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Fusion IP owns the rights to 100% of 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 develop some of the world's most advanced and exciting science, in fields as varied as clean energy, electronics, engineering...Read more
UPDATE - Fusion IP company raises £1 million to fast track US salesAugust 01 2012, 1:38pm
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Medical training specialist MedaPhor, in which Fusion has a 35 per cent interest, raised £1.06 million in an equity funding round to help speed up US sales and the development of its baby scanning simulator ScanTrainer.
The Cardiff-based company’s product is a virtual ‘real feel’ ultrasound simulator that imitates a real ultrasound scanning experience without the need for a real machine or a patient.
“MedaPhor has made excellent progress over the last two years and we are delighted to continue to support the company, as it expands its sales into the US,” said Fusion’s chief executive David Baynes.
“The company has sold 70 per cent more in the first 6 months of 2012 than it did in the whole of 2011 and we look forward to watching the company continue to grow as it develops its US sales force and launches its new abdominal scanning system in 2013.”
Along with converting existing loan notes of £150,000, Fusion invested £300,000 of new money in the round, taking its undiluted shareholding to 39 per cent.
The rest of the money was put up by Finance Wales, which brought its total investment to over £700,000 by matching Fusion’s investment, while fellow portfolio firm IP Group (LON:IPO) invested £450,000 in the round.
ScanTrainer has been selling in the UK and MedaPhor recently made its first US, European and Australian sales.
Seymour Pierce called MedaPhor “an exciting business and opportunity within the Fusion IP stable”.
The broker reiterated its ‘buy’ rating on Fusion and target price of 80 pence, which suggests considerable upside to the current market price of 47.6 pence, up 3.5 per cent today.