- Global pharmaceutical device manufacturer SMC Ltd. acquires Cambridge-based medical innovator
- 40 SyndicateRoom members see return on investment from 2014 fundraise
Cambridge – 13 December 2016 – Online investment platform SyndicateRoom is today celebrating its first exit for a company that raised funds on its platform. Oval, a cutting-edge medical technology company, designing and producing auto-injectors to enhance medical safety and address trypanophobia (fear of needles), has been acquired by US-based healthcare contract manufacturer SMC Ltd.
Oval Medical raised £1,118,647 in August 2014 via the SyndicateRoom platform, with 40 SyndicateRoom investors contributing to this total. SMC Ltd. is acquiring Oval to build on its existing business in the drug delivery device market, paving the way to grow and to develop further Oval’s core auto-injector technology.
Oval was set up in 2009 by Matthew Young, the company’s Chief Technology Officer, who from his experience with auto-injectors at Team Consulting had a vision of designing state-of-the-art auto-injectors, which would not only transform the patient experience but also meet the needs of 21st-century biologic drugs, offering a range of delivery volumes and capability to deliver high-viscosity formulations. Oval’s epinephrine auto-injector is a very small, cutting-edge device for treating patients for anaphylactic shock, while Oval’s sumatriptan auto-injector is being developed to treat patients with migraines and cluster headaches. A number of independent user studies have demonstrated that patients can use Oval’s devices without training and their small size makes them discreet to carry.
‘Pharmaceutical companies require reliable customised devices for their high-value biologics,’ said Barbara Lead, CEO, Oval Medical Technologies. ‘As part of SMC, Oval will be well placed to provide customers with devices that meet their needs and those of their patients. The combination of Oval’s design and development capability, and SMC’s capabilities in global manufacturing will ensure a high level of reliability in product performance and a fast route to market. These capabilities are also important for the acceleration of the development of our innovative epinephrine combination product. This small, innovative and reliable design is favoured by patients who need to carry these potentially lifesaving products at all times.’
Chetan Patel, CEO of SMC Ltd., said: ‘We are excited to have Oval Medical Technologies within the SMC family. SMC’s years of experience in medical device contract manufacturing paired with Oval’s innovative approach to drug delivery combination products create a complete solution for the pharmaceutical market. In addition to auto-injectors, the Oval team brings a wealth of knowledge and experience in the design, development and manufacturing of inhalation products.’
‘This is an incredibly proud moment for SyndicateRoom and fantastic news for the investors who chose to buy into Oval two years ago when it raised through the platform,’ said Gonçalo de Vasconcelos, CEO, SyndicateRoom. ‘It also proves the value of our unique investor-led model. All SyndicateRoom investors had access to the same class of share and the same price per share as the lead investors and both are enjoying the rewards of this acquisition fairly.’
For further information, please contact:
Katie de Cozar Rushforth
+ 44 (0) 7557 307 769
Rob Mindell / Darius Alexander
+ 44 (0) 20 3727 1000
SyndicateRoom is an online investment platform, encouraging transparency, fairness and access for all. By allowing members to co-invest alongside experienced investors in highly sophisticated opportunities, they get access to the same economic terms as the lead investors. This applies to opportunities across the entire funding journey, from early-stage private companies to premium segment listings on the main market of the London Stock Exchange.
About SMC Ltd.
SMC Ltd. provides global contract manufacturing solutions of single-use devices for the pharmaceutical, medical and diagnostics industries. With 700,000 square feet dedicated to healthcare manufacturing, SMC provides full product services from initial concept through to the final packaged device, including: programme management, design and development, product manufacturing, clinical manufacturing, electronics integration and global supply chain management.
About Oval Medical
Founded in 2009 by Matthew Young, Oval has developed unique technology platforms providing customised auto-injectors for delivery of up to 3 ml of drug formulations with viscosities up to 100 centipoise in small, user-friendly devices. Devices can also be developed for the delivery of formulations with much higher viscosities. Oval’s radical approach to the delivery of emergency drugs has enabled the design of an epinephrine auto-injector that is intuitive to use in a crisis and small enough to be carried discreetly in a pocket.