HealthTech firm Oval Medical Technologies has been acquired by global pharmaceutical device manufacturer SMC Ltd. Founded in Cambridge in 2009 by Matthew Young, Oval has developed unique technology platforms providing customized autoinjectors for delivery of up to 3 ml of drug formulations in small, user-friendly devices. These can also be developed for the delivery of formulations with much higher viscosities. Oval’s radical approach to the delivery of emergency drugs has enabled the design of an epinephrine autoinjector that is intuitive to use in a crisis and small enough to be carried discretely in a pocket, especially helpful to those who have a fear of needles.
Its acquisition by US-based SMC comes two years after it raised £1.1 million through the SyndicateRoom platform back in 2014. This is the first exit of a Syndicate Room-funded company and will see 40 SyndicateRoom investors enjoy a return. Barbara Lead, CEO at Oval Medical Technologies, said,
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.
SMC Ltd., on the other hand, provides global contract manufacturing solutions for single-use devices for the pharmaceutical, medical and diagnostics industries. It provides full product services from initial concept through the final packaged device; including program management, design and development, product manufacturing, clinical manufacturing, electronics integration, and global supply chain management. Chetan N. Patel, President, and Founder, SMC Ltd. spoke about the acquisition,
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.
The terms of the acquisition have not yet been disclosed.