CardioPrecision Ltd, a technology company focussed on less invasive treatment of structural heart disease and cardiothoracic interventions, has received new investment. The equity financing was led by existing investors, principally London & Scottish Investment Partners, Discovery Investment Fund and Scottish Enterprise.
CardioPrecision was originally spun out of the NHS through Scottish Health Innovations (SHIL), now known as InnoScot Health, and the organisation is pleased to also participate in this funding round for the first time since the spin out.
This bridging round of equity investment will allow CardioPrecision to begin roll out of its technology post relaxation of international COVID restrictions.
“CardioPrecision has a platform technology for advancing cardiovascular solutions with the potential to significantly improve outcomes for patients,” said Graham Watson, Executive Chair at InnoScot Health. “We are delighted to support the company and its management team as it pushes towards getting its lifesaving technology to market.”
Roshan Maini, Chairman of CardioPrecision, added: “We are delighted to receive investment from InnoScot Health, which has a track record of supporting healthcare innovation.”
Dr Ying Sutherland, CEO of CardioPrecision, commented: “We are grateful to all our investors for their continued confidence in the management team and the CoreVista® technology. The company is committed to delivering growth and increasing shareholder value.”
Kerry Sharp, Director of Entrepreneurship and Investment at Scottish Enterprise said: “Scotland is globally renowned for its strengths in life sciences because of its innovative companies, incredible talent and world-class universities. CardioPrecision is a great example of that strength in action, and we are pleased to continue our support for this early-stage exciting company breaking new ground in such an important field.”
Quest Corporate Ltd served as corporate financial advisor and Burness Paull LLP as legal advisor to CardioPrecision Ltd.
About CardioPrecision Ltd
CardioPrecision Ltd, based in Glasgow, UK is the global leader in transcervical access for the treatment of structural heart disease and cardiothoracic interventions. CardioPrecision is dedicated to making patients’ lives better through the development of innovative, less invasive access solutions for cardiothoracic surgery and cardiovascular interventions. For more information, visit www.cardioprecision.com
About Scottish Enterprise
Scottish Enterprise (SE) is Scotland’s national economic development agency and a non-departmental public body of the Scottish Government. It supports businesses to innovate and scale to transform the Scottish economy by focusing on new market opportunities through targeted investment, innovation and internationalisation. Follow us on Twitter and LinkedIn.
About InnoScot Health Ltd
InnoScot Health works in partnership with NHS Scotland to identify, protect, develop, and commercialise healthcare innovations to improve patient care. Formed in 2002, InnoScot Health is a private company registered in Scotland (SC236303) and limited by guarantee with three shareholders – Scottish Ministers through the chief scientist office, NHS Tayside, and the Golden Jubilee National Hospital. For more information, visit www.innoscot.com
About Quest Corporate Ltd
Quest is a Corporate Finance & Advisory business based in Edinburgh. Quest takes a unique approach to corporate transactions, offering a result focused service that balances experience and market knowledge with the client business’s requirements. For more information, visit www.questcorporate.com
About Burness Paull LLP
Burness Paull is one of Scotland’s leading commercial law firms. The firm has the largest specialist deals team in Scotland and has continued to prove its market leading position across Scotland, the UK and internationally. For more information, visit www.burnesspaull.com
Cautions
This news release includes forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding expected product benefits, anticipated product approvals, future plans related to the product lines, the benefits of the transaction, including future financial and operating results, objectives and expectations and other statements that are not historical facts. Such statements are based on the views and assumptions of the management of the company and are subject to significant risks and uncertainties.
Actual future events or results may differ materially from these statements as a result of various factors, including: unexpected costs of device development and approvals, unanticipated outcomes after more expanded pre-clinical and clinical experience with the devices, unexpected changes or delays related to product supply, potentials for unexpected regulatory or quality delays or developments, competitive dynamics, global economic conditions and customer acceptance, and other economic, business, and/or competitive factors. The forward-looking statements speak only as of the date of this communication. Except as required by law, The Company undertakes no obligation to update these statements.
CoreVista is a trademark of CardioPrecision Ltd.
