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Asalus Medical Instruments raises new VC round

Asalus Medical Instruments, the Cardiff Medicentre based surgical systems company, has raised £1.25m to get its products ready for market.

David Frederick, who previously led a sales force of 700 staff, has joined as non-executive chairman.

Fusion IP, the commercialisation company, said this morning that it had joined a £1.25m funding round for Asalus alongside Finance Wales and IP Group. The deal gives Fusion a 44 per cent shareholding in Asalus.

The cash will be used to complete the manufacture and CE regulatory marking of its Ultravision technology which is due to be launched in the second half of 2013.

Ultravision is a smoke clearance device which helps to remove smoke from surgical operations.

Frederick, the new chairman, has more than 17 years of medical device sales, marketing, business development and management experience. He was previously vice president of sales at health products group Covidien, where he led 700 staff.

He said: “I believe that the company and its technologies have enormous potential and look forward to contributing to its future success.”

Peter Grant, operations director of Fusion, said: “Asalus is making huge progress and this funding will enable the company to bring its first product to market. We are excited by the potential of this company, in what is a large and growing market.”

Asalus is based at Cardiff Medicentre near the University of Wales Hospital, Heath.

Surgical specialist Asalus raises £1.25m.


Notes to editors

About Cardiff Medicentre

Cardiff Medicentre is a dedicated incubator for biotech and medtech startups. The facility is set in the grounds of the University of Wales Hospital and is a neighbour to Cardiff University’s School of Medicine.

Established in 1992, Cardiff Medicentre is a joint venture between Cardiff Council, Cardiff University, the Welsh Government and Cardiff & Vale University Health Board. It was the first incubator of its kind in the UK and now provides 32 units of high quality office and lab space accommodation ranging from 284 sq ft to 1,045 sq ft. Low-cost desk leasing facilities are also available to encourage entrepreneurs to enter the Cardiff Medicentre community while writing business plans and raising finance.

Tenants at Cardiff Medicentre benefit from specialist support in establishing and growing their businesses. Their aim, and the aim of the Cardiff Medicentre management team, is graduation – the process of tenant businesses outgrowing the incubation facilities and moving into their own follow-on space, or being acquired.

Examples of successful graduate companies

  • Q Chip Ltd (completed $6 million venture capital investment round in 2011)
  • Cardiff Bioanalytical Services Ltd (acquired by LGC Ltd in 2010)
  • Cardiff Research Consortium (acquired by Capita Group plc for £11.6 million in 2009)
  • BioDynamics Research Ltd (acquired by Quotient BioResearch Ltd in 2008)
  • TrichoTech Ltd (acquired by Concateno plc for £11.25 million in 2007)
  • OnExamination Ltd (acquired by BMJ Group in 2007)

Published on Wed, 23rd Jan 2013

 
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