Insider Media Limited

Fusion IP, the commercialisation group which works with Cardiff University, has revealed progress made by two of its Welsh portfolio companies.

Mesuro, the Cardiff University spin-out which sells testing equipment and device measurement services to the semiconductor industry, has revealed it secured orders totalling $1.25m (£785,000) for its RF (radio frequency) technology in the last quarter of the year. Fusion has a 47 per cent shareholding in Mesuro.

"These sales, which have been made to three global customers, all of whom cannot be disclosed for commercial reasons, demonstrate the huge potential of Mesuro's RF technology, which enables device manufacturers to obtain the very highest performance from their designs, maximise device efficiency, reduce power consumption and decrease time to market," said Mesuro chief executive Richard Emsley.

Ann Casey, investment executive at Mesuro investor Finance Wales, added: "These new contracts are excellent news and a perfect start to 2012 for Mesuro. They represent a big step forward for the company and prove there is a significant market for Mesuro's innovative technology."

Meanwhile, Fusion said that fellow portfolio company Diurnal's lead product, Chronocort, has completed a clinical trial in healthy volunteers.

Based in Cardiff, Diurnal is developing a new approach to drug delivery that will help patients suffering from reduced levels of the key hormone cortisol (hydrocortisone).

"The company has the funds to complete its phase one and two trials and although it is hard to estimate what the value will be at the end of phase two, it is notable there has been acquisition activity involving a similar drug in a comparable indication which attracted high value," said Fusion operations director Peter Grant.

Fusion has a 43.1 per cent shareholding in Diurnal.