Oval Medical raised £1,118,647 in August 2014 crowdfunding on SyndicateRoom. The offer saw the participation of 40 SyndicateRoom investors. The company offered 25% equity in the EIS qualified investment. Today Oval is announcing it has been acquired by SMC Ltd., a US-based contract manufacturer in the healthcare industry. This is SyndicateRoom’s first exit for a crowdfunded offer since the platform launched. Specific terms of the acquisition were not revealed.
Gonçalo de Vasconcelos, CEO, SyndicateRoom, said this was a proud moment for SyndicateRoom;
“This is … fantastic news for the investors who chose to buy into Oval two years ago when it raised through the platform. It also proves that our unique investor-led model, where all SyndicateRoom investors had access to the same class of share and the same price per share as the lead investors, are enjoying the rewards of this acquisition fairly.”
Cambridge-based Oval was set up in 2009 by Matthew Young who from his experience with autoinjectors at Team Consulting had a vision of designing state-of-the-art auto-injectors. Young sought to transform the patient experience but also to meet the needs 21st-century biologic drugs, offering a range of delivery volumes and capability to deliver high viscosity formulations.
Oval’s Epinephrine (ie – Epi Pen) auto-injector is a very small, cutting-edge device for treating patients for anaphylactic shock, while Oval’s Sumatriptan 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 discrete to carry.
Barbara Lead, CEO, Oval Medical Technologies, said their company will be well placed to provide customers with their needs as part of SMC.
“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 favored by patients who need to carry these potentially lifesaving products at all times”.
Chetan Patel, CEO of SMC, said they were excited to add Oval Medical to SMC.
“SMC ‘s years of experience in medical device contract manufacturing paired with Oval’s innovative approach to drug delivery combination products creates a complete solution for the pharmaceutical market. In addition to autoinjectors, the Oval team brings a wealth of knowledge and experience in the design, development and manufacturing of inhalation products.”
SyndicateRoom has raised over £62 million since platform launch. The crowdfunding platform has strategically taken an investor driven approach where each offer listed on their site is lead by a professional Angel or VC. Terms are always the same.
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