14th Jan 2015 12:31
LONDON (Alliance News) - Imperial Innovations Group PLC Wednesday said it has led a GBP18 million series B funding round in Veryan Holdings Ltd, alongside co-investors Invesco Asset Management, Seroba Kernel and Seven Mile.
Imperial Innovations said it has committed up to GBP8.4 million to the round and will hold a 47.8% stake in Veryan's issued share capital following the new investment and conversion of loan stock.
Simon Cartmell, an operating partner at Imperial Innovations, has also been appointed chairman.
Veryan is a specialist in vascular disease that has developed and patented a three-dimensional stent technology, BioMimics 3D.
The objective of Veryan's technology is to improve upon the biomechanical and flow characteristics of stents.
Imperial Innovations first invested in Veryan in 2004. At the end of July 2014 it had invested GBP11.0 million in the company.
Imperial Innovations shares were down 1.9% at 461.24 pence on Wednesday.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Imperial Innovations Group