Invest in Medusascope
Up to 2017, Surgical Synergy Limited (SSL) has raised £650k through 3 private equity tranches and 2 Government grants. This allowed us to design, develop and test the original α-prototype. The findings and lessons learned have underpinned the evolution of the current β-prototype, which now meets the functional requirements originally defined and will shortly enter further user testing.
This EIS round, with HMRC advance approval confirmed, seeks a further £1.15m equity funding. £200k has already been committed by existing investors, leaving £950k to close the round. A £350 SMART Grant application has been positively received, though we need to demonstrate the success of this funding round before it moves onwards to award. This round is required to provide the resource for refinement, manufacturing design and completion of accreditation ready for transition and entry into market.
There is a potential “Series “A” round to follow, once CE certification has been achieved, for £4m as a final equity tranche. This round is required to fund the FDA accreditation and development of the additional products planned for the SSL product pipeline.
Use of Funds
The funding currently sought enables Surgical Synergy to complete Phase Two and create a market ready product that meets surgeon need and expectations, capable of successful testing and accreditation prior to market entry. A further funding round will expand the range of products to include articulated and small bore versions, not only compounding sales targets but also opening up new markets and operations not possible with current instruments.