In August 2014 Oval Medical Technologies successfully raised £1,118,647 to manufacture a pilot tool for its drug-device combination study. Two years later, in December 2016, Oval became the inaugural member of SyndicateRoom’s Exit Club following its acquisition by SMC Ltd.
Oval Medical Technologies has developed a unique, small and easy-to-use self-injector which holds more appeal for those with trypanophobia (fear of needles).
Between 2010 and 2014, Oval Medical Technologies had generated revenues of approximately £3.4m through the development and sale of innovative devices to large pharmaceutical companies. When the company launched its SyndicateRoom round, it was looking to step into the spotlight with a range of patented devices set to revolutionise the self-injected medications market and open it up to many more drugs.
This round was led by Jonathan Milner, Phil O’Donovan and Michael Day.
Where are they now?
Oval supplied this video on its progress in July 2015:
SyndicateRoom’s first exit
It gives everyone at SyndicateRoom great pleasure to welcome Oval to SyndicateRoom’s Exit Club – hopefully, the first of many more members to come.
The company is now an asset of US-based SMC Ltd., a provider of global contract manufacturing solutions regarding 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.
Media coverage of the exit:
- Tech City News – Cambridge-based Oval Medical Technologies acquired by SMC
- Crowdfund Insider – SyndicateRoom Reports First Exit for Investors as Oval is Acquired by US based Healthcare Manufacturer
- AltFi – SyndicateRoom notches “successful exit”, but details lacking
- Private Equity Wire – SyndicateRoom sees first exit with Oval Medical acquisition
- Insider Media – Cambridge tech firm deal marks first SyndicateRoom exit
- Cambridge News – Cambridge medtech firm is sold to Americans