Veryan announces completion of subject enrolment

RNS Reach

24 October 2016

Imperial Innovations Group plc

Portfolio company Veryan Medical announces the completion of subject enrolment into the MIMICS-2 clinical study

Imperial Innovations Group plc (AIM: IVO or 'the Group', 'Innovations') notes that portfolio company Veryan Medical ('Veryan' or the 'Company') has completed enrolment into the MIMICS-2 clinical study of its BioMimics 3D® Self-Expanding Stent System (BioMimics 3D).

The MIMICS-2 study is a prospective, multicentre, interventional study designed to evaluate the safety and effectiveness of Veryan's patented three dimensional helical stent in the treatment of patients with symptomatic femoropopliteal disease. The study is being conducted under a USA Food and Drug Administration (FDA) Investigational Device Exemption (IDE), with Japanese Pharmaceuticals and Medical Devices Agency (PMDA) concurrence under the "Harmonisation By Doing" initiative, in order to provide safety and effectiveness data that are intended to support future marketing applications for BioMimics 3D in both the USA and Japan. BioMimics 3D has previously been awarded the CE Mark and is actively being sold across Europe.

Enrolment in the MIMICS-2 study concluded with a total of 271 patients enrolled across 47 investigational sites in Germany, the USA and Japan.

As at 31 July 2016, Innovations had a 46.1% interest in the issued share capital of Veryan with a net investment carrying value of £26.5 million.

Dr Nigel Pitchford, Chief Investment Officer, Imperial Innovations, said:

"Completion of enrolment into the MIMICS-2 is an important milestone for Veryan on its path to the global commercialisation of its unique stent technology.

"We are very pleased with the speed at which enrolment has been completed, which is a testament to the investigating physicians' enthusiasm for recruiting patients and the efficiency of the Veryan team."

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About Imperial Innovations - www.imperialinnovations.co.uk

Imperial Innovations Group plc ("Innovations") creates, builds and invests in pioneering technology companies and licensing opportunities developed from outstanding scientific research from the 'Golden Triangle', the geographical region broadly bounded by London, Cambridge and Oxford.

This area has an unrivalled cluster of outstanding academic research and technology businesses, and is home to four of the world's top 10 universities, as well as leading research institutions, the cream of the UK's science and technology businesses and many of its leading investors.

Innovations supports scientists and entrepreneurs in the commercialisation of their ideas, through the licensing of intellectual property, by leading the formation of new companies, by recruiting high-calibre management teams and by providing investment and encouraging co-investment. Innovations remains an active investor over the life of its portfolio companies, with the majority of Innovations' investment going into businesses in which it is already a shareholder.

Since becoming a public company in 2006, Innovations has raised more than £440 million of equity from investors, which has enabled it to invest in some of the most exciting spin-outs to come out of UK academic research. In addition, the Group has agreed £80.0 million in loan facilities from the European Investment Bank (EIB).

Between Innovations' admission to AIM (August 2006) and 31 July 2016, Innovations has invested a total of £306.7 million across its portfolio companies, which have raised collectively investment of £1.5 billion.

About Veryan Medical Ltd. www.veryanmed.com

Veryan is developing innovative solutions to improve the performance of vascular stents using the principles of biomimicry. Veryan's BioMimics 3D® stent technology involves adapting traditional straight stent designs to a patented three-dimensional helical shape, which more closely mimics the natural geometry of the human vascular system. BioMimics 3D technology is designed to enhance clinical performance by improving flow conditions in, and biomechanical performance of, stented vessels. The advanced, biomimetic design of the BioMimics 3D stent is intended to provide more flexibility, kink and fracture resistance than other laser-cut nitinol tube stents, making its unique design of particular importance in the hostile environment of the femoropopliteal artery. Veryan's Head Office is in Horsham, UK and its Research & Development facility is located in Galway, Ireland.