24th Jan 2014 12:45
LONDON (Alliance News) - Fusion IP PLC, the company set to be bought by IP Group PLC, Friday said Cardiff University spin-out Asalus Medical Instruments has received a CE mark, which will allow hospital across the EU to use its Ultravision system.
The Ultravision system is a technology for handling the surgical smoke produced during laparoscopic surgery.
Fusion owns a 44% shareholding in Asalus, which also is funded Finance Wales Ltd and IP Group.
"Achieving the CE Mark on its Ultravision product is a significant milestone for Asalus. It will now be the springboard for its commercialisation phase. This is a major step forward in Asalus' development, and we wish the team well," Ann Casey, investment executive at Finance Wales, said in a statement.
Asalus Managing Director Dominic Griffiths said the Ultravision system is the first of several devices the company hopes to launch to improve the safety and efficiency of laparoscopic surgery.
Laparoscopy is a type of surgical procedure that allows a surgeon to access the inside of the abdomen and pelvis without having to make large incisions in the skin.
It is also known as keyhole surgery or minimally invasive surgery.
Fusion IP said about six million laparoscopic procedures are performed every year.
"In parallel to being awarded the CE for Ultravision, Asalus has also been awarded ISO13485 and ISO9001 quality management certification. This will allow the company to expand Ultravision into additional minimal-access surgery applications," Fusion IP said in a statement.
On Thursday, IP Group said it will buy the 79.9% of Fusion IP that is doesn't already own in a deal that values Fusion IP at GBP87.8 million.
Fusion IP shares were Friday quoted at 76.00 pence, down 0.50 pence, or 0.7%. IP Group was quoted at 168.10, down 3.9%.
By Samuel Agini; [email protected]; @samuelagini
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Ip Group