Cardiff University spin-out company to float on the London stock exchange
18 August 2014
University spin-out company MedaPhor Group plc ("MedaPhor"), the global provider of advanced ultrasound education and training for medical professionals, is pleased to announce that it has raised £4.7 million in its planned flotation on the AIM market of the London Stock Exchange.
MedaPhor's lead product is ScanTrainer, a virtual reality based 'real feel' ultrasound training simulator that enables trainees, of any level, to literally feel what they see on the computer screen in order to develop the complex mix of cognitive skills and eye-hand movement coordination required to learn all the key ultrasound scanning skills. MedaPhor is based in Cardiff and has offices in San Diego, USA.
The simulator uses real patient scans, within an educationally driven training programme, to teach the core and advanced ultrasound scanning skills without the need for an ultrasound machine or a patient and with considerably reduced expert supervision.
MedaPhor's ScanTrainer range of simulators includes advanced haptic simulators for teaching internal and external obstetric and gynecology scanning and a new general medical upper abdomen training simulator, aimed at the large radiology ultrasound training market, that was launched in San Francisco, USA in January this year.
Professor Nazar Amso from the School of Medicine is the founder of MedaPhor. He commented: "This is a wonderful accomplishment for MedaPhor and an exciting step towards fulfilling its ambition to be a global innovator in ultrasound simulation and education. As a founder, I am grateful for Cardiff University and our current investors' early support, and am delighted that the Company has attracted new major investors in its IPO."
Stuart Gall, CEO of MedaPhor Group plc, said: "This is a landmark event for the Company and we are grateful to our existing investors, especially IP Group, Finance Wales and founder Professor Nazar Amso, for their support, as well as welcoming our new investors, who include the Welsh Arthurian Life Sciences Fund. Medical simulation services continue to grow rapidly and we believe our products have the potential to make us a major player in the ultrasound sector of this exciting market. Moving to AIM provides us with the backing and visibility to deliver on our growth strategy."
Alan Aubrey, Chief Executive of IP Group, said: "This is a huge achievement for MedaPhor and will enable the Company to pursue its growth strategy in its target markets. MedaPhor became part of the IP Group portfolio through our recent acquisition of Fusion IP. It is the third IP Group portfolio company to float on AIM this year and a good example of how we continue to support our later-stage portfolio companies."
Richard Hadden, Investment Executive at Finance Wales, welcomed MedaPhor's intended move to AIM. He said: "MedaPhor's ScanTrainer simulator has been well received in its target markets and we're delighted that the Company now plans to raise new capital to facilitate its ambitious growth plans through AIM. Finance Wales is a cornerstone investor in MedaPhor. We've backed the Company over a number of investment rounds since 2009, including a recent significant pre-IPO round which has taken our total investment in the Company to over £1.5 million."
Professor Sir Christopher Evans, Chairman of Arthurian Life Sciences Ltd, said: "We have had MedaPhor on our radar since we launched our fund in 2013 and we're delighted to be partnering and investing with IP Group and Finance Wales on this exciting project. The Company has tremendous potential to capitalise on its early success in both the UK and the USA and we look forward to supporting its future growth and expansion."
Cenkos Securities is acting for MedaPhor as Nominated Adviser and broker in relation to the proposed Admission. Admission to trading on AIM is expected to take place on 27 August 2014, when the Company will have an anticipated market capitalisation of £10.1 million.