LONDON--(BUSINESS WIRE)--Runfold Medical, a Hampshire-UK based developer and manufacturer of medical devices, has raised £2.5 million through a private placement arranged by Nash Fitzwilliams Ltd., a specialist corporate finance firm based in London which has supported the company since completing the MBO in 2006.
As part of this placement, the company has acquired Zimed Ltd. and will take over the development, production and marketing/sales of the AD Syringe Driver, a drug infusion pump used for accurately delivering intravenous drugs both in the hospital and in the ambulatory market.
Clive Gunther, Chief Executive of Runfold Medical, commented: “This acquisition and the additional capital provide an exciting opportunity to expand earnings from our proprietary product portfolio. Early market feedback suggests that this innovative product, developed in the UK and now manufactured at our new facility in Fareham, Hampshire, will provide excellent healthcare benefits.”
Proceeds from the financing will also fund the completion of the development of its range of Scopeguard® endoscopic sheaths, including an extension of the range into the ear, nose & throat sector. Endoscopic sheaths are highly effective in controlling infection and significantly reducing costs associated with endoscope usage. In addition, the company has invested a portion of the proceeds to build clean rooms and complete the fit out of its new, state-of-the-art facilities in Fareham to provide additional manufacturing capacity for its medical device clients.
About Runfold Medical
Runfold Medical, established in 2000, is an FDA approved medical device manufacturer which combines design, engineering, commercialization and regulatory services to OEMs looking to commercialize products or free up internal resources, thereby accelerating development and time-to-market. Clients include highly regarded global businesses such as Coloplast, Vygon, Microsulis and Pall Corporation. In addition, the company has a proprietary product range including Scopeguard® endoscopic sheaths www.scopeguard.co.uk These products enable the sterile use and re-use of endoscopes, thereby offering substantial cost, time and clinical advantages to NHS Trusts and other endoscope users.
About Zimed
Zimed Ltd. is a medical device company formed in 1999 following an MBO by Raj Uppal and others. Its flagship product is a state-of-the-art AD Syringe Driver, a drug infusion device used in hospitals, at home or on the move.