Fusion IP plc (AIM: FIP), the university IP commercialisation company that turns world class university research into business, is pleased to announce that it has co-invested £75,000 in MedaPhor (“MedaPhor”), a spin-out company from the Cardiff University, that produces innovative training products for postgraduate medical professionals including advanced tutorials for learning or improving ultrasound examination technique. Alongside this investment, Finance Wales has co-invested £75,000 through its memorandum of understanding with Fusion IP. In addition, MedaPhor has also received a £100,000 grant from SMART Wales, the Welsh Assembly Government’s Award scheme to boost innovative or exploratory ways of solving practical problems, bringing the total investment into MedaPhor to £250,000.
MedaPhor is developing a portable ultrasound simulator that enables ultrasound training of physicians to take place without utilising ultrasound machines, which are in heavy demand, or volunteer patients. The ultrasound simulator enables trainees to perform virtual reality gynaecological ultrasound examinations, using a virtual probe that conveys the realistic sensation of contact with a live body. This technology will reduce the hands-on patient contact required to achieve full competence.
The investment will be used to further develop the simulator for commercial launch into the UK and US markets in 2009.
Prior to this round of investment, Fusion IP owned 32 percent of MedaPhor. Fusion IP now owns 35.2 percent of MedaPhor.
Commenting on the investment David Baynes, CEO of Fusion IP, said:
“MedaPhor is attracting significant recognition for its portable ultrasound simulator for physician training and is a good example of the innovative technologies that are originating from Cardiff University. We are pleased to be working with Finance Wales to develop such ideas into commercial products and look forward to providing further updates next year.”
Also commenting on the announcement, Roger Fickling, CEO of MedaPhor, said:
“There is currently a global shortage of trained ultrasound practitioners and as a result, effective ultrasound training that doesn’t require the use of a hospital ultrasound machine is in strong demand. MedaPhor has made significant progress with its core simulator technology and with this fundraising round, expects to be able to launch commercially the simulator into the UK and US markets next year.”
Also commenting on the investment, Steve Smith, Director of Development Funding at Finance Wales, said:
“Researching, developing and then successfully transferring innovative ideas into commercial reality is vital for university spin-out companies such as MedaPhor. The ultrasound simulator has the potential to save the health service valuable time and money and the product’s universal appeal gives it global potential. Finance Wales is pleased to once again be co-investing with Fusion IP on yet another exciting venture coming out of Cardiff University.”