VC-backed MedaPhor to float

Ellie Pullen
20 August 2014

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MedaPhor Group, a UK provider of training technology for medical professionals backed by several investors, has announced its intention to raise up to ТЃ4.7m in an IPO on the London Stock Exchange (LSE).

MedaPhor plans on listing on the AIM of the LSE on 27 August. It hopes to raise £4.7m in its IPO, resulting in a free-float of around 21.4%.

The amount would give MedaPhor a market cap of £10.1m. Cenkos Securities is acting as nominated adviser to the company.

MedaPhor is backed by Finance Wales and IP Group through its Top Technology Ventures and Fusion IP subsidiaries. Pre-IPO, Finance Wales holds a 31.5% stake – which will be reduced to 23.1% post-IPO – while IP Group owns a 46.1% shareholding, to be increased to 47.2% post-IPO.

The company first received funding in December 2009, securing £190,000 from Finance Wales and Fusion, with the latter paying £75,000 for a 36.7% stake, according to unquote" data.

In May 2010, the two investors injected a further £325,000 into the business. This was followed by a third funding round in August 2012, with Finance Wales, Fusion and Top Technology collectively providing MedaPhor with £1.05m.

Top Technology invested £45,000 while Finance Wales and Fusion each contributed £30,000, according to unquote" data.

MedaPhor span out of Cardiff University in 2004. The company is headquartered in Cardiff with an additional office in San Diego that opened at the start of this year. Stuart Gall is its CEO.

The business develops ultrasound training technology for medical professionals. Its Scantrainer product is a virtual reality ultrasound training simulator, designed to teach doctors and sonographers the complex ultrasound scanning skills in a non-medical environment and without the need for a patient.