Investment for Fusion IP firm

A FUSION IP portfolio firm has secured £510,000 in a funding round to help it develop its medical devices.

The funding will enable Asalus Medical, in which Sheffield-based university research commercialisation company Fusion IP has a 43% stake, to develop its first three products –  Clearvision, Snugport and Surehold.

The three innovative medical devices aim to improve the safety and efficiency of laparoscopic surgery, a modern surgical technique in which operations in the abdomen are performed through small incisions, as compared to the larger incisions needed in traditional surgical procedures.

The funding round includes a £220,000 investment from Fusion, matched by Finance Wales, and £60,000 from IP Group.

David Baynes, chief executive of Fusion IP, said: “We are delighted with Asalus’ progress. They have met all their development milestones to date and the customer reaction to the instruments has been particularly strong.

“This funding will enable them to significantly progress their lead product Clearvision and license Snugport and Surehold.”

Asalus’ chief executive Dominic Griffiths added: “We continue to believe that there is a gap in the market for a specialist incubator and developer of innovative medical devices, particularly in minimally invasive surgery market.

“Asalus’ team allows it to accurately screen new ideas for potential value and then rapidly prototype and test new devices. Our first three products are testament to this. We are delighted with the feedback we have received from end users of the devices and potential commercial partners. We look forward to 2011 with confidence.”