UK-based Oval Medical Technologies has developed a unique solution: a self-injector that’s small and easy to use, especially by patients suffer from Trypanophobia, a fear of needles and injections or those with limited dexterity
A revolutionary needle lock-out system ensures the needle is always hidden and eliminates the threat of needle stick injury. The unique design of Oval’s devices also allows for the delivery of high viscosity drugs that no other self-injecting device can currently deliver.
In the last four years, Oval has generated revenues of approximately £3.4 million through the development and sale of innovative devices to large pharmaceutical companies. Now they are looking to raise finance and step into the spotlight with a range of patented devices that are set to revolutionize the self-injected medications market.
Oval’s auto-injectors will allow more people to take control of their own medical needs, improving the lives of those who have to self-administer injections. The business is initially expecting to enter the $1.3 billion market for Sumatriptan – a migraine treatment drug – before moving into multiple established drug markets shortly after; including the provision of “EpiPens” for those who are allergic to nuts, bee stings or have other allergies that cause anaphylaxis.
A US study of 30 fatalities caused by anaphylactic shock revealed that the victims were mainly young adults or adolescents who were aware of their condition but were not carrying their epinephrine pen. The study found that a smaller, more modern looking and less conspicuous device is more likely to be carried than a large bulky device similar to those currently available.
Oval is looking to raise up to £1.5 million in total with the help of SyndicateRoom, and has already secured £375K from seasoned lead investors.
Founder and of SyndicateRoom Gonçalo de Vasconcelos noted, “We are extremely excited to be able to offer online investors the chance to invest alongside such seasoned industry professionals. Through their groundbreaking technology, Oval has the real potential to have a tangible, positive effect on the lives of people who have to self-administer medication on a regular basis, and we are proud to support them on their funding journey.”
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