Fusion IP company secures £510,000 funding

SHEFFIELD-based Fusion IP, the company which turns university research into business, today revealed that its portfolio company, Asalus Medical Instruments, had secured £510,000 funding to develop new products.
By The Newsroom
Published 14th Dec 2010, 08:33 BST

Based in Cardiff, Asalus is developing three devices that will improve the safety and efficiency of laparoscopic surgery, a surgical technique in which abdominal operations are performed through small incisions.

It is a form of surgery that is growing in popularity. More than two million laparoscopic operations per year are performed in the US.

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The 510,000 funding round includes investments from existing investors Fusion (220,000),Finance Wales (220,000), and IP Group (60,000).

Following the fundraising, Fusion will have a 43 per cent shareholding in Asalus.

David Baynes, chief executive of Fusion IP, said: "We are delighted with Asalus' progress. They have met all their development milestones to date and the customer reaction to the instruments has been particularly strong."

Dominic Griffiths, the chief executive of Asalus, added: "We continue to believe that there is a gap in the market for a specialist incubator and developer of innovative medical devices, particularly in minimally invasive surgery market. We look forward to 2011 with confidence."

Related topics:SheffieldFusionCardiff