Glasgow-based CardioPrecision has completed a fresh six-figure funding round to begin the roll-out of its technology for less invasive heart surgery.

The equity financing has been led by existing investors, principally London & Scottish Investment Partners, Discovery Investment Fund and Scottish Enterprise. Funding was also provided by InnoScot Health, which helps to commercialise new ideas emerging from the NHS in Scotland.

CardioPrecision was originally spun out of NHS Greater Glasgow & Clyde and InnoScot Health in 2007. The new bridging round of equity investment will allow the company to begin distribution of its technology following the relaxation of international Covid restrictions.

Its single-use CoreVista retractor and accessories allow cardiothoracic surgery to be performed through a short incision in the skin crease of the neck, which allows faster recovery than from traditional methods. Its creators say the patented technology could potentially be applied to a wide range of cardiothoracic procedures.

“We are grateful to all our investors for their continued confidence in the management team and the CoreVista technology," chief executive Dr Ying Sutherland said. "The company is committed to delivering growth and increasing shareholder value.”

Previously known as Scottish Health Innovations (SHIL), InnoScot Health is funded primarily by the Scottish Government to help identify and develop healthcare innovationsfrom the 155,000 professionals working across the NHS in Scotland. These range from relatively simple products such as RhinoPinch – a nasal clip to stop nose bleeds – up to the more complex end of spin-out companies.

“CardioPrecision has a platform technology for advancing cardiovascular solutions with the potential to significantly improve outcomes for patients,” InnoScot chief executive Graham Watson said. “We are delighted to support the company and its management team as it pushes towards getting its lifesaving technology to market.”

Roshan Maini, chairman of CardioPrecision, added: “We are delighted to receive investment from InnoScot Health, which has a track record of supporting healthcare innovation.”

Kerry Sharp, director of entrepreneurship and investment at Scottish Enterprise, said firms such as CardioPrecision have given Scotland a global reputation for innovation in life sciences.

"CardioPrecision is a great example of that strength in action, and we are pleased to continue our support for this early-stage exciting company breaking new ground in such an important field,” she added.

Scotch whisky veterans join first grain distillery in Borders

HeraldScotland:

The company planning to build the first grain distillery in the Scottish Borders has assembled senior figures from the Scottish drinks industry to steer the project through to full production at the St Boswells site.

Chief executive Trevor Jackson has announced the appointment of whisky industry veteran David Brown, formerly of Allied Domecq, Whyte & Mackay and John Crabbie & Co, as commercial director of the project.

Scottish law firm revives expansion plans to stay 'fit for future'

HeraldScotland:

Scottish legal firm Ledingham Chalmers has resurrected expansion plans made before the Covid pandemic with the acquisition of Inverness-based Anderson Shaw & Gilbert (ASG).

The deal brings two new partners into the fold at Aberdeen-based Ledingham Chalmers, taking the total to 29. The combined firm will have an overall headcount of 196 and revenues of approximately £14 million.

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