Fusion IP plc - MedaPhor raises £325k to commence sales of its new ScanTrainer simulator and sign overseas distributors

24 May 2010

MedaPhor Ltd, a Cardiff University spin-out company, which produces innovative obstetrics and gynaecology ultrasound training products for medical professionals, announced today that it had raised GBP325k to commence sales of its new ScanTrainer simulator in the UK and sign up overseas distributors.

The investment round comprised investment from Fusion IP (GBP140,000), Finance

Wales (GBP100,000) and Cardiff Council (GBP50,000) and a number of individual private investors.

ScanTrainer bridges the gap between conventional training and the patient, by combining the latest 'real-feel' haptic simulation techniques with curriculum-based interactive learning modules, to provide fast, effective ultrasound training. The systems are designed to provide sophisticated ultrasound learning in a non-clinical environment, solving the current resource
conflict between the provision of clinical service and the need to train. In addition the ScanTrainer's self directed learning frees up the need for expert direct supervision, making the system highly cost effective.

MedaPhor's first ScanTrainer product, the Trans-vaginal ScanTrainer, was launched at the British Society for Gynaecological Imaging meeting held at the Royal College of Obstetricians and Gynaecologists in London in April.

MedaPhor plans to launch a range of additional ScanTrainers for the Trans-abdominal and General Medical markets, along with a range of gynaecology and obstetrics based software programmes.

The development of ScanTrainer was supported by grants from the Welsh Assembly Government SMART programme at different stages of its development.

Commenting on the launch Stuart Gall, Chief Executive Officer of MedaPhor, said:
"This is a significant moment for MedaPhor. The funding will enable us to commence sales in the UK and, importantly, start the process of signing up distributors in North America and Europe. MedaPhor has progressed dramatically since our last funding round and our launch of ScanTrainer at the BSGI last month generated considerable interest in the ultrasound simulation market in both the UK, Europe and most importantly, North America. The support of the Welsh Assembly Government, Cardiff Council and all our investors, has been vital in getting us to this stage in our development and we hope to reward their support, by creating a successful and profitable Cardiff based business, that will be a leader in the global ultrasound simulation market."

Paul Lee, Strategic Investments Manager at Finance Wales, said: "Finance Wales is pleased to continue its support of MedaPhor and participate in the latest investment round, which follows 2 previous rounds. MedaPhor has developed a unique product and the investment will support it during this key commercialisation phase. We wish MedaPhor well with the sales and distribution of its ScanTrainer."

Cllr. Neil McEvoy, Deputy Leader, Cardiff Council, said:
"Cardiff Council is pleased to continue its proactive support for local businesses through its innovative Capital Cardiff Fund. The ScanTrainer product has considerable potential in global markets and the investment made in the product through an equity stake will assist in company growth."

Cllr. Mark Stephens, Chair of Cardif Medicentre, said: "It is particularly pleasing that this investment will assist one of our fast growing tenants at Cardiff Medicentre, which provides superb facilities for businesses in the life sciences sector."

For further information please contact:

MedaPhor
Stuart Gall, CEO                              +44 (0)29 2075 6534
Nazar Amso, Founding Director and Chairman   +44 7774 780244

Background to MedaPhor
Spun out of Cardiff University, MedaPhor was established in 2004 to develop innovative ultrasound training programmes for medical professionals. MedaPhor has been funded to date by Cardiff University, Fusion IP, Finance Wales and a number of private investors, including Nazar Amso. MedaPhor has also received SMARTCymru grant support from the Welsh Assembly Government which has been fundamental in helping the company develop the new ScanTrainer simulator.

In April MedaPhor also won a special Impact Award from Cardiff University Innovations Network for its successful multidisciplinary collaboration with two academic schools in the University. The Cardiff School of Medicine team initiated the concept for the simulator and designed its educational content to meet national ultrasound training curriculum requirements. A team from Cardiff School of Computer Science and Informatics also worked closely with MedaPhor, learning human anatomy and ultrasound methodology along the way in order to develop a unique interactive system using the latest advances in simulation technology.