Liverpool-based Newtec has secured a £500,000 investment from NPIF – Maven Equity Finance which is managed by Maven Capital Partners and part of the Northern Powerhouse Investment Fund to help launch a new medical product to the market that has been designed by surgeons, for surgeons.
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 all other systems and aiming to eradicate them. The company has also identified further applications for their products with the potential for expanding the product range or out-licensing opportunities.
Backed by a strong set of investors, significant surgical leaders and key opinion leaders, Newtec has successfully secured over £800,000 of funding used to complete the development of other products, secure intellectual property and cover clinical costs for medical trials and studies.
Newtec was founded by Rob Carson (CEO), who has 22 years of management experience in cardiovascular medical device companies.
Within the Cardiovascular device market, Newtec’s product mix is of high commercial interest and has a market value worth billions. The business is successfully developing products in a multi-billion-dollar sector which is growing at eight per cent per annum. The growth in this market can primarily be attributed to the rapidly increasing obese population, the high prevalence of cardiovascular diseases across the globe, increase in longevity and ageing population as well as increasingly sedentary lifestyles.
Andrew Round, Investment Director at NPIF – Maven Equity Finance, 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 Equity Finance. 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.”
Steve Rotheram, Liverpool City Region Metro Mayor, said: “I’d like to congratulate Newtec on securing this funding which will help it to continue to develop innovative medical devices which make a real difference to people’s lives. The Liverpool City Region is one of the UK’s leading areas for health and life sciences, and this is exactly the kind of innovative company we should be encouraging.”
Mark Basnett, Managing Director of Liverpool City Region Local Enterprise Partnership said: “I am delighted to see yet another City Region business benefit from funding made available through the Northern Powerhouse Investment Fund. NPIF provides valuable support to our business community, particularly those with high growth potential and we will continue to work closely with the Fund Managers and existing providers to ensure there is a simple joined up approach for business, working through the local growth hub.”
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, the European Investment Bank, the British Business Bank and the UK Government.
Maven Capital Partners UK LLP is authorised and regulated by the Financial Conduct Authority, Firm Reference Number 495929