MedaPhor losses widen; raise £3.2m in placing

Medical equipment maker MedaPhor said full-year pretax losses increased to £1.7m from £1.5m as it announced it had raised £3.2m in a cash call.

Revenues were up 22% to £2.2m with the UK leading the way despite "weak NHS funding", the company said, adding that sales were boosted by a number of large multi-system sales orders from educational institutions. US sales rose 13%, thanks to a new partnership agreement with the American Board of Obstetrics and Gynecology (ABOG).

MedaPhor makes advanced ultrasound education simulators for medical professionals.

"Current trading is in line with management's expectation and we have a healthy pipeline order book which, combined with the recent ABOG contract win and the funding outlined above, gives the group a solid platform to support future growth," the company said.

On 31 March 2016 MedaPhor said it planned to place 7.1m new shares at a price of 45p each. It said it had received binding commitments from investors.