Heart stent company seeks major investment
THE developers behind plans for a new medical device that could significantly cut the cost of treating heart disease are looking for £3m of investment.
Arterius is working with three universities to develop a new version of the stents that are used in heart disease patients to keep blood flowing in arteries.
The Leeds-based firm believes the biodegradeable stent they are working on will overcome the problems with blood clotting that can occur with existing technology.
Arterius co-founders Kadem Al-Lamee and Alistair Taylor have so far funded the venture from their own resources but are now working with the Investing in Health Programme managed by Grant Thornton as they seek new investment.
Mr Al-Lamee said: “We are looking for up to £3m of investment to further develop the technology and take it safely to Phase 1 clinical trials. We are estimating a 10 per cent share of a £1.2bn market within the next few years and can offer investors an excellent return on their investment.
“The team behind the Investing in Health programme has been invaluable in introducing us to potential investors, both nationally and internationally. They have also helped us shape our business plan so that we can approach investors with a solid proposition.”
The first prototypes of the stent will be developed by Professor Phil Coates and his team at the University of Bradford’s Interdisciplinary Research Centre in Polymer Engineering. The company are aiming for the patented technology to be entered into Phase 1 clinical trials by 2014.
Lisa Ward, manager of the Investing in Health programme, said: “The cost of heart disease to national economies is huge. Estimates vary, but it is suggested to be around £192bn in Europe alone.
“The ageing population is driving further growth in the market and Arterius is well-placed to take advantage of this and target some of the major medical device companies.”
The Investing in Health programme forms part of Yorkshire Forward’s ongoing strategy to support the development of the healthcare technologies industry in Yorkshire and Humber.
