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.