Shares digital

Designer and manufacturer of innovative surgical devices Surgical Innovations (SUN:AIM) has raised £4 million from investors to help fund its rapid growth. The Leeds-based firm issued just over 114 million new shares at 3.5p per share and expects to press forward with

its business development strategy in a bid to further strengthen and expand its operations, primarily across three areas.

The company wants to accelerate development of its minimally invasive surgery (MIS) product range, as well as put necessary manufacturing capacity in place. The group has seen strong growth in this area and has also seen encouraging results for its new range of the YelloPort Plus laparoscopic port access system, which enables access to the abdomen.

The proceeds will also help the group to enter into licence agreements to capitalise on the sales channels which have already been developed in the key North American and European markets, where purchasing procedures differ.

Lastly, funds will help the group to expand its marketing efforts in the US, where it has made a significant breakthrough in penetrating the laparoscopic market.

Surgical Innovations says that it will be seeking shareholder approval at an EGM on 11 June. The shares were fairly unsettled following the news but ended up at 4p, down 0.25p from the start of the day.

Shares says: Shares have been fairly volatile, its growth potential holds promise. Buy