Calon Cardio

Business profile

Location: Swansea

Sector: Medical devices

Investment

Total: £1,000,000 (co-investments with Longbow Capital)

Type: Equity

Executive: Richard Thompson

Why we invested

Calon Cardio is an early stage company with the potential to become a global leader in heart treatment. The company has developed a new, miniaturised heart pump.

Calon Cardio’s IP is strong and incorporates proven technologies. Its heart pumps are designed for manufacture and have a longer life than most heart products. The pumps can be implanted, avoiding invasive procedures such as open-heart surgery. Pump therapy can benefit heart failure sufferers when no donor heart is available and can allow the heart to recover without the threat of rejection.

Calon Cardio plans to target a growing market. There are currently around 2 million heart patients in the world and ageing populations and increased obesity are expected to increase this number.

The company has a strong management team and its concept was developed by Professor Steven Westaby, a pioneering cardiac surgeon and specialist in heart pump technology. Calon Cardio’s management team worked with Longbow to reshape the company and make it more commercial. It is based at The Institute of Life Science at Swansea University, where it collaborates with other clinicians on R&D.

Outcome

Calon Cardio secured investment from Finance Wales and Longbow. The funding will enable it to conduct clinical trials, which help the company achieve regulatory approval for its heart pumps in the US and EU.

Calon Cardio is now exploring future technology developments to extend its product range and add value to the company. It has also appointed a new commercial director.

In 2011, the company was voted best breakthrough technology by UKTI IBIZ Invest and won the Industry Judge's Award at the MediWales Awards.

Advisors

Due diligence: IP Pragmatics (IP).