SyndicateRoom sees first exit with Oval Medical acquisition

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SyndicateRoom

14 December 2016

Forty SyndicateRoom members see return on investment from 2014 fundraise, as global pharmaceutical device manufacturer SMC Ltd. acquires Cambridge-based medical innovator

Online investment platform, SyndicateRoom, is today 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 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 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 customized 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 favored 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 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.”

“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.”

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