Asalus raises £700,000 for surgical device
Asalus Medical Instruments, a Cardiff-based surgical device developer, has raised up to £700,000 in two stages from Fusion IP, Finance Wales and IP Group.
The company's first funding round consists of £292,000 from its existing investors Fusion, Finance Wales and IP Group. Investors have an option to invest a further £392,000, subject to investor approval and the achievement of milestones.
The cash will be used to start testing Asalus' Innervision electrosurgical smoke clearance device on people. The device should be launched in 2013.
Following the first close of the funding round, university technology commercialisation specialist Fusion will have a 46 per cent undiluted shareholding in Asalus. It will hold 44 per cent if the further option to invest is taken up.
Dominic Griffiths, managing director of Asalus, said: "2011 was a fantastic year, with development work completed on time and on budget. Our investors continue to recognise the potential value of our products and our ability to deliver.
"These funds will allow us to reach the critical milestone of completing a clinical trial with Innervision."
