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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Intelligent Ultrasound Group plc    MED   GB00BN791Q39

INTELLIGENT ULTRASOUND GROUP PLC

(MED)
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Medaphor : Innovate UK Grant Award

11/23/2017 | 01:12am EST

Conditional award to fund development of virtual reality aid for ultrasound-guided needling

MedaPhor Group plc (AIM: MED), the intelligent ultrasound software and simulation company, announces that it had been awarded a conditional grant offer from Innovate UK to fund the development of a new augmented reality imaging device to improve ultrasound-guided needling.

The grant of £464,000, which is conditional on a financial review by Innovate UK, was awarded as part of Innovate UK's Digital Health Technology Catalyst competition. The grant will part-fund the development of MedaPhor's NeedleGuide product, which the Company believes has the potential to revolutionise interventional ultrasound-guided needling.

Doctors use interventional needling in a variety of medical procedures including tissue biopsy, cannula insertion and administering regional anaesthesia, in a procedure known as peripheral nerve block (PNB). For many of these procedures, including PNB, the National Institute for Health and Care Excellence (NICE) recommends that ultrasound guidance should always be used.

The NeedleGuide product, which is in the early stages of development, combines existing technology developed by MedaPhor, with expertise brought to the Group through the recent acquisition of Intelligent Ultrasound Ltd. The augmented reality headset projects the ultrasound view over the patient's anatomy, highlighting the pathway the needle needs to follow to the target and then automatically tracks the needle tip to ensure that the operator is always aware of the needle's position in relation to the key anatomical structures. This minimises the potential for user error and offers the opportunity for considerable savings to the hospital.

Commenting, Nicholas Sleep, Chief Technology Officer of MedaPhor, said: 'We are delighted to have been awarded the Innovate UK grant, which will not only cover the majority of our development costs, but alsoprovides strong external validation of our technology and market need. NeedleGuide has enormous potential to improve patient outcomes, reducing the time and cost of these difficult procedures. We believe that this technology could reduce the cost of needling to all hospitals and have significant export potential as a new and world-leading digital health technology.'

MedaPhor Group plc published this content on 23 November 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 23 November 2017 06:11:02 UTC.


© Publicnow 2017
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Financials
Sales 2019 5,92 M 8,04 M 8,04 M
Net income 2019 -4,22 M -5,74 M -5,74 M
Net cash 2019 7,22 M 9,80 M 9,80 M
P/E ratio 2019 -4,23x
Yield 2019 -
Capitalization 41,1 M 55,8 M 55,8 M
EV / Sales 2018 1,23x
EV / Sales 2019 2,50x
Nbr of Employees 45
Free-Float 78,2%
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Managers and Directors
NameTitle
Stuart Arthur Gall Chief Executive Officer & Executive Director
Riccardo Pigliucci Non-Executive Chairman
Ian George Whittaker Chief Operating Officer & Executive Director
Helen Mary Kinsey Jones Group Finance Director & Director
Nicholas Sleep Executive Director & Chief Technology Officer