Confirmation of successful RGF bid

RNS Number : 2120R

Surgical Innovations Group PLC

01 November 2011

 



For immediate release

1 November 2011

Surgical Innovations Group plc

("SI" or "the Group")

SI receives confirmation of successful RGF bid

Surgical Innovations Group (AIM: SUN), the designer and manufacturer of innovative medical devices, is pleased to announce that it has received confirmation from the Department of Business, Innovation and Skills, that it is one of 119 successful bids in the UK in the second round of the Government's £1.4 billion Regional Growth Fund. 

The Regional Growth Fund (RGF) is a £1.4bn fund operating across England from 2011 to 2014. It supports projects and programs that lever private sector investment creating economic growth and sustainable employment.  It aims particularly to help those areas and communities currently dependent on the public sector to make the transition to sustainable private sector-led growth and prosperity.

SI has received a conditional offer, subject to due diligence, which has been earmarked for job creation, apprenticeships, training, development of innovative medical devices and manufacturing infrastructure.  The quantum of the funding to SI remains confidential at this stage of the process.

As part of the bid process, SI has committed to continue its own program of investment in the business, creating direct jobs and increasing the number of apprenticeships it offers over a three year period. 

Commenting on this announcement, Graham Bowland, Chief Executive Officer of SI said:

"This is a significant boost for the Group and we are incredibly pleased that our bid has been successful.  This funding will allow us to invest heavily in the business and its future growth through product innovation, manufacturing equipment and employment."

For more information on the Regional Growth Fund please visit: http://www.bis.gov.uk/policies/regional-economic-development/regional-growth-fund 

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For further enquiries:

Surgical Innovations Group plc
Doug Liversidge, Chairman
Graham Bowland, Chief Executive Officer                                                                              [phone]

Seymour Pierce Limited

Freddy Crossley/Sarah Jacobs                                                                                             Tel: [phone]

Corporate Broking

Marianne Woods/Jacqueline Briscoe                                                                         www.seymourpierce.com

The Communications Portfolio
Ariane Comstive / Caolan Mahon                                                                                 [phone] / 2029

Notes to Editors:

About Surgical Innovations Group plc  - see www.surginno.com 

Surgical Innovations Group plc specialises in the design and manufacture of innovative devices for use in minimally invasive surgery (MIS) and industrial markets.  As well as manufacturing single-use and reusable instruments for the laparoscopic market, the Group has pioneered its flagship Resposable® instrumentation combining both single use and reusable components, ensuring ongoing revenue streams and delivering the optimum procedure performance to cost ratio. 

Over 130 people are employed at the Group's 32,000 square feet facility in Leeds, with in-house design, plastic injection moulding and manufacturing equipment, producing products to the highest quality standards. 

The Group's patented products are sold through three main channels:

SI brand	Through an established network of 45 distribution partners, Surgical Innovations branded products are sold in all major medical markets including North America, Europe, South Africa, the Middle East, South-east Asia and Australia.
OEM and IP	The Group supplies large medical device companies on an OEM basis, collecting sales fees as well as IP license and royalty fees.  Clients include Teleflex Medical, Olympus and CareFusion.
Industrial	SI's patented segment technology has been applied to the industrial market enabling customers to undertake inspection and maintenance of large-scale equipment, such as turbines, in situ with minimum disassembly and downtime.

 

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