27 Aug 2014 07:00
Medaphor Group plc ("Medaphor" or the "Company")
Admission and First Day of Dealings
Medaphor Group plc (AIM: MED), the provider of advanced ultrasound education and training simulators, is pleased to announce its admission to trading on AIM today. Dealings in the Company's ordinary shares will trade under the TIDM MED.
Medaphor is a global provider of advanced ultrasound education and training simulators for medical professionals. Medaphor's lead product is the ScanTrainer ultrasound simulator training platform. The ScanTrainer simulator assists students, doctors and sonographers to acquire ultrasound scanning skills, with minimal expert supervision and without the need for a patient to practise on.
Further details can be found on the Company's website at www.medaphor.com.
Summary of the placing
· The placing has raised approximately £4.7 million, before expenses, through the placing of 9,366,300 ordinary shares.
· The number of ordinary shares in issue immediately after admission will be 20,124,300, giving the Company a market capitalisation of £10.1 million at the placing price of £0.50 per ordinary share.
· The net proceeds received from the Placing will be principally used to fund the expansion of the Company's sales network globally and to fund the development of new applications for the ScanTrainer technology platform within complementary medical markets.
· Cenkos Securities is acting as Nominated Adviser and Broker to the Company.
About Medaphor
The Business
Medaphor sells a range of stand-alone ultrasound simulator hardware systems, together with a library of software modules for teaching and assessing specific ultrasound-scanning skills within hospitals, medical schools, university teaching schools and simulation centres.
The Company's plans include the development and launch of a cloud-based service that will enable local, regional, national and global integration of the ScanTrainer simulators.
Medaphor currently sells two simulator platforms:
- TVS: The ScanTrainer TVS uses an endo-cavity haptic probe and constraint to accurately replicate the feel of conducting transvaginal ultrasound examinations. In addition to core skill modules in gynaecology and first trimester obstetrics, the Group currently offers its customers a comprehensive library of advanced skills modules and case studies. The end user price for the TVS simulator ranges from £15,000 upwards, depending on configuration and modules purchased.
- TAS: The ScanTrainer TAS is a floor-mounted haptic device that removes the need for mannequins and provides a highly realistic abdominal scanning experience, replicating different patient and body part profiles. Core teaching modules are currently available for the ScanTrainer TAS in specialities such as obstetrics, gynaecology and general medical. The end user price for the TAS simulator system currently ranges from £35,000 upwards, depending on configuration and modules purchased.
Growth Strategy
Having achieved sales of 100 (mainly obstetrics and gynaecology) ScanTrainer systems into over 80 hospitals in 11 countries around the world, the Group is now focused on building its sales through:
- expanding its direct sales force in the UK, North America and any other markets which the Directors believe to be financially viable;
- expanding its global network of distributors;
- increasing the development and production of ultrasound case studies and assessment modules for its existing and future customer base;
- developing new applications for its ScanTrainer platform simulators that should enable it to target new markets such as Emergency Medicine, both as follow-on sales to existing customers and by opening up new customers; and
- developing new hardware applications to enable the expansion of the ScanTrainer platform simulators into potential new product sectors.
Riccardo Pigliucci, Chairman of Medaphor, commented: "The medical simulation market is growing strongly in response to global demand, facilitated by advancing technology. We believe our products have the potential to make us a major player in the ultrasound sector of this growing market and today's AIM floatation is an important milestone in enabling us to achieve this goal."
27 August 2014
Enquiries:
Medaphor Group plc
Stuart Gall Tel: 02920 756534
Cenkos Securities plc (NOMAD and Broker)
Bobbie Hilliam Tel: 020 7397 8900
Media enquiries:
Allerton Communications
Peter Curtain Tel: 020 3137 2500