Latest News

UK Bionic Hand Receives Financial Backing

Edinburgh April 11 2006: Touch Bionics, the Edinburgh-based bionic technology company that specialises in Upper Limb Prosthetics (ULP), today announced that it has secured further financial backing with a £500,000 investment from Archangel Informal Investments.

With Touch Bionics shortly entering its clinical test phase, this funding supports the Company's plans for the manufacture and supply of its first product, the i-LIMB Hand, into its initial target markets - the United States, Canada, Sweden and the UK. This investment is an 'enabling' addition to the £0.5m+ that the Company has so far raised through Archangels, Scottish Healthcare Innovations Limited (SHIL) and the Scottish Executive.

'We are very pleased to provide further backing to Touch Bionics. The Company has made significant progress in developing its products through engagement with its potential markets, particularly in the US.'" said Archangels' Chief Executive, John Waddell.

The Summer 2006 release of the i-LIMB Hand will be Touch Bionics' first product from its i-LIMB System - a complete endoskeletal system which includes shoulders, elbows, wrists and individual fingers. The i-LIMB Hand offers patients a radical step-change in the functionality of their prosthetic hand and the range of activities they are able to perform. Military and paediatric applications are supported through the flexibility of the hand's components which are configured for size, grip strength and power.

"We're in early discussions with key players in our target markets. With an estimated 2.5m amputees living in North America alone, and up to 10,000 upper extremity amputations each year in the US, we have a commercial advantage that we plan to move on quickly." commented Stuart Mead, CEO of Touch Bionics. "The worldwide demand for orthopaedic prosthetics is forecast to reach $9.61 billion by the year 2010 - the market is growing by 7.79% year on year." added Mead.

In early 2003 Touch Bionics was spun out from the NHS, with a significant shareholding held by Scottish Healthcare Innovations Limited (SHIL), to become the first SHIL spin-out to receive significant funding. "We're very happy to see the continued growth of Touch Bionics and have a growing expectation that the Company will provide both its NHS and private investors with excellent returns and another win for Scotland's medical innovation community." commented SHIL's CEO, Cameron MacDonald.

After 8+ years of development there is much expectation as Touch Bionics prepares itself for the market release of the Company's first bionic product, the i-LIMB Hand. "The jump from the laboratory to real patients is significant - be they a regular adult, a child or an injured soldier. Our soon to be announced Advisory Panel will assist us in navigating and educating the market to understand the step-change that we are introducing." added Stuart Mead.