MedaPhor Group to raise £7.1m; proposes name change

(Sharecast News) - MedaPhor Group on Monday said it was raising a total of £7.1m to develop intelligence-based products for regulatory approval.The company also proposed a name change to Intelligent Ultrasound Group.In a statement, MedaPhor said it would place 59m shares with private investors and a £2.1m open offer, both at 8.5p each.The group wants to develop its ScanNav AutoCapture and ScanNav AnatomyGuide products."This is an important fundraise for the group that will enable us to continue the development of our range of AI-based ultrasound software tools in this new and exciting market," chief executive Stuart Gall said.He added that 2019 would be "an important year as we look to secure an OEM agreement for ScanNav AutoCapture in the global obstetrics market and submit ScanNav AnatomyGuide for regulatory approval".