Fusion IP: £20m earmarked for investment
2 April 2013
Fusion IP, the AIM-listed company which works with Cardiff as a partner to turn the University's world-class research into business has announced it has raised a further £20M through share issue. This funding will enable the creation of new spinout companies based on university research and provide working capital for existing portfolio companies.
The university IP commercialisation company has been working with Cardiff since 2007 when it signed a 10-year year agreement for the exclusive right to commercialise all of the University owned intellectual property, through the creation of spin-out companies. Fusion IP has enabled more than £23 million to be invested in Cardiff University spinouts.
Fusion IP has already established an exciting portfolio of Cardiff University spin-out companies including Mesuro, Asalus and MedaPhor; with a number of exciting prospects in the pipeline. Most recently, Asalus, a spin-out company founded on the innovative research work of Dr Neil Warren, from the School of Postgraduate Medical and Dental Education successfully completed a 'first-in-man' trial of its lead product Ultravision, a revolutionary electrosurgical smoke clearing system for use in laparoscopic surgery. This is a key milestone for the company which recently announced it had raised £1.25 million in a funding round. This funding will enable Asalus to complete product development and apply for regulatory approval to launch the product in 2013.
The additional funding will see Fusion IP continue to invest in companies including Diurnal, the Cardiff-based company which is developing a novel approach to drug delivery that will help patients suffering from reduced levels of the key hormone cortisol (hydrocortisone).
Fusion IP has established itself as a key partner for Welsh investors. In 2007 it concluded a co-investment arrangement with Finance Wales, which has resulted in Finance Wales investing in five of the Cardiff University/Fusion IP spinouts. Fusion IP are also represented on the Board and Investment Committee of the recently announced Welsh £100 million life sciences investment fund, Arthurian Life Sciences.
Sir Christopher Evans, founder and Chairman of Arthurian said: "Fusion and its partnership with Cardiff University, one of the UK's leading research institutions, brings both on the ground experience of developing innovative life science research, as well as access to a world class IP pipeline.
Professor Elizabeth Treasure, Deputy Vice-Chancellor said: "I am delighted to see this significant investment in Fusion IP which I believe, even in these times of austerity, reflects the confidence investors have in the commercial opportunities being developed from universities such as Cardiff. I look forward to hearing how this funding has helped convert our ground-breaking research into commercial and societal benefits".