Fusion IP (AIM: FIP), the university commercialisation company which turns university research into business, is pleased to announce that Cardiff based company, MedaPhor, has successfully raised £1.06m in an equity funding round to accelerate US sales and new product development of ScanTrainer, its novel ultrasound training simulator.
ScanTrainer is a virtual ‘real feel’ ultrasound-training simulator that provides students with a 24/7, educationally driven, training programme that replicates a real ultrasound scanning experience. Trainees can literally ‘feel’ what they see on the computer screen in order to develop the complex mix of cognitive skills and eye-hand movement coordination, but without the need for an ultrasound machine or a patient and with considerably reduced direct supervision by an expert.
The company, which has been selling its ScanTrainer systems to the obstetrics and gynecology markets in the UK, has recently made its first US, European and Australian sales and will use the funds to expand its US and European based sales, as well as accelerate the development of its ScanTrainer product range into general medical training.
Together with converting existing loan notes of £150k, Fusion IP invested £300k of new money in the round and as a result its undiluted shareholding is 39%. Finance Wales also converted existing loan notes of £150k and invested a further £300k of new money in the round, increasing its total investment to more than £700k. IP Group invested £450k in the round.
Stuart Gall, MedaPhor’s CEO, said:
"This is an exciting time for MedaPhor. This funding will enable us to develop our US sales base, where we are seeing considerable interest in our revolutionary simulator, as well as complete the development of our new general medical simulator, which is scheduled for launch in the first half of 2013. We now have ScanTrainer systems in hospitals in the UK, US, Europe and Australia and look forward to working with our investors as we develop MedaPhor into a global simulation company. "
David Baynes, CEO of Fusion, said
“MedaPhor has made excellent progress over the last two years and we are delighted to continue to support the company, as it expands its sales into the US. The company has sold 70% more in the first 6 months of 2012 than it did in the whole of 2011 and we look forward towatching the company continue to grow as it develops its US sales force and launches its new abdominal scanning system in 2013.”
Paul Lee, Deputy Fund Manager in early stage investments at Finance Wales said:
“Finance Wales has backed MedaPhor since its first institutional round and we’re pleased to continue our support in this round. MedaPhor’s ScanTrainer has been well received in its target markets and its latest plans for expansion in Europe and the US, coupled with its plans to add to the product range, are a major step forward for the company.”