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Fusion IP owns the rights to 100% of the university-owned research generated at two of the UK's leading universities – The University of Sheffield and Cardiff University. These exclusive partnerships enable us to invest in some the world's most advanced and exciting science, turning world class research into business through the creation of a growing portfolio of companies, in fields as varied as drug discovery, alternative energy and engineering.
Fusion IP’s Medaphor signs first European customer for ScanTrainer ultrasound device
Technology commercialisation specialist Fusion IP (LON:FIP) is wrapping up 2011 with a string of successes, as it reported the signing of the first European customer for MedaPhor, its 38 percent-owned Cardiff-based ultrasound simulation business.
In October, Fusion unveiled expectation-beating results for the full year, swinging to a pre-tax profit of £1 million from a £1.6 million loss in the twelve months ended July 31, on the back of a 35 percent year-on-year rise in revenue and portfolio returns to £5.9 million.
Earlier this month, it successfully raised just over £5 million through a share placing with both new and existing investors, allowing it to continue investing in early stage technology companies, based on the research of Cardiff and Sheffield Universities, in subsequent financing rounds.
Perhaps spurred on by its investor’s success, MedaPhor is also increasing the pace. Fusion told investors today that the business has signed Rigshospitalet in Copenhagen as the first European hospital to install its Scantrainer ultrasound simulation system. Only a month ago, on October 10, MedaPhor signed its first US customer for the device.
The ScanTrainer simulator is designed to teach all the core and advanced obstetrics and gynaecology ultrasound skills in a non-clinical environment.
Launched in 2010, the award winning ScanTrainer system has been sold into 12 UK hospitals. With the first sales into the all-important US and European markets and distributors covering an additional eight countries in the Far East, the MedaPhor sales pipeline is expected to grow in 2012.
Rigshospitalet is one of Scandinavia's leading hospitals and the training system has been installed in their Obstetrics and Gynaecology department as an advanced simulation-based training aid for the teaching of obstetrics and gynaecology skills to sonographers, trainees and specialists.
Last month’s deal saw the ScanTrainer installed at the University of Washington Medical Centre in Seattle, in its Institute for Simulation and Interprofessional Studies – a centre dedicated to the use of simulation technologies for training medical professionals.
Prof Nazar Amso, founder and chairman of MedaPhor, said: "It's gratifying to see that MedaPhor has been able to transform, in a relatively short time, virtual ultrasound simulation for training from a concept into state-of-the -art ScanTrainer, that is recognised world-wide. We're grateful for the support we have received from Cardiff University and our principal investors Fusion IP and Finance Wales."
Fusion chief executive David Baynes added: “This is more excellent news for MedaPhor. Following on so quickly from their first US sale, the installation in Copenhagen demonstrates the potential for MedaPhor to grow sales of its revolutionary ultrasound training simulator in both the US and Europe."
