The private placement was arranged by Nash Fitzwilliams Ltd., a specialist corporate finance firm, which has supported the company since completing the MBO in 2006.
As part of this placement, the company has acquired Zimed Ltd. and will take over the development, production and marketing/sales of the AD Syringe Driver, a drug infusion pump used for accurately delivering intravenous drugs both in the hospital and in the ambulatory market.
Runfold Medical intends to use the proceeds from the financing will also fund the completion of the development of its range of Scopeguard® endoscopic sheaths, including an extension of the range into the ear, nose & throat sector.
Established in 2000 and led by CEO Clive Gunther, the company provides design, engineering, commercialization and regulatory services to OEMs looking to commercialize products or free up internal resources, thereby accelerating development and time-to-market. Clients include global businesses such as Coloplast, Vygon, Microsulis and Pall Corporation.
Zimed is a medical device company formed in 1999. Its flagship product is an AD Syringe Driver, a drug infusion device used in hospitals, at home or on the move.