Chameleon BioSurfaces will use the funding to continue the development of its patented polymer coatings on medical stents, the small, lattice-shaped metal tubes that are inserted into arteries to help blood flow.
The company will use innovative electrochemistry to improve the coatings on medical stents, which have been linked to life-threatening side effects in some patients.
Around 10% of patients develop post-operative complications, such as inflammation and blood clots, which may be caused by the polymer coatings on stents.
David Hollinworth, chief executive officer at Chameleon, said, “This funding will enable the company to continue the development of our novel coatings and demonstrate their potential to solve significant unmet medical needs in multi-billion pound markets worldwide.”
The funding will come from a syndicate of investors, lead by London Seed Capital, including the London Business Angel Network and the London Business Angel EIS Tracker Fund III.
Commenting on the deal, investment director of London Seed Capital Jason Ball, said, “Chameleon Biosurfaces’ technology is addressing a major problem with existing drug-eluting stents that could benefit the lives of tens of thousands of patients annually.”
© Crimson Business Ltd. 2006
