12 May 2010
FreeHand Surgical Limited is being launched with new funding of £3.25 million and a strengthened management team to acquire Prosurgics. The aim of the new company is to exploit the laparoscopic (“keyhole”) surgery market in UK and USA which accounts for 2.5 million procedures each year globally. The technology comprises a robot arm that moves the surgical camera and which saves hospitals time and money. FreeHand Surgical’s “disposables” business model ensures an ongoing revenue stream after the robot arm is in place in operating theatres.
This innovative technology, used and admired by surgeons in the UK and USA, will be the centre-piece of the re-launched company which is being financed by European and UK investors.
New money has come from funds managed by Chord Capital, Hygea VCT and the Norwegian fund Fritas AS. Existing investors include the UK based VCTs, business angels and high net worth individual investors. Significant personal investments have also been made by the management team. FreeHand achieved FDA clearance last year and has been selling its robotic technology into US hospitals as well as the NHS and private hospitals in the UK.
Mark Kirby, Non-Executive Chairman, said:
“Keyhole surgery is a growth area and the FreeHand robotic camera controller has the potential to be adopted by all keyhole operating theatres in the UK and USA. Steady revenue is created from the sale of replacement sterile motorised modules which hold and move the camera. With new money and strengthened management, FreeHand now has a strategy to build on the success of surgeons who have seen that with superior control and vision they can cut the time of operations. As a time and cost saving device FreeHand appeals to both hospital accountants and to surgeons.”
How the robot works
When performing keyhole operations, surgeons depend for their vision on a small telescope and camera inserted into the patient’s abdomen. Traditionally this is held and moved by an assistant directed by the surgeon. FreeHand allows surgeons to control the camera themselves using simple head movements. In skilled hands use of the robot saves time and money as assistants are not required. Keyhole surgery is extending all the time to new areas and now covers general surgery, urological, and gynaecological specialities.
Last updated: 12 May 2010, 12:14 PM
