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£2.5 million investment for Touch Bionics

£2.5 million investment for Touch Bionics...

Prosthetic technology company, Touch Bionics, is set for a major period of expansion after securing £2.5 million in new investment. Approximately half of the new funding announced today came from Scotland's largest provider of angel funding, Archangels, with match funding from the Scottish Venture Fund.

Livingston based Touch Bionics is a provider of world-leading prosthetic technologies and supporting services designed to achieve positive outcomes for people with upper limb deficiencies.

Last month at the American Orthotic & Prosthetic Association National Assembly in Las Vegas, Touch Bionics unveiled the i-limb ultra, an upgraded version of its prosthetic hand, and virtu-limb, a prosthetic training and simulation tool, as well as its new living image system, which accurately captures the colour and appearance of limbs for silicone prostheses.

The new funding will allow Touch Bionics to significantly increase its sales infrastructure, through which its new product range can be supported, whilst also supporting the continued development of new and existing products, consolidating its position as a leader in upper limb prosthetics.

Ian Stevens, CEO of Touch Bionics said: "We are pleased to have secured this funding from Archangels and the Scottish Venture Fund, which will help support our growth objectives. Our new products, backed by a growing sales and support organisation, will ensure that we continue to provide the best prosthetic solutions to our customers, and this investment provides us with the financial backing to support these objectives."

John Waddell, Chief Executive of Archangels, said: "Touch Bionics presented us with a business plan that showed both innovation and vision. The company has already established itself as a world leader in its field and we think the investment being announced today will help consolidate that position and develop the next generation of products."

Touch Bionics appointed Ian Stevens as CEO in May 2011, Ian was previously CEO of medical device company Mpathy Medical. Alongside Ian's appointment, Jill McGregor joined as CFO from retinal imaging company, Optos.