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WIMAT startup Asalus grabs first slice of new investment

Medtech startup Asalus Medical Instruments, spun out from Cardiff Medicentre's WIMAT, has completed a first closing of a £700,000 venture capital funding round. This follows a successful pre-clinical study of its lead product, Innervision, the company's revolutionary electrosurgical smoke clearance device.

The £292,000 first closing includes contributions from existing investors Fusion IP, Finance Wales and IP Group. The investors have an option to invest a further £392,000, subject to investor approval and the achievement of milestones.

The funds will be used to commence a "first-in-man" clinical study, subject to regulatory approval. Work will also begin on the process of scaling up the technology, prior to its expected launch in 2013.

Asalus to commence in-man clinical trials of its revolutionary Innervision device.


Commentary

Dr Mark Bowman, Director of Innovation at Cardiff Medicentre said "This announcement is a very positive development for Asalus. Its lead product Clearvision has enormous potential as an enabling technology for laparoscopic surgery."

He added "I am delighted that this WIMAT startup is continuing to thrive."

For all Cardiff Medicentre media enquiries, please contact:

Carina Phillips
T: 07815 058283
E:carinaphillips@ntlworld.com

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 Thu, 9th Feb 2012

 
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