AIM-listed Fusion IP has stepped up as an equity backer for Asalus Medical Instruments in a deal which also sees the healthcare technology business get a new non-executive chairman.
The £1.25 million of funds secured will be used by Asalus to complete the manufacture of its Ultravision product, a smoke clearance device for use in surgical procedures.
Asalus is a spin-out company from Fusion’s partnership with Cardiff University and was founded on the inventions of Neil Warren, manager of the Wales Institute of Minimal Access Therapy (WIMAT) at University Hospital Wales in Cardiff.
The business is focused on laparoscopic surgery devices and now has three products aimed at the space. The medical practice is a modern surgical technique which sees operations in the abdomen performed through small incisions, rather than the larger ones seen in traditional surgical procedures.
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David Frederick, new non-executive chairman of Asalus, comments, ‘I am joining Asalus at an exciting and pivotal time for the company.
‘I believe that the company and its technologies have enormous potential and look forward to contributing to its future success.’
Frederick was previously vice president of sales at Covidien where he reportedly had responsibility for a sales force of 700 people and $1 billion of sales.
The fundraising deal also sees contributions from existing investors Finance Wales and IP Group.
Asalus’ first funding round came shortly after it was spun out of Cardiff University when, in April 2010, it secured £450,000. It then followed its maiden round up by closing a second deal worth £510,000 in December 2010.
Peter Grant, operations director at Fusion IP, adds, ‘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.’
