A Dundee medical devices company that focuses on improving blood flow has secured a cash injection of £10 million, helping it develop as a technology transfer business.
Vascular Flow Technologies (VFT) said the funding round comprised two transactions, of £7m and £3m, with the smaller round backed by institutional and individual angel investors.
The company uses proprietary Spiral Laminar Flow (SLF) technology to replicate natural blood flow for patients with compromised or diseased blood vessels.
It said the capital will underpin its “realignment of business strategy to focus on research and development, as well as the strategic joint development and out-licensing agreements with leading industry partners”.
Chief executive Bill Allan said the funding will have a “significant impact on the transition, and allow us to continue to work with the key players in the sector to apply SLF technology to address unmet clinical needs”.
He also said it will let the firm build more clinical and health economic evidence for SLF as it refocuses on using the technology for devices for vessels, and has various clinical evidence programmes under way in Europe and the US, “establishing long-term clinical and economic outcomes”.
VFT said its new business model will lead to more collaborative work.