- Source : Press Release
- Date : 2010-03-01
- Companies : Oval Medical Technologies Ltd., Team Consulting Ltd.
Oval Medical Raises £492,000 in Seed Funding Led by The Cambridge Angels
Cambridge UK – March 1st 2010 Oval Medical today announces that it has raised £492,000 in an over-subscribed seed funding round to advance the development of its novel autoinjector and pre-filled syringe technology. The round was led by The Cambridge Angels, with Cambridge Capital Group, Team Consulting and others also participating. Founded in 2009 by Matthew Young, Oval Medical develops its proprietary syringes and autoinjectors which allow patients to inject themselves easily and safely with a minimum of training. New biological drugs bring great benefits in a range of therapy areas, but traditional injectors and syringes cannot always contain these drugs with acceptable levels of contamination, safety and reliability. Oval’s drug containment technology is particularly well suited for sensitive biological drugs. The seed funding will allow Oval Medical to advance the development of its technology and produce primary drug containers and a prototype device for validation by pharmaceutical partners. The Board has been enhanced by the addition of Dr Phil O’Donovan, Steve Dawson, Dr Catherine Beech, Jerry Turner and Barbara Lead. Matthew Young, the founder and CEO of Oval Medical, said "There is a real need for next-generation autoinjectors and prefilled syringes to allow the delivery of new therapeutic agents and biological drugs currently under development by pharmaceutical companies. I am delighted to have raised this funding from experienced investors and to have attracted such a breadth of expertise to the board. It truly validates Oval Medical’s approach to creating devices that will provide a safe and easy method for self administration of drugs." Dr Phil O’Donovan, of The Cambridge Angels, said "Combination drug delivery products were worth $38bn in 2008 and continue to grow at 14% per annum, consequently there is significant demand from within the pharmaceutical industry for the next-generation of autoinjector. We believe that Oval Medical is at the forefront of the development of new devices and has the vision to become a world leader in the provision of these devices to patients and their carers" For additional information please contact: Matthew Young/Catherine Beech Oval Medical Technologies 44 1223 437137 E mail: Matthew.email@example.com; Catherine.firstname.lastname@example.org; Further information: After more than ten years’ experience in developing injection devices with a leading medical product development consultancy, Matthew Young founded Oval Medical Technologies in 2009 to develop a novel parenteral drug delivery technology. Matthew is a renowned expert in autoinjector development. His work has encompassed industrial design, engineering, human interface design, manufacture, quality systems, regulatory compliance, material selection, technical due diligence and project management. Existing devices and drug containment systems are not always suitable for sensitive biological drugs and have necessitated the withdrawal of therapeutic agents from the market. Oval Medical’s approach will allow patients to self inject easily and safely with a minimum of training. Pharmaceutical partners will be able to utilise this technology to
contain drugs that would not otherwise be able to be delivered in prefilled syringes or autoinjectors.