OR Productivity raises £1m to accelerate global rollout
25 September 2013. OR Productivity plc (ORP), the Guildford-based developer of innovative products for ‘minimally invasive’ medicine has closed the first £1m of a £2.5m round of funding for the roll-out of its FreeHand surgeon-controlled camera holder. The FreeHand makes it possible for surgeons to perform keyhole surgery procedures more quickly, at lower cost and often with faster post-operative recovery, by giving them a clearer and more stable view of what they are doing.
The £1m was raised mainly from existing shareholders, including £350K from the AngelCoFund, following its original £500K investment in 2012. ORP is in discussion with other individuals and funds with a view to closing, over the next few months, the remaining £1.5m it is looking for to complete its commercial roll-out. The Angel CoFund will also participate in that part of the round, increasing its total investment in ORP to £1m.
Since the Angel CoFund first decided to invest 12 months ago, sales of Freehand disposables have trebled; and the installed base has doubled. ORP will be using the funds to accelerate its commercial roll-out worldwide - and to support expansion of the clinical applications for the product. FreeHand has recently been used for the first time, for example: in a minimally-invasive lung lobectomy at Papworth hospital. New distribution partners are now representing FreeHand in much of Europe and the Far East; and ORP will be appointing a new US distributor later this year.
Jeremy Russell, OR Productivity CEO, said, “The continued support of the Angel CoFund, alongside our angel and VCT investors, has been a great help in giving us a solid funding base from which to develop our business. We are now able to push ahead actively with our international growth plans while we also bring on board new investors who want to share our vision of a wider business focussing on minimally-invasive medicine”
George Whitehead, Chairman, Angel CoFund, said, “We’re delighted to be able to provide follow on funding to OR Productivity. Our goal at the Angel CoFund is to get cash to UK businesses that really have the potential to scale - and with its incredible Freehand camera technology for surgeons there is no reason not to believe that OPR is going to have an international impact across the medical world.”
About Angel CoFund
Launched in 2011, the Angel CoFund is a
privately run fund that works alongside groups of business angels to invest in
high growth small and medium sized businesses across the UK, directly providing
funding as well as encouraging the expansion of the business angel market.
Backed by the new Business Bank and the Government’s Regional Growth Fund, the £100m Angel CoFund is able to make initial investments of between £100,000 to £1 million into businesses, alongside syndicates of business angels. To date the fund has supported 32 companies (for example Yplan, PlayJam and Micrima) providing over £10 million in direct investment alongside £40 million from business angels.
OR Productivity: www.orproductivity.com
FreeHand surgeon-controlled camera-holder: www.freehandsurgeon.com