Multi-million-pound deal for MedaPhor
26 September 2017
MedaPhor, a spin-out from Cardiff University, has agreed a deal to purchase Intelligent Ultrasound.
Founded in 2004, MedaPhor is a global provider of advanced ultrasound training simulators for medical professionals. Intelligent Ultrasound, itself a spin-out from the University of Oxford, develops products and services that make ultrasound imaging a more effective diagnostic tool. Subject to shareholder approval, MedaPhor will acquire the imaging analytics company for up to £3.6m.
A share placing has also seen MedaPhor raise £5.5m to further develop Intelligent Ultrasound’s products as well as its own augmented reality products, simulator and training division. In addition, the new funds will finance the working capital requirement of the MedaPhor Group.
Stuart Gall, MedaPhor Chief Executive, said: “This is a strategic acquisition that will expand our existing ultrasound training simulator business into the larger clinical ultrasound software market...”
"Combining Intelligent Ultrasound’s exciting deep learning image analysis software with our existing management, R&D and sales networks, will speed up the commercialisation of the Intelligent Ultrasound products currently in development and we look forward to working with their excellent team to realise this objective."
The deal coincides with the announcement that MedaPhor has won a multi-system simulator contract at Mohawk College in Canada. MedaPhor’s ScanTrainer simulator offers a unique self-learning ultrasound scanning experience that replicates being taught one-to-one by an expert. It 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.
Professor Nazar Amso, founder of MedaPhor, said: “We are delighted to see MedaPhor go from strength to strength. Mohawk College run the biggest sonography education programme in Canada; it is exciting to think of the impact we will be making on the next generation of clinicians.”
Listed on the AIM market of the London Stock Exchange, MedaPhor has headquarters in Georgia, USA and Cardiff’s Medicentre. A joint venture between the University and Cardiff & Vale University Health Board, the Medicentre offers incubation space to leading medtech and biotech companies and is located on the grounds of the University Hospital of Wales. Dedicated to supporting early-stage life sciences businesses, it has a strong track record in helping companies like MedaPhor grow into successful operations that sell products and services globally.
Dr Justin John, Business Incubation Officer at the Medicentre, said: "MedaPhor are a fantastic example of what we believe in at the Medicentre. They are ambitious, with an international outlook and foundation of clinical excellence."
