Oval Medical wins £2m investment
Cambridge based Oval Medical Technologies has secured a £2 million investment from Wall Street-quoted company AptarGroup, Inc.
As part of the deal Illinois-based Aptar has become Oval’s preferred manufacturing partner and entered into a licence agreement to access Oval’s IP.Oval – based on the UK’s Cambridge Science Park – will receive an undisclosed up-front payment for this licence in addition to the £2 million investment.
AptarGroup, who will hold a 20 per cent stake in Oval following the investment, is recognised as the market leader in the development and manufacture of innovative drug delivery devices.
With this partnership, Aptar Pharma, the segment of AptarGroup that serves the pharmaceutical and biotech industries, aims to enter a new category and broaden its product portfolio and customer reach.
Oval is developing a novel autoinjector that is much smaller, easier and safer to use than any other device currently available.
Amongst its many benefits this will allow pharmaceutical partners to utilise Oval’s technology to deliver sensitive biological drugs that would not otherwise be able to be delivered in injectable devices and patients to have a device that is easily useable.
Oval is already working with a number of pharmaceutical companies to customise devices for specific therapeutic areas.
Oval chairman Peter Keen said: “Having spent the last year developing our technology and attracting commercial interest, this investment represents a landmark event in the development of Oval.
“Aptar Pharma’s recognised experience and global presence will enhance Oval’s credibility within the pharmaceutical market and we are delighted that they have become our preferred manufacturing partner.
“Oval will benefit from their experience and particularly as it moves forward and prepares for the scale up of its technology. The investment will provide Oval with financial resources to develop and commercialise its autoinjector technology more rapidly thereby ensuring that it remains a leader in the field.”
Through the licensing agreement, Aptar Pharma will gain access to Oval’s intellectual property within specific therapeutic areas to allow it to conduct its own research and development activities on Oval’s technology and combine them with its existing proprietary technologies and know-how.
Oval will obtain rights to certain Aptar Pharma developments that are related to Oval’s intellectual property outside the specific therapeutic areas.
• PHOTOGRAPH SHOWS: Peter Keen. Picture © 2011 Oval Medical Technologies Limited
