NPIF Maven Equity Finance has invested £500,000 in a pioneering medical device company, Newtec Vascular Products. The business has developed a unique product range designed by surgeons, for surgeons, and funding will be used to launch the company's innovative technologies as well as drive the improvement of new systems.
Founded in 2013, Liverpool-based Newtec was established to develop innovative medical devices for niche markets in vascular and cardiovascular surgery. By creating products that address challenges in the cardiovascular market, Newtec has designed a suite of unique vascular products, noting complications in other systems and aiming to eradicate them. The business has also identified out-licensing opportunities for its product range with the potential to expand its range of technologies.
Newtec has already successfully secured over £800,000 of funding from existing investors and significant surgical leaders to complete the development of its products, secure intellectual property in key markets and cover clinical costs for medical trials and studies.
Backed by an experienced and highly skilled management team, Rob Carson, CEO, has 22 years of management experience in cardiovascular medical device companies. Prior to forming Newtec, he held numerous senior management positions and has taken several products from inception to market launch. Alan Edwards, Chairman, has been CEO, Chair and NED of several SME MedTECH companies. Steve Barker, Medical Director, is a well-known surgical entrepreneur, with 30 years of experience and an excellent clinical network. He is a Consultant Vascular Surgeon and Honorary Senior Lecturer in Surgery, University College London, and was the first surgeon to be awarded a British Heart Foundation Fellowship.
Within the Cardiovascular device market, Newtec’s product mix is of high commercial interest and has a market value worth billions. Newtec are successfully developing products in a multi-billion-dollar sector which is growing at 8% per year. The growth in this market can primarily be attributed to the rapidly increasing obese population, the high prevalence of cardiovascular diseases across the globe and increase in longevity and ageing population.
Andrew Round, Investment Director at Maven, said: “We are delighted to support Newtec’s innovative development of medical devices. The company is creating products that offer solutions to challenges many surgeons within the medical industry face. Backed by a dedicated and highly experienced management team with excellent contacts in the markets they are targeting, we look forward to working with the company to drive the business forward.”
Rob Carson, CEO at Newtec, added: “We are extremely pleased to have received funding from NPIF/Maven. Newtec is now well resourced to accelerate the development of its innovative vascular devices including FloGuardian, a novel device for controlling scar tissue formation (intimal hyperplasia) in vascular surgery to improve outcomes for vascular grafts. It will also help develop our VascuLok product, a vascular clip designed to reduce tissue erosion and prevent vessel ‘cheese-wiring’ and StentSeal a vascular sealing device, for preventing endoleaks in stent grafts.”
Ken Cooper, Managing Director at British Business Bank, said: “Maven’s investment from the Northern Powerhouse Investment Fund into Newtec is helping the company to launch important new products that can improve patient outcomes from surgery. This is a great example of how the money is being used to build on the region’s strengths and support growth and innovation.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.