Fusion IP (AIM: FIP), the university commercialisation company which turns university research into business, has announced that its 36.7% owned Cardiff based partner company Medaphor has launched the first of its new trans-vaginal ScanTrainer ultrasound training simulators. It is currently looking for overseas distributors and is planning to launch additional systems for trans-abdominal and general medical markets.
ScanTrainer was launched on schedule at the British Society for Gynaecological Imaging annual scientific meeting at the Royal College of Obstetricians and Gynaecologists in London and will hit the markets in May.
Fusion IP said Medaphor's simulator combines the latest generation animation and 'real-feel' haptic simulation techniques with curriculum-based interactive learning modules, to provide fast, effective ultrasound training. These systems are designed to provide ultrasound learning in a non-clinical environment to solve the current resource conflict between the provision of clinical service and the need to train, also freeing up the need for direct expert supervision to cut the costs. The systems are priced at £25,000.
“This is an exciting time to be a shareholder in MedaPhor, as the company takes its first product to market. We look forward to MedaPhor announcing UK sales of the system and the signing of overseas distributors for ScanTrainer before the end of 2010,” said chief executive of Fusion IP David Baynes.
At the end of March, Fusion IP reported its first interim profit of £0.9 million after revenues increased from £0.1 million to £0.8 million after the company secured its first major IP licensing deal from the agreement with Sheffield University during the first half.
Three more spin-out companies were created during the period, comprising Asalus Medical Instruments, Seren Photonics and Progenteq, while the fair value of investments rose from £0.5 million to £0.8 million.
Fusion IP has a co-investment agreement in place with IP Group, which gives the latter the right to acquire at a predetermined portfolio company valuation of £500,000, 20% of Fusion's equity in any new portfolio company formed from its agreements with Cardiff University and Sheffield University, which normally equates to a 12% stake in the new portfolio company's share capital.
Disclosure: The author holds no positions in the company