New Bank Facility

RNS Number : 9965H

Surgical Innovations Group PLC

27 May 2014

 



Press Release

27 May 2014

Surgical Innovations Group plc

("SI" or the "Group" or the "Company")

New Bank Facility

Surgical Innovations Group plc (AIM: SUN), a leading creator of innovative medical technology addressing unmet clinical needs in minimally invasive surgery, is pleased to announce that it has entered into a £3 million banking facility from Yorkshire Bank's Business and Private Banking Centre in Leeds. The funding will be utilised to help SI enhance its existing services, as well as support the Company in meeting increasing demand from export markets.

Mike Thornton, Chief Financial Officer at Surgical Innovations, commented: "We are delighted to have selected Yorkshire Bank as our funding partner. Yorkshire Bank has demonstrated a keen interest in supporting SI and their facilities will help support the Company achieve its planned strategic growth objectives."

Steve Roe, Corporate Director at Yorkshire Bank, said: "The success of Surgical Innovations is testament to the experience, drive and expertise shown by the management team, and represents the entrepreneurial spirit of businesses in West Yorkshire. 

"As we begin to see signs of economic recovery, Yorkshire Bank remains focused on investing in the growth ambitions of the local business community."

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For further information please contact:

Surgical Innovations Group plc
Graham Bowland, Chief Executive Officer Mike Thornton, Chief Financial Officer	Tel:  [phone] www.sigroupplc.com
Nominated Advisor and Broker
Panmure Gordon Freddy Crossley (Corporate Finance) Adam Pollock (Corporate Broking)	Tel:  [phone] www.panmure.com
Media Enquiries
Abchurch Communications Jamie Hooper / Stephanie Watson [e-mail]	Tel: [phone] www.abchurch-group.com

Notes to Editors:

Surgical Innovations Group plc (AIM: SUN) is a highly reputable British-based medical device designer and manufacturer, focused on delivering clinical solutions for surgeons that are both cost-effective and efficient. Since the Group's inception in 1992, it has established itself as a pioneer within the laparoscopic surgery field through a successfully developed portfolio of innovative medical devices.

Surgical Innovations' innovative products are centred on its Resposable® concept which utilises a combination of disposable and reusable components to deliver cost-efficient solutions to healthcare organisations. Within the Group's SI Brand division, the portfolio of products includes port access systems, instrumentation and retraction devices.

The technologies used in SI's laparoscopic products can be adapted to meet the needs of surgeons in other specialties of minimally invasive surgery (MIS), including hip arthroscopy, cardiac and thoracic. SI is currently working with leading clinicians to develop tailored solutions in these emerging areas of MIS surgery. SI has successfully adapted its technology to the industrial sector, conducting "keyhole surgery" on jet engines, creating revenue streams from both development work and eventual device sales.

The business has a compelling market position with an established international footprint. Through its developed network of distribution partners, Surgical Innovations' branded products are being sold in all the major high growth medical device markets. With a balanced investment strategy focused on R&D, manufacturing, coupled with sales and marketing and clinical training, the Group is well positioned and has the management expertise in place to capitalise on the growing demand, gain market share and deliver return to shareholders.

For more information, please see www.sigroupplc.com

 

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