OR Productivity (ORP) has closed the first GBP1m of a GBP2.5m round of funding for the roll-out of its FreeHand surgeon-controlled camera holder.
The GBP1m was raised mainly from existing shareholders, including GBP350,000 from the AngelCoFund, following its original GBP500,000 investment in 2012.
ORP is in discussion with other individuals and funds with a view to closing, over the next few months, the remaining GBP1.5m 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 GBP1m.
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.
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 chief executive, says: “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, says: “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.”
