Medaphor Group PLC Innovate UK Grant Award (2837X)
November 23 2017 - 2:00AM
UK Regulatory
TIDMMED
RNS Number : 2837X
Medaphor Group PLC
23 November 2017
MedaPhor Group plc
("MedaPhor" or the "Group" or the "Company")
Innovate UK Grant Award
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 GBP464,000, 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(TM) 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(TM) 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 also provides strong external validation of our
technology and market need. NeedleGuide(TM) 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."
Enquiries:
MedaPhor Group plc www.medaphor.com
Stuart Gall, CEO Tel: +44 (0)29 2075
Nicholas Sleep, CTO 6534
Cenkos Securities Tel: +44 (0)20 7397
8900
Camilla Hume/Bobbie Hilliam
(Nominated Advisor)
Michael Johnson / Julian
Morse (Corporate Broking)
Walbrook PR Tel: +44 (0)20 7933 8780 or
medaphor@walbrookpr.com
Paul McManus / Anna Mob: +44 (0)7980 541 893 / Mob:
Dunphy +44 (0)7876 741 001
About MedaPhor (www.medaphor.com)
MedaPhor (AIM: MED), the intelligent ultrasound software and
simulation company, develops advanced hi-fidelity haptic and
manikin based training simulators, clinical image analysis software
tools, augmented reality based needle guidance software and
artificial intelligence based automated scanning software for all
medical practitioners.
Based in Cardiff and Oxford in the UK and Atlanta in the US,
MedaPhor is split into two divisions:
Ultrasound Simulation and Training
Focuses on hi-fidelity ultrasound education and training through
simulation. Its three main products are the ScanTrainer(TM) OBGYN
and General Medical simulator training platform, the HeartWorks(TM)
echocardiography simulator platform and the BodyWorks Eve(TM)
Point-of-Care simulator platform (launching January 2018). Over 500
MedaPhor simulators have been sold to over 300 medical institutions
in over 30 countries around the world.
Intelligent Ultrasound
Focuses on developing augmented reality and deep-learning based
algorithms to make ultrasound machines smarter and more accessible.
ScanNav(TM) uses machine-learning based algorithms to automatically
access and grade ultrasound images to provide scan assessment and
audit of obstetric scanning. NeedleGuide(TM) aims to simplify
ultrasound-guided needling by using deep learning and augmented
reality to provide the user with pathway guidance and automated
tracking for a range of medical procedures.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCUUABRBVAAUAA
(END) Dow Jones Newswires
November 23, 2017 02:00 ET (07:00 GMT)
Intelligent Ultrasound (LSE:IUG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Intelligent Ultrasound (LSE:IUG)
Historical Stock Chart
From Apr 2023 to Apr 2024