Development agreement for Industrial application

RNS Number : 2745F

Surgical Innovations Group PLC

22 May 2013

 



Surgical Innovations Group plc

("SI" or the "Company")

Development agreement for Industrial application

Surgical Innovations Group plc (AIM: SUN), the designer and manufacturer of creative solutions for minimally invasive surgery ('MIS'), announces that it has received funding approval with its long standing industrial partner worth over £210,000. The funding will be used to develop a bespoke solution for a device delivery system to be used in the on-wing inspection of jet engines.

This new funding stream follows a feasibility study carried out in 2012 and revenues relating to the project will be in addition to existing revenues from the use of SI's patented articulating segment technology in jet engine inspection and maintenance. In 2012, revenues from SI's industrial division contributed £101,000 (2011: £70,000).

SI's Endoflex™ Industrial product has been specially adapted to industrial applications and is based on core technology developed over the years in its surgical devices business. The product is designed to deliver tools, devices, sensors and probes precisely and repeatedly to a given target zone in a variety of industrial applications. Endoflex™ Industrial can provide access into inaccessible or hazardous spaces and minimises the need to disassemble complicated equipment and systems.

Graham Bowland, Chief Executive Officer for Surgical Innovations, said: "I am delighted that we continue to develop this relationship with our key industrial partner. If the development project is successful, there is a good opportunity to roll-out a number of these devices in 2014. We continue to seek opportunities where SI's intellectual property can be adapted to provide industrial solutions for major international companies."

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Enquiries:

Surgical Innovations Group plc		www.sigroupplc.com
Doug Liversidge, Non-Executive Chairman		Tel: [phone]
Graham Bowland, Chief Executive Officer		[e-mail]
Panmure Gordon (Nominated Advisor & Broker)		www.panmure.com
Freddy Crossley / Fred Walsh (Corporate Finance)		Tel: [phone]
Adam Pollock/ Victoria Boxall (Corporate Broking)
Walbrook PR Ltd	Tel: [phone]
Paul McManus	Mob: [phone] or [e-mail]
Lianne Cawthorne	Mob: [phone] or [e-mail]

Notes to Editors:

About Surgical Innovations Group plc

Surgical Innovations Group plc specialises in the design and manufacture of creative solutions for 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 100 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 distribution partners, Surgical Innovations branded products are sold in major medical markets including North America, Britain, South East Asia, Australasia and the Indian subcontinent.
OEM and IP	The Group supplies large medical device companies on an OEM basis, generating both sales and IP 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, in situ with minimum disassembly and downtime.

For more information, see www.sigrouplplc.com

 

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