HealthTech firm Oval Medical Technologies has been acquired by global pharmaceutical device manufacturer SMC Ltd.

Founded in Cambridge in 2009, Oval is a medical technology company that designs and produces auto-injectors to enhance medical safety and help those who have a fear of needles.

Its acquisition by US-based SMC comes two years after it raised £1.1m via the SyndicateRoom platform in 2014.

This is the first exit of a Syndicate Room-funded company, and will see 40 SyndicateRoom investors enjoy a return.

Barbara Lead, CEO at Oval Medical Technologies, said: “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,” she added.

One of Oval’s products is an Epinephrine auto-injector – a small device for treating patients for anaphylactic shock. Another is the Sumatriptan, which is being developed to treat patients with migraines and cluster headaches.

Chetan Patel, president and founder at SMC Ltd, said he was “excited” about his firm’s acquisition of Oval Medical Technologies.

“In addition to autoinjectors, the Oval team brings a wealth of knowledge and experience in the design, development and manufacturing of inhalation products,” he added.

The terms of the acquisition have not been disclosed.