Dear , 

There are nearly 50 million medical practitioners in the world. Yet less than 2% of them have access to, or the skills required to scan with ultrasound, one of the fastest, safest and cheapest medical diagnostic tools available to medical practitioners.

The reason - it’s a difficult skill to learn and requires a high level of competence, which predominantly restricts its use to skilled, specialist practitioners. 

MedaPhor is using the latest advances in artificial intelligence and augmented reality to change this. Their new intelligent ultrasound software and simulation platforms aim to unlock the potential of ultrasound for all medical practitioners by:

• Training ultrasound with the most advanced hi-fidelity haptic and manikin based training and educational simulators
• Supporting ultrasound specialists with deep-learning based image analysis tools and augmented reality based ultrasound guidance tools
• Extending ultrasound to the mass market with artificial intelligence based automated scanning software for all medical practitioners 

Products and Technology
MedaPhor is split into two divisions: Ultrasound Simulation and Training 
Based in Cardiff (UK) and Atlanta (US), the ultrasound simulation and training division focuses on hi-fidelity ultrasound education and training through simulation. Its two main products are the ScanTrainer OBGYN and General Medical simulator training platform and the HeartWorks echocardiography simulator platform.  

Developed at Cardiff University, ScanTrainer is an ultrasound simulator and CPD platform offering transvaginal & transabdominal ultrasound education to trainees in an immersive, 24/7 self-directed learning experience. Features include real feel haptic feedback, real full-anatomy scans, real-time expert guidance via ScanTutor, structured curriculum learning, metric-based assessment and a range of cloud-based features, including the unique ability for a doctor to upload their own patient cases onto the simulator.

HeartWorks is recognised globally as the leading simulation solution for education in echocardiography, cardiac anatomy and lung ultrasound. Developed by consultant cardiac anaesthetists at University College London Hospital, it is unrivalled for quality, accuracy, and realism in the teaching of transthoracic and transoesophageal echocardiography.

In January 2018, MedaPhor plans to launch BodyWorks, its third major ultrasound simulator platform, which will be aimed at the global Point-of-Care simulator market.

To date, over 500 MedaPhor simulators have been sold to over 300 medical institutions in over 30 countries around the world. 

Intelligent Ultrasound Software 
Based in Oxford (UK), the intelligent ultrasound software division was acquired by MedaPhor in August 2017 and focuses on developing deep-learning based algorithms to make clinical ultrasound machines smarter and more accessible.

The first product, ScanNav, is expected to launch at the end of 2018.  Developed from the research of world leading Oxford University academic Professor Alison Noble OBE FREng FRS, ScanNav uses machine-learning based algorithms to automatically access and grade ultrasound images to provide scan assessment and audit of obstetric scanning. 

The division will also develop MedaPhor’s ultrasound needle guidance software, NeedleGuide, which aims to simplify ultrasound-guided needling by using deep learning and augmented reality to provide clinicians with pathway guidance and automated tracking for a range of medical procedures.

The Team
Riccardo Pigliucci, Non-Executive Chairman, was appointed Chairman of the board of MedaPhor in 2012. He has more than 30 years’ experience of guiding private and publicly listed high technology companies and brings a wide range of experience in sales, marketing, operations, financing, acquisitions and public offerings within the medical sector. He is a former President, COO, and Board Member of The Perkin Elmer Corporation, has served as CEO of Life Sciences International plc, CEO of Discovery Partners International was on the Board of Dionex, a public company purchased by Thermo Fisher for more than $2 billion in December 2010 and most recently was on the board of DVS Sciences, sold in January 2014 to Fluidigm for $207 million.

Stuart Gall, Chief Executive Officer, was appointed Chief Executive Officer in 2009. He was joint founder and executive director of Fusion IP plc, an AIM listed university IP commercialisation company, before its purchase by IP Group plc in 2014 for £100m. Stuart has over 25 years’ experience in both small company start-ups and public companies and previously worked at British Airways plc, The Promotions Partnership Limited, Anvil Limited and 21st Century Technology plc.

Wilson Jennings, Finance Director, was appointed Finance Director in May 2014. He qualified as a Chartered Accountant with Deloitte Haskins & Sells in 1984. Wilson has experience of setting up US and European operations from his time as finance director of Isis Research plc and spent 14 years as finance director and latterly chief executive officer of AIM listed 21st Century Technology plc.

Nick Sleep, Chief Technology Officer, was appointed Chief Technology Officer in August 2012. Before joining the Group, Nick ran his own consultancy specialising in providing management support to early stage companies, one of his clients being MedaPhor Limited. Nick is a software engineer by background, but has also run companies in areas as diverse as stem cell therapeutics and biofuels. Previous companies include The Technology Partnership, The Automation Partnership, Procognia and Magnecell.

Ian Whittaker, Chief Operating Officer, was formerly the CEO of Inventive Medical Ltd (IML), the cardio ultrasound simulation company that was acquired by MedaPhor in August 2016. Ian previously held roles at Hewlett Packard (HP) in the UK and EMEA. He was appointed to the UK Board in 2002, working as Vice President for HP’s UK Consumer, Imaging and Printing business. Since leaving HP in 2005, Ian worked for a number of blue chip US technology companies before being appointed as CEO of IML in 2010.

The Investment Case
The acquisition of Intelligent Ultrasound brings their artificial intelligence based ultrasound image analysis software development into MedaPhor's existing ultrasound based product portfolio, expanding their product range into the larger ultrasound related software market. Importantly MedaPhor’s existing management, R&D and sales networks make it well positioned to speed up the development and initial sales of the expanded product range. 

The potential for ScanNav to become an enabling software for ultrasound to become a mass-market diagnostic tool of the future is also interesting.
The company has a plan for growth which seems achievable, together with the necessary funding capacity provided by supportive investors, notably IP Group. 

We look forward to significant progress being achieved by the company in the foreseeable future. 

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