A further £300k flows Tayside's way

Published on Friday 10 December 2010 15:34

TAYSIDE Flow Technologies, the Dundee-based life sciences business backed by investors including Sir Tom Farmer, has attracted a further £300,000 of funds.

Perth-based Braveheart Investment Group led the fundraising round for the company whose lead product is a vascular graft that is used to bypass blocked arteries.

As well as Braveheart, investors taking part in the latest fundraising included Scottish Enterprise, Quayle Munro and other private investors although it is not known if Farmer participated.

The cash injection means Tayside Flow has raised more than 2 million in equity and debt funding, in spite of the gloom prevailing in funding markets.

The firm was formed in October 1998 by three vascular specialists as a spin-out from Tayside University Hospitals NHS Trust to develop and commercialise cardiovascular devices.

Yesterday's news of fresh investment comes just weeks after the firm published highly positive results of a two-year clinical study of its vascular graft implants.

It has recently appointed a new management team, led by Brian Howlett, the former chief executive of Lombard Medical Technologies, as chairman, and Dr Tom Shepherd, a former chief executive of CXR Biosciences, as chief executive.

Shepherd said that after several years of research and development by the firm, it was now "poised for growth".

"The recent two-year clinical data highlights the advantages of our technology platform and will be a key tool in establishing our products in the market," he said.

Geoffrey Thomson, chief executive of Aim-listed Braveheart, said: "We are encouraged by the results of Tayside Flow's clinical study and are confident that the company's new management can successfully commercialise and promote its technology."

Tayside Flow has secured regulatory approval in Europe and the US for its first two products and 29 distributors have been appointed covering more than 20 countries.

Cardiovascular disease remains the number one cause of death in the world with an estimated 17 million fatalities each year. According to the World Health Organisation, almost 60 million Americans have one or more types of cardiovascular disease.

Braveheart makes and manages investments in fast-growing companies for clients including high-net worth individuals.