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Fusion IP PLC (FIP)

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Friday 24 January, 2014

Fusion IP PLC

Asalus awarded CE mark for Ultravision

RNS Number : 4051Y
Fusion IP PLC
24 January 2014
 




24 January 2014

 

FUSION IP PLC

("Fusion" or "the Company")

Fusion portfolio company Asalus awarded CE mark for Ultravision

 

Fusion IP plc (AIM: FIP), the university IP commercialisation company that turns world class research into business, is pleased to announce that Cardiff University spin-out company, Asalus Medical Instruments ("Asalus"), has been awarded the CE mark for its Ultravision system, a significant milestone for Asalus.

 

Ultravision is a revolutionary new technology for handling the surgical smoke produced during laparoscopic surgery.  With approximately six million laparoscopic procedures performed annually worldwide, the award of the CE mark allows hospitals to use the system on patient operations in the European Union member states.

 

In parallel to being awarded the CE for Ultravision, Asalus has also been awarded ISO13485 and ISO9001 quality management certification.  This will allow the Company to expand Ultravision into additional minimal-access surgery applications.

 

David Baynes, CEO of Fusion, commented:

 

"This is the fantastic achievement for Asalus.  This is a disruptive product in a potentially significant market and the overwhelming interest in Ultravision from both the surgical community and global distributors is very exciting."

 

Ann Casey, Investment Executive at Finance Wales, an investor in Asalus, said:

 

"Achieving the CE Mark on its Ultravision product is a significant milestone for Asalus. It will now be the springboard for its commercialisation phase. This is a major step forward in Asalus' development and we wish the team well."

 

Dominic Griffiths, Managing Director of Asalus, said:

 

"This is a significant achievement in the evolution of Ultravision and is crucial to our launch plans. We have already received overwhelming interest in Ultravision from both the surgical community and global distributors and we're excited about bringing Ultravision to market.

 

"This is the first of several innovative devices we hope to launch to improve the safety and efficiency of laparoscopic surgery. Our vision is to become a world leader in the development of new devices for advanced minimal access surgery, working with leading surgeons to identify and resolve issues commonly experienced when performing complex surgical procedures. Addressing these issues will make procedures easier and faster for the surgical team, safer for the patient and more cost-effective for the healthcare provider."

 

Fusion owns a 44% undiluted shareholding in Asalus.

 

For further information please contact:

 

Fusion IP

David Baynes, CEO

+44 (0) 114 275 5555

 

Cenkos Securities plc

Bobbie Hilliam (Corporate Finance)

+44 (0) 20 7397 8900

Julian Morse (Sales)


 

Media enquiries

Allerton Communications

+44 (0) 20 3137 2500

Peter Curtain


 

Finance Wales

Helen Walker-Smith

+44 (0) 29 2033 8149

[email protected]

www.financewales.co.uk/media


 

About Fusion IP

Fusion IP plc (Fusion) was established in 2002 to commercialise university-generated intellectual property. It has long-term exclusive agreements with two of the UK's leading research-intensive universities, the University of Sheffield and Cardiff University, giving it exclusive access to all the IP generated by their research departments. These exclusive agreements enable Fusion to identify world class IP and turn it into a commercial opportunity, either through the creation of a start-up company or a licence.

 

Fusion IP currently owns shareholdings in over 20 portfolio companies, including significant shareholdings in Seren, Magnomatics, Phase Focus, MedaPhor, Asalus and Diurnal.

 

In 2012 Fusion IP announced its first major exit, when it sold its portfolio company Simcyp, a research-based business providing a modelling and simulation platform for predicting the fate of drugs in virtual populations, to US based Certara LP for $32 million, a 200 fold return on its original investment.

 

In April 2013 Fusion raised £20m through a placing to existing and new institutional shareholders and also announced that it had signed agreements with two additional universities - the University of Nottingham and Swansea University.

www.fusionip.co.uk

 

About Asalus

Asalus was established by Fusion IP PLC in 2009 to commercialise the inventions from Cardiff University's Welsh Institute of Minimal Access Technology (WIMAT), which is based on the University Hospital Wales campus, Cardiff. Asalus is privately funded by Fusion IP PLC, Finance Wales Ltd, and IP Group PLC.

 

About Finance Wales

 

Finance Wales was established by the Welsh Government in 2001 and provides commercial funding to small and medium-sized businesses throughout Wales to enable them to realise their potential for innovation and growth. The company is part of the Finance Wales Group and in 2012 -13 Finance Wales invested £31 million through 189 debt and equity investments in growing Welsh businesses.

Finance Wales is currently investing a number of funds in more Welsh SMEs than ever:

§ The £150 million Wales JEREMIE Fund that aims to encourage effective investment in small and medium-sized businesses.  The Fund is backed by the European Regional Development Fund through the Welsh Government and the European Investment Bank under the European Commission's Joint European Resources for Micro to Medium Enterprises (JEREMIE) initiative.

§ The £40 million Wales SME Investment Fund that is backed by the Welsh Government and Barclays and invests in micro, small and medium-sized businesses.

§ The £6 million Welsh Government-backed Wales Micro-business Loan Fund.

§ The £10 million Wales Property Development Fund that makes loans to Small and medium-sized Welsh construction companiesdeveloping small-scale, non-speculative commercial and residential property.

The Finance Wales Group one of the UK's largest SME investors which has invested over £297 million through more than 3,165 investments and manages funds approaching £400 million.

 

 

 


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