Surgical Innovations (SUN)
SURGICAL INNOVATIONS | Si To Benefit From 505m Rgf Grant | RNS
Surgical Innovations Group plc
("SI" or the "Company")
SI to benefit from £5.05m RGF Grant
Surgical Innovations Group plc (AIM: SUN), the designer and manufacturer of innovative medical devices, announces it has formally signed the Regional Growth Fund ("RGF") Final Grant Offer Letter, worth up to £5.05m to SI in Government funding. The grant will be used to develop a state of the art research and development facility and clinical training centre, with a reasonable expectation of creating over 300 jobs in the Leeds City region over the next 12 years.
The RGF is a £2.4bn fund operating across England to be invested over a three year period. The fund supports projects and programmes 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. As part of the agreement SI will commit to £8.7m in capital investment by the end of 2015.
The RGF grant will benefit SI by contributing infrastructure funding to implement the Company's long term strategy for growth through enhanced product development in new clinical areas of Minimally Invasive Surgery. It will enable the creation of a clinical training centre allowing SI to further the relationships it has with leading clinicians, both UK and international, and will act as a magnet for pioneering surgeons looking to develop new skills and instrumentation in minimal invasive surgery.
Graham Bowland, Chief Executive Officer for Surgical Innovations, said: "We are delighted to announce that SI have signed the Regional Growth Fund document. It will allow SI's profile to grow internationally, deliver sustainable jobs and achieve future growth for the Company and the Leeds City Region through establishment of the Leeds Medical Technology Park."
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Surgical Innovations Group plc
Doug Liversidge, Non-Executive Chairman
Tel: +44 (0) 113 230 7597
Graham Bowland, Chief Executive Officer
Seymour Pierce Limited
Mark Percy (Corporate Finance)
Tel: +44 (0) 20 7107 8000
David Banks (Corporate Broking)
Walbrook PR Ltd
Tel: +44 (0) 20 7933 8780
Mob: 07980 541 893 or firstname.lastname@example.org
Mob: 07584 391 303 or email@example.com
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 120 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:
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.
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.
This information is provided by RNS