May 14th, 2012 – Oval Medical Technologies Ltd. (“Oval”), the company developing the next generation of autoinjectors, today announced that they have entered into an agreement with a top ten global pharmaceutical company to evaluate one of their leading prescription drugs in Oval’s novel autoinjector technology. Under the terms of Agreement, the pharmaceutical company has the option to enter into a license and development agreement to jointly develop and commercialize an autoinjector product with Oval.
Commenting on the deal, Oval’s CEO Catherine Beech said, “This deal represents a major milestone in the development of Oval as a company and reflects the growing interest in our technology from the pharmaceutical and biotechnology industry. Companies have been attracted by the superior capabilities and performance of our autoinjector device over existing technologies and by the flexibility to create customized designs for specific therapeutic areas.”
In November 2011, Oval entered an agreement with AptarGroup, Inc. (NYSE: ATR) whereby they became Oval’s preferred manufacturing partner and licensee regarding certain Oval’s intellectual property. Aptar Pharma, a recognised market leader in the development and manufacture of proprietary innovative drug delivery devices, has significantly increased Oval’s capabilities and credibility within the pharmaceutical market by accelerating scale up of the technology and providing manufacturing resource to efficiently bring products to market.
Oval are currently in discussion with a number of other potential licensees and are well positioned for further success throughout 2012.