11th April 2011 – Oval Medical Technologies Ltd., the company developing the next generation of autoinjector technology, announced today that they have entered into two deals with pharmaceutical companies who are putting Oval’s primary drug containment technology through feasibility trials.
Oval’s CEO Matthew Young has said, ‘These two deals have been signed at a key point in our company’s growth. This is a huge accomplishment for such an early stage company and we are very pleased that our technology is making such a positive impression within the industry. Oval is now in a position to progress with developing bespoke designs of our autoinjector, and carrying out extensive testing on our primary drug containment technology.’
All deliverables that were set out under the two agreements have been fulfilled as of the end of February 2011, and the technology that is currently being tested has provided positive results so far. Oval are now in discussions about progressing both projects to the next stage.
Other major pharmaceutical companies are evaluating Oval’s technology and prototype devices, with a view to licensing the autoinjector technology. They have been attracted by the flexibility to create customised designs for specific therapeutic areas, as well as the superior results that Oval’s primary drug container provides.
Oval have an impressive deal pipeline which demonstrates the potential for further success throughout 2011.