Team Consulting, a medical technology firm, has joined a consortium of investors that is providing seed funding to Oval Medical Technologies, a developer of medical pre-filled syringes and autoinjectors.
The investment will enable Oval Medical to 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 will be joining with others, including The Cambridge Angels and Cambridge Capital Group, to provide Oval Medical with near to GBP0.5m of new funds in exchange for equity. The company’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, CEO of Team Consulting, said: “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.”
Matthew Young, CEO of Oval Medical, 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.”