Oval Medical Technologies became the inaugural member of SyndicateRoom’s Exit Club as the company was acquired earlier this week by the global contract manufacturer of pharmaceutical and finished medical devices SMC Ltd and 40 investors enjoyed a return in SyndicateRoom’s first exit for a crowdfunded offer since the platform was launched in 2013.
Oval’s exit proves the investor-led model perfectly, SyndicateRoom’s Co-Founder and CEO Gonçalo de Vasconcelos said, as SyndicateRoom’s investors equally shared the risk and are now reaping the same reward as these high-profile investors. This is an incredibly proud moment for Syndicate Room and fantastic news for investors.
Prior to top an overall raise of £1,118,647 in 2014 via the online investment platform which invented the investor-led model of equity crowdfunding, Oval Medical was founded in 2009 by Matthew Young to produce cutting-edge auto-injector technologies including a Epinephrine injector for treating patients for anaphylactic shock.
Now the company, as a part of SMC Ltd, will concur to build on its existing business in the drug delivery device market by growing and developing further core auto-injector technology.
Barbara Lead, CEO of Oval Medical Technologies confirmed the new combined entity
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.
Chetan N. Patel, President and Founder of SMC Ltd, added:
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. The Oval team brings a wealth of knowledge and experience in the design, development and manufacturing of inhalation products.