Deepbridge Announces Partial Sky Medical Technology Exit
16 October 2017
Deepbridge, the tax-efficient investment manager, has today (16th October 2017) announced that a partial exit has been delivered for investors in one of its investee companies, Sky Medical Technology Limited.
Sky Medical Technology developed the OnPulse™ technology platform – a technology which has been proven to dramatically improve blood flow (both volume and velocity) and elevates oxygen levels in the blood. The technology was proven through clinical studies and received regulatory approval for sales in the EU, United States, Canada and Australia.
Deepbridge investors in its Deepbridge Technology Growth Enterprise Investment Scheme (EIS) were recently offered the opportunity to sell their shares in Sky at a value of £1.85 per share.
For these investors this represented a return of between 2.05 times and 4.86 times their initial investment, excluding tax reliefs and fees, depending on when they invested.
Ian Warwick, Managing Partner at Deepbridge, commented:
“We are delighted that another investor in Sky Medical Technology offered to acquire shares from existing shareholders. We believe that the offer and the valuation validates our belief in Sky Medical Technology, which is a company that epitomises what we look for in investment opportunities for our investors. The fact that a majority of our investors opted to remain invested in Sky also shows the belief that our investors have in this investee company and the continuing potential it offers.
“As the UK Government continues its Patient Capital Review, which in part is assessing the success of EIS, Sky Medical Technology characterises what we believe EIS should be used for. The funding we have provided under the EIS has supported the development of medical innovation, has created jobs, has created a product which is being exported globally and has, at its heart, created a product which creates healthcare efficiencies. Such companies are where we believe EIS money should be focused; namely technology and life sciences.”
The geko™ device, produced by Sky Medical Technology, and powered by OnPulse™ neuromuscular electro-stimulation technology, is clinically proven to increase blood circulation which can help in a range of conditions. Small electrical impulses gently stimulate the common peroneal nerve behind the knee, which in turn activates the calf and foot muscle pumps of the lower leg that return blood towards the heart. In this way, neuromuscular stimulation in the lower limb emulates the process normally achieved by walking (up to 60%) but without the patient having to move or exert energy and without discomfort. A simple, self-adhesive device that is applied to the back of each knee, the disposable, one-size-fits-all geko™ device is designed to avoid the need for more complex procedures.
