Fusion IP, the company that turns university research into business, said that its spin-out Asalus Medical Instruments has raised £300,000 in funding following a successful pre-clinical study of its electrosurgical smoke clearance device, Innervision.
Sheffield-based Fusion said the funds will be used to start Innervision’s first clinical study, subject to regulatory approval, and begin the process of scaling up the technology ahead of its expected launch in 2013.
Innervision is one of a number of keyhole surgery devices being developed by Asalus. It removes smoke created by the cauterisation of tissue during keyhole surgery.
Asalus’s other two products are Surehold, a multi-functional device for manipulating tissues and organs, and Snugport, an access port.
The £300,000 investment comes from existing investors Fusion, Finance Wales and IP Group. Investors have an option to invest a further £400,000, subject to investor approval and the achievement of various milestones.
Following the initial £300,000 investment, Fusion will have a 46 per cent undiluted shareholding in Asalus.
Peter Grant, operations director of Fusion, said: “Innervision, which provides a simple and highly effective means of maintaining a clear visual field during laparoscopic surgery, continues to meet its development milestones as well as excite surgeons and distributors alike.”
Dominic Griffiths, managing director of Asalus, said: “Our investors continue to recognise the potential value of our products and our ability to deliver. These funds will allow us to reach the critical milestone of completing a clinical trial with Innervision and the excellent results obtained in the GLP preclinical study give us confidence that the trial will meet its endpoints”.