Medical technology firm Team Consulting has joined the consortium of investors that is providing seed funding to Oval Medical Technologies, a developer of medical pre-filled syringes and autoinjectors.
Ickleton, Cambridge-based Team will join others – including Cambridge Angels and Cambridge Capital Group – to provide Oval Medical with close to £500,000 of new funds in exchange for equity.
This investment is expected to 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.
Jerry Turner, Team Consulting’s chief executive officer, will join the board of Oval Medical along with other investment representatives.
Turner 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.’
Founded in 2009 by Matthew Young, the company’s chief executive officer, Oval Medical develops and maintains its own intellectual property relating to novel pre-filled syringe and autoinjector technology.