Bank hands over £2.5m funding

CLYDESDALE Bank has handed artificial limb maker Touch Bionics £2.5 million of funding to help boost the firm's international expansion.

The Livingston-based technology company, which was spun out of NHS Scotland in 2003, said it already employs more than 80 people.

Clydesdale said the funding would come through a mixture of loans and facilities to extend the company's working capital.

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Touch Bionics chief executive Stuart Mead said: "This new funding will help us meet our ambitious goals as we continue to grow the business in 2011.

"It's positive to see banks are starting to lend to high-growth companies again."

Touch's range of products include ProDigitals, which it claims are the first bionic fingers, I-limb hand, the first prosthesis with "fully articulating fingers that both looks and acts like a real hand", and LivingSkin, a "silicone product that closely resembles the appearance of natural skin". The funding comes as part of Clydesdale's "investing for growth" initiative.

Director of corporate and structured finance Graeme Sands said: "Touch Bionics has an excellent reputation within the technology sector. We are delighted to support this latest stage of the company's development."

Previous investors in Touch Bionics have included Archangel Informal Investments, TRI Cap and Scottish Enterprise's co-investment fund.