Fusion IP plc - Portfolio company MedaPhor expands sales into China through major distribution agreement with Tellyes Scientific

25 Jun 2013

Fusion IP (AIM: FIP), the university commercialisation company that turns world-class research into business, is pleased to note that its portfolio company, MedaPhor, continues to expand both its sales and global distribution with the announcement of an exclusive distribution agreement with Tellyes Scientific Inc ("Tellyes") to sell MedaPhor's range of ultrasound simulators into mainland China.

Tellyes, a $40m medical simulation manufacturing and distribution business, based in Tianjin, China, has 100 dedicated sales staff. As part of the agreement Tellyes is purchasing 10 ScanTrainer systems that will be sited in its five regional offices, covering the north, south, east, northwest and southwest of China. With ScanTrainer, Tellyes will be targeting China's 3,000 nursing schools, medical colleges and universities.

MedaPhor's lead product, ScanTrainer, is a virtual reality based 'real feel' ultrasound-training simulator that enables trainees of any level to literally 'feel' what they see on the computer screen in order to develop the complex mix of cognitive skills and eye-hand movement coordination required to learn all the key ultrasound scanning skills. The simulator uses real patient scans, within an educationally driven training programme, to teach all the core and advanced skills, but without the need for an ultrasound machine or a patient and with considerably reduced direct supervision by an expert.

MedaPhor, which spun out of Cardiff University, has established sales in the UK, Europe, Australia and the US and recently expanded its ScanTrainer range with its new transabdominal simulator, aimed at the large obstetrics and gynaecology, general medical, and emergency medicine markets.

Fusion has a 39% shareholding in MedaPhor.

Stuart Gall, CEO of MedaPhor said: "We are delighted to be working with Tellyes to target the huge and growing Chinese medical simulation market and we look forward to working with Simon and his team, as we launch our range of ScanTrainer simulator systems into China."

Simon Liu, CEO of Tellyes said: "We are very excited about the newly-formed strategic partnership with MedaPhor, whose ultrasound simulators are great additions to what Tellyes is currently offering to the Chinese hospitals and medical schools.  Tellyes is going to work very hard, together with MedaPhor, to help our Chinese customers improve their medical training through the utilisation of MedaPhor's advanced virtual-reality simulators, both today and with its future range of products for the general medical and emergency medicine markets."

David Baynes, CEO of Fusion, said: "This is a major development for MedaPhor and we are excited about the potential of the Chinese market for MedaPhor's superb ultrasound simulator. MedaPhor is now generating sales in all the major global medical markets and we look forward to its continued growth."

For further information please contact: 

Fusion IP

+44 (0) 114 275 5555

David Baynes, CEO Fusion
Stuart Gall, CEO MedaPhor 

 

Allerton Communications Limited                                                                                                     +44 (0) 7733 301 707

Peter Curtain, Press Relations

Cenkos Securities plc
+44 (0) 20 7397 8900
Elizabeth Bowman, Bobbie Hilliam (Corporate Finance)
Julian Morse (Sales)         

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

In 2012 Fusion announced its first major exit, when it sold its portfolio company Simcyp, a research-based business providing a modeling 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 March 2013, Fusion announced two new university partnerships with the University of Nottingham and Swansea University and raised £20 million in a placing with existing and new institutional shareholders.

For more information visit www.fusionip.co.uk