Runfold Medical, a Hampshire, UK based developer and manufacturer of medical devices, has raised £2.5m through a private placement arranged by Nash Fitzwilliams, a corporate finance firm based in London.
As part of the placement, the company has acquired Zimed 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.
Runfold Medical CEO Clive Gunther said the acquisition and the additional capital provide an exciting opportunity to expand earnings from their 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," Gunther said.
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 and throat sector.
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.