SyndicateRoom sees first exit with Oval Medical acquisition
Online investment platform SyndicateRoom is 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.’
Image: (From left–right): Gonçalo de Vasconcelos, Co-founder and CEO of SyndicateRoom; Barbara Lead, CEO of Oval Medical Technologies; and Tom Britton, Co-founder and CTO of SyndicateRoom.
For further information, please contact:
Katie de Cozar Rushforth
+ 44 (0) 7557 307 769
Rob Mindell / Darius Alexander
+ 44 (0) 20 3727 1000
To read more information, click here.
SyndicateRoom is an online equity crowdfunding platform that allows its members to co-invest in high-growth companies with experienced investors including some of the most prominent Business Angels in the UK.