Cambridge Medical Robotics Limited
("CMR" or the "Company")
CMR secures $20.3 million in Series A financing
CAMBRIDGE, United Kingdom, July 18, 2016 (GLOBE NEWSWIRE) -- Cambridge Medical Robotics Ltd, the private company developing a next-generation robotic system for universal minimal access surgery, announces that it has secured $20.3 million in a Series A funding round from new investors including ABB Technology Ventures ('ABB'), LGT Global Invest ('LGT') and Cambridge Innovation Capital ('CIC').
Following the successful start of clinical cadaveric trials in June 2016, investment proceeds will enable CMR to continue on its path towards becoming a global medical device manufacturer. Specifically, the proceeds will be used to progress development and commercialisation of its medical robotic technology, and to expand the team in preparation for regulatory approval.
In association with the financing, CMR has appointed to its Board of Directors, Dr Robert Tansley of CIC, Massimo Muzzi of ABB and Egor Kulkov of existing investor Escala Capital.
Commenting on the successful financing, Martin Frost, CEO of CMR, said: "I'm delighted to announce the support and endorsement of these leading international investors. The financing enables us to increase our engagement with our target market and prepare for commercialisation. We welcome the decision of ABB, a global leader in robotics, to cooperate with CMR in areas ranging from component sourcing to manufacturing as we now enter a critical phase in production and commercialisation."
Reynir Indahl, the Chairman of CMR, added: "This funding round is a transformative milestone as CMR, with positive results from recent preliminary cadaveric trials, seeks to be among the first to market with a fully versatile, affordable system expanding the range of procedures beyond that which are presently performed robotically."
Girish Nadkarni, President of ABB Technology Ventures, commented: "ABB invests in CMR as the company has what looks to be the next-generation platform for minimal access surgery, a field with an enormous potential given today's expanding needs in the health care industry. Furthermore, CMR's technologies can have even wider application as the robotic world moves toward fully versatile, collaborative robotic systems."
Dr Robert Tansley of CIC added: "Cambridge is recognised as a world-class cluster for both life sciences and technology. CMR is typical of the sort of Cambridge-based innovative businesses that we seek to support: in its case leveraging its cross-disciplinary networks to revolutionise the area of surgical robotics. We are very excited to support a next-generation leader in the rapidly expanding field of surgical robotics."
Mooreland Partners LLP acted as exclusive financial advisor to the Company.
Cambridge Medical Robotics
Martin Frost, Chief Executive Officer
Tel: +44 (0) 1223 755 300
Consilium Strategic Communications
Mary-Jane Elliott, Ivar Milligan
Tel: +44 20 3709 5700
About the CMR surgical robotic system
CMR's modular system uses state-of-the-art 3D high-definition imagery, significantly enhanced flexibility, and force feedback to provide surgeons with life-like sensitivity.
The system overcomes obstacles to widespread adoption of robotic minimal access surgery, namely robot size, instrument size, versatility, port placement, cost and ease of use, allowing the system to be highly utilised and cost-comparable to manual laparoscopic surgery.
About Cambridge Medical Robotics Limited
Cambridge Medical Robotics is a private company developing the next-generation universal robotic system for minimal access (or "keyhole") surgery.
Our vision is to make minimal access surgery universally accessible and affordable by significantly expanding the range of procedures that can be performed robotically. This will transform the existing market for surgical robotics.
Global annual revenues for robot-assisted minimal access surgery are presently approximately $4 billion and are anticipated to reach $20 billion by 20251.
Cambridge Medical Robotics was formed in 2014 and has its headquarters in Cambridge, United Kingdom. The company achieved the registration of its Quality Management System to ISO 13485:2003 by Underwriters Laboratories LLC® ('UL'), and the status as a UL Registered Firm, in September 2015.
For further information, please visit: www.cmedrobotics.com
About LGT Global Invest
LGT is a leading international private banking and asset management group that has been fully controlled by the Liechtenstein Princely Family for over 80 years. As per 31 December 2015, LGT managed assets of CHF 132.2 billion (USD 132.2 billion) for wealthy private individuals and institutional clients. LGT employs over 2200 people who work out of more than 20 locations in Europe, the Americas, Asia and the Middle East.
About ABB Technology Ventures
ABB Technology Ventures (ATV) is the strategic venture capital investment arm of ABB (www.abb.com). ATV has invested over $150 million into high potential industrial technology and energy companies aligned with ABB's mission of improving the efficiency, productivity and quality of its customers' operations while minimizing environmental impact. In turn, ATV portfolio companies dramatically accelerate their paths to commercialization through their access to ABB's deep R&D resources, global sales channels and wide-ranging partnerships.
About Cambridge Innovation Capital
Cambridge Innovation Capital ("CIC") invests in intellectual property rich companies in the Cambridge Cluster, combining a unique relationship with the University of Cambridge with deep financial and industry links to the area. The company strives to build leading businesses using a long term return strategy - removing the pressure to deliver the early exits associated with the traditional venture capital model.
CIC is led by an experienced investment team, an outstanding board and advisory panel of leading scientists and entrepreneurs. It is backed by long term institutional and strategic investors such as Invesco Perpetual, Lansdowne, University of Cambridge Endowment Fund, IP Group and ARM.
CIC has an unrivalled appreciation for world-leading scientific development given its position within the Cambridge Cluster. The company is committed to ensuring that its investment partners can build leading businesses from brilliant technologies - with the support of some of the most influential figures in the sector.
For further information, including details of other CIC portfolio companies, see www.cicplc.co.uk
1 Industry Forecast, Accuray Research
Source:Cambridge Medical Robotics Limited