Asalus Medical Instruments raises £450K in first round funding

Funding

Fusion IP, the quoted UK university technology commercialisation company has announced that its newly formed medical devices start-up Asalus Medical Instruments Limited, founded in January 2010, has raised £450,000 in its first funding round. This will allow it to advance its three new laparoscopic devices through preclinical development.

Both of Fusion’s investment partners, Finance Wales plc and IP Group plc participated in the round. This was IP Group’s first investment in a Fusion IP portfolio company under the agreement between IP Group and Fusion signed in November 2009. It was the sixth time Finance Wales has invested in a Fusion IP start-up.

Asalus, spun out from Cardiff University, is developing a range of medical devices to improve the safety and efficiency of laparoscopic surgery in which operations in the abdomen are performed through small incisions. There are several benefits to conducting laparoscopic surgery and, as a result, the number of procedures conducted using the technique has grown rapidly over recent years. Over 2 million laparoscopic operations per year are now performed in the US alone.

The three products that Asalus is developing are:

• A novel smoke and steam clearance device to clear electrosurgical smoke from both minimal access and open surgical procedures;

• An access port that will provide significant benefits over those currently on the market;

• A multifunctional device for the atraumatic manipulation of tissues and organs.

The company plans to seek further funding by the fourth quarter of 2010 that will allow it to complete development of the devices, after which licensing partners will be sought.

David Baynes, CEO of Fusion IP said, “Development of all three devices has progressed well and this funding will allow the company to take significant steps forward in both its clinical and regulatory development pathways.”