23rd January 2013

Cardiff medical instruments firm Asalus raises £1.25m

MediWales member, Cardiff-based Asalus, has raised £1.25m in a new funding round.

In a statement to the London Stock Exchange, Fusion IP – the company that commercialises research from Cardiff University – said that the funds raised by Asalus Medical would be used to complete the manufacture and CE marking of its Ultravision technology, ahead of a planned launch in the second half of this year.

As part of the funding round David Frederick has become the new non-executive chairman of the business, which was spun out of Cardiff University in 2010.

Ultravision is one product in a range of laparoscopic surgery devices being developed by Asalus. Laparoscopic surgery is a modern surgical technique in which operations in the abdomen are performed through small incisions, rather than through the large incisions needed in traditional surgical procedures.

The £1.25m funding includes investments from existing investors Fusion, Finance Wales and IP Group plc.

As a result of the funding Fusion now owns a 44% undiluted shareholding in Asalus.

Read more: Wales Online http://www.walesonline.co.uk/business-in-wales/business-news/2013/01/22/cardiff-medical-instruments-firm-asalus-raises-1-25m-91466-32654161/#ixzz2IoZ4BKrM