3rd Aug 2007 10:25
Imperial Innovations Group plc03 August 2007 The following replaces entirely the investment in Veryan Medical announcement release at 8.00am under RNS number 4724B. The inital announcement was previously announced. Imperial Innovations Group plc ("Imperial Innovations") Investment in Veryan Medical Ltd Imperial Innovations Group plc (AIM: IVO), the technology commercialisation andinvestment company, today announces that it has subscribed £1.55 million forfurther shares in Veryan Medical Limited ("Veryan Medical"), a developer ofmedical devices to improve the long-term effectiveness of medical care inpatients with vascular disease. This investment follows an earlier investment inVeryan Medical in May this year and increases Imperial Innovations' shareholdingin the company to 39.0% (30.5% after management options). Veryan Medical's patented technology reproduces geometry naturally found in thebody's vascular system that introduces a swirling motion to blood flow. Thisnatural swirling motion acts to reduce restenosis - the narrowing of arteries -caused by unstable blood-flow through implantable vascular devices. The helicalgeometry, when applied to device design may also produce a significantimprovement in structural durability, which could improve patient outcomes inthe rapidly growing US$5 billion stent market. The investment will be used tofinance the addition of a range of proprietary SwirlflowTM vascular stents toVeryan Medical's range of innovative products to address vascular disease. Chas Taylor, Chairman, Veryan Medical, said, "This investment by Imperial Innovations makes them our largest investor. We arevery pleased indeed at the confidence shown in us by Imperial Innovations. Welook forward to working closely with them to deliver on the potential of ourtechnology." Susan Searle, CEO, Imperial Innovations, said, "We are delighted to invest in Veryan Medical once again this year. Ourinvestment is a testament to our belief in the technology and in the managementteam". -Ends- For more information contact: Imperial InnovationsSusan Searle, Chief Executive Officer +44 (0)20 7594 6591Lucy Ahfong, Marketing Communications Executive +44 (0)20 7594 6644 M:CommunicationsPatrick d'Ancona / Eleanor Williamson +44 (0)20 7153 1539 JPMorgan Cazenove (NOMAD to ImperialInnovations)Steve Baldwin +44(0)20 7588 2828 Notes to Editors About Imperial Innovations Imperial Innovations is one of the UK's leading technology transfer andcommercialisation companies. The company was founded in 1986 and its ordinaryshares admitted to trading on the AIM Market of London Stock Exchange plc inJuly 2006, raising £25 million at an offer price of 165p and £1m by means of apublic offer. The company's integrated approach encompasses the identification of ideas,protection of intellectual property, development and licensing of technology andformation, incubation and investment in technology businesses. A wide range oftechnologies are commercialised within the areas of healthcare, energy,environment and emerging technology trends. Based at Imperial College London, the company has established equity holdings in70 technology businesses and has completed 116 commercial agreements. ImperialInnovations also commercialises technologies originating from outside ImperialCollege through incubation contracts with the Carbon Trust and WRAP and hascommercialisation contracts with a number of multinational corporationsincluding BAE Systems. www.imperialinnovations.co.uk About Veryan MedicalVeryan Medical was incorporated in June 2003 as a spin-out company from ImperialCollege, London. The company is an ISO9001 accredited designer and manufacturerof surgeon-choice implantable vascular devices. Vascular disease remains the main cause of premature death in industrializedsociety. Veryan Medical has used its unique understanding of the link betweenblood flow mechanics and vascular disease to develop a series of medical devicesfocused on specific unmet needs in vascular surgery. www.veryanmed.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Imperial Innovations Group