Team Consulting
Leading medical technology firm Team Consulting has joined the consortium of investors that is providing seed funding to Oval Medical Technologies, a developer of proprietary medical pre-filled syringes and autoinjectors.
Team will be joining with others, including The Cambridge Angels and Cambridge Capital Group, to provide Oval Medical with near to £0.5 million of new funds in exchange for equity. This investment will enable Oval Medical to rapidly advance the development of its injection technology, including the production of new drug containers and prototype injection devices for validation by pharmaceutical partners.
Team Consulting’s CEO, Jerry Turner, will join the board of Oval Medical along with other investment representatives, including Phil O’Donovan, Steve Dawson, Catherine Beech and Barbara Lead.
Jerry Turner said “Team is delighted to be investing in Oval. With many new biological and injectable drugs in development and an associated rising demand for autoinjector technology, device manufacturers face many new challenges. Oval Medical is developing exciting approaches to meeting these.
Founded in 2009 by its CEO, Matthew Young, Oval Medical develops and maintains its own intellectual property relating to novel pre-filled syringe and autoinjector technology.
Matthew Young said “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.”
“Team Consulting is entering an exciting new phase of development and growth”, said Team’s Corporate Development Director, Helen Slaski. “This is the first of what we expect to become a portfolio of investments, partnerships and strategic alliances that will keep Team at the leading edge of drug delivery and medical device technology. These investments will enable us to maintain our drug delivery and medical technology expertise, ensuring we can give clients the best advice at all times”
While new biological drugs bring great benefits in a range of therapy areas, traditional injectors and syringes cannot always contain these drugs within acceptable levels of contamination, safety and reliability. Oval’s proprietary drug containment technology is particularly well suited for these sensitive biological drugs.
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