Fusion IP plc (AIM: FIP), the university IP commercialisation company that turns world class university research into business, is pleased to announce that Demasq Limited (“Demasq”) has been granted FDA and CE clearance to market its Knee Imaging Software (“KIS”) product and has appointed Peter Gibson as its Non-Executive Chairman.
Demasq, a spin-out company from Fusion IP’s partnership with Cardiff University, has a range of innovative bone and soft tissue imaging products in development, based on its advanced medical imaging technology.
KIS aims to provide surgeons, radiologists, physiotherapists and GPs with an enhanced image quality, similar to that of the soft tissue detail achievable with MRI combined with the bone detail of an X-ray, at a lower cost when compared to conventional imaging technologies.
KIS now has both CE and FDA approval and Demasq plans to launch KIS in the UK and USA in H2 2009.
In addition, Peter Gibson has joined the Board of Demasq as Non-Executive Chairman and brings with him a wealth of expertise from the orthopaedic devices sector. Peter founded Corin Group PLC in 1985 and was Executive Chairman from 1994 to 2003. Corin Group PLC is a world leader in the development, manufacture and distribution of a wide range of reconstructive orthopaedic devices.
Fusion IP holds a 47.5% stake in Demasq.
David Baynes, CEO of Fusion IP, said: "This is excellent news for Demasq, which is one of the most advanced and exciting companies within Fusion IP’s portfolio. Demasq has some final product marketing steps to complete ahead of the KIS product launch in Autumn this year. The FDA and CE clearance marks a key milestone for both Demasq and Fusion IP and endorses our corporate strategy of focussing our efforts on companies where lead times to market are much shorter. I am delighted that Peter has chosen to join the Board of Demasq and that someone of his calibre will be steering this portfolio company forward.”