Cardiff-based medtech firm Intelligent Ultrasound Group is raising £5.2m to complete development work of its ScanNav liver and prostate products, which use AI algorithms to make ultrasound easier, as well as developing a Covid-19 variant.
The Alternative Investment Market listed firm, which has also a presence in Oxford, recently announced that it has released a Covid-19 training module for its BodyWorks ultrasound simulator, available for free to their hospital customers – and supplied a BodyWorks ultrasound simulator with this lung ultrasound module for free to the NHS Nightingale ExCel Hospital.
Lung ultrasound has major utility for the management of respiratory related Covid19 infection due to its safety, repeatability, absence of radiation, low cost and point of care use. It is also relatively easy to disinfect compared to alternative imaging modalities.
The placing of 49.4 million new shares will be to new and existing institutional and other investors. The placing has been arranged by Cenkos Securities.
It follows a successful £6m plus fundraising last year.
The latest fundraising is conditional on shareholder approved at a general meeting at the company's offices at the Cardiff Medicentre on May 4th.
The business was previously known as MedaPhor.
