Galway medical device company Veryan Medical, which is developing a new type of stent to treat heart disease, has raised €5 million in venture capital.

The investment was led by Seroba Kernel Life Sciences and Imperial Innovations Group with Dr Geoffrey Vernon, chairman of Veryan Medical, also participating.

Chas Taylor, chief executive of Veryan, said the new funding, which follows a £3.6 million funding round in March 2010, would enable a move towards a clinical study in the US.