Asalus: Spin-Out Product 'Innervision' Set For Clinical Trials
Cardiff University Spin-Out Asalus Medical Instruments ("Asalus") set for ‘in-man’ clinical trials of the revolutionary Innervision electro-surgical device
Asalus has completed a first closing of its £0.7m funding round, following a successful pre-clinical study of its lead product, Innervision, a revolutionary electrosurgical device able to instantly clear smoke during surgery and allow vastly improved vision for the surgeon. Having secured the funding, final regulatory approval will be sought for Innervision - prior to a ‘first-in-man’ clinical study. The expected launch date for the finalised product is in 2013.
Innervision is one product in a range of laparoscopic surgery devices being developed by Asalus. Laparoscopic surgery is 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. There are several benefits to conducting laparoscopic surgery and, as a result, the number of procedures conducted using this technique has grown rapidly over recent years. Over 2 million laparoscopic operations per year are now performed in the USA alone.
Asalus’ three products are:
• INNERVISION - a novel smoke clearance device in which electrosurgical smoke is cleared from both minimal access and open surgical procedures;
• SUREHOLD – a novel, multi-functional device for the atraumatic manipulation of tissues and organs. and
• SNUGPORT - a novel access port that will provide significant benefits over those currently on the market.
The £292k first closing includes investments from existing investors Fusion, Finance Wales and IP Group plc. Investors have an option to invest a further £392k, subject to investor approval and the achievement of milestones. Following the first closing, Fusion will have a 46% undiluted shareholding in Asalus (44% if the further option to invest is taken up).
Peter Grant, Operations Director of Fusion, said
“Innervision, which provides a simple and highly effective means of maintaining a clear visual field during laparoscopic surgery, continues to meet its development milestones as well as excite surgeons and distributors alike. The product answers a clear requirement within the sector and we are very pleased with the market feedback and progress of this novel product. Asalus is a product of our strong working relationship with Cardiff University, with whom we continue to identify and develop further exciting inventions.”
Dominic Griffiths, MD of Asalus said:
‘2011 was a fantastic year, with development work completed on time and on budget. Our investors continue to recognise the potential value of our products and our ability to deliver. These funds will allow us to reach the critical milestone of completing a clinical trial with Innervision and the excellent results obtained in the GLP preclinical study give us confidence that the trial will meet its endpoints”.
Ann Casey, Investment Executive at Finance Wales, said:
“Asalus has so far achieved all its milestones on time and to budget to achieve excellent pre-clinical outcomes for Innervision. With this further investment, we’re confident the company will successfully complete clinical trials.”