLP Energy & Environmental £20m
AXM Venture Capital Ltd Digital & Creative £15m
Funding to be allocated in due course £5m
Total £155m

Each fund manager has a mandate to invest their allocation into the specific product or sector they manage, until 31st December 2015. NWBF is a private, not for profit company, established to oversee the delivery of The North West Fund.

Between December 2010 and March 2013 The North West Fund has invested over £54m in 180 businesses. Further funding has also been earmarked to support these businesses as they grow and many more new investments are planned over 2013 and the years ahead to 2015.

For further information please visit www.thenorthwestfund.co.uk

European structure, JEREMIE

 

The JEREMIE initiative offers EU Member States, through their national or regional Managing Authorities, the opportunity to use part of their European Union (EU) Structural Funds to finance small and medium-sized enterprises by means of equity, loans or guarantees, through a revolving umbrella fund. The initiative was developed by the European Commission and the European Investment Fund, which is part of the European Investment Bank Group.

JEREMIE provides for a range of debt and equity financial tools to obtain the most appropriate allocation of funds according to national, regional or local requirements.

ERDF in the Northwest

 

ERDF is making a real difference to people and businesses in the North West. With €755 million to invest between 2007 and 2013, ERDF is enhancing the competitiveness of the region’s economy by supporting growth in enterprise and employment.

ERDF in the North West is managed by the Department for Communities and Local Government – for further information visit https://www.gov.uk/browse/business/funding-debt/european-regional-development-funding.

EIB

 

The EIB is the European Union’s long-term financing institution and, provides long-term finance for capital projects promoting European economic objectives. The EIB made its first loan in the UK in 1973 and since then has lent around €75bn for investment in the UK economy. In the years from 2004 to 2009, the EIB financed investment in the UK totalling some € 23.5bn – GBP 17.5 billion.