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Devicare closes agreement with Sisi to enter the market in Kenya

Devicare had a turnover of one million euros in the 2020 financial year and expects to grow by 50% this year. Since its founding, the Spanish urology company has raised more than ten million in funding. The company’s goal for the coming years is also to reach eighty countries. The company has recently closed an agreement with Sisi Pharmaceuticals to enter the market in Kenya.

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The Spanish company Devicare, which specializes in the field of urology, continues with its goal of expanding borders and is looking to introduce its star product, Lit-Control, in Kenya, as confirmed by Rosendo Garganta, CEO of Devicare,.

The biotech company has signed a licensing and distribution agreement in the African country for its Lit-Control product range with Sisi Pharmaceuticals. With Kenya, Devicare will extend its commercial network beyond Morocco and Algeria.

Lit-Control is a non-surgical solution for renal lithiasis (kidney stones). This pH meter is specifically designed to offer personalized medicine by measuring patients’ urinary pH and recommending the correct medication. Later, through the transmission of data to an app and the use of computerized algorithms, it will allow adjusting its dosage and posology to make the treatment more effective and to enable urologists and their patients to manage the disease remotely.

Sisi Pharmaceuticals is an old acquaintance for Devicare, as the Barcelona-based company has worked with this distributor and closed deals in Saudi Arabia, Iraq, Pakistan, Iran, and, now, Kenya. By now, the start-up led by Garganta is present in more than fifty countries around the world.

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Devicare has signed agreements with Sisi in Saudi Arabia, Iraq, Pakistan, and Iran

“Africa is a complicated territory to introduce products and even more so if you want to do it with premium products specialized in health,” explained the executive. “We are awaiting the relevant approvals to launch the products as soon as possible for the regular clinical practice of medical and healthcare professionals in Kenya,” added Garganta.

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Devicare had a turnover of one million euros in the 2020 financial year and expects to grow by 50% this year. Since its founding, the Spanish urology company has raised more than ten million in funding. The company’s goal for the coming years is also to reach eighty countries.

Last January, the company closed a financing round of three million dollars. The deal was led by the medical technology company Advanced MedTech, owned by Temasek Holdings, Singapore’s sovereign wealth fund. Advanced MedTech is a medical technology company with a focus on urology.

The company restructured its board of directors last February

A month later, in February, Devicare acquired its Urogelus product from M4 Pharma with the aim of strengthening its presence in this therapeutic area. M4 Pharma is a laboratory dedicated to the commercialization of pharmaceuticals in ophthalmology, ENT and urology.

Days later, Devicare announced a restructuring of its board of directors, with the incorporation of the first three independent members, in addition to two observers. They are Josep Gatell, CEO of a medical technology business group comprising Cardiolink, Swan Medical and Ilerimplant; Carlos Moreu, CEO of M4 Pharma; Abel Ang, CEO of Advanced MedTech Holdings; Luís Balbás, managing director of southern Europe at Dornier MedTech; and Maite Fibla, founder of Ship2B Ventures.

Devicare’s board now consists of five directors and two observers. The other members are Rosendo Garganta, Roberto Costillas and Marc Palà, who represent Emesa Corporación Empresarial.

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(Featured image by dominickvietor via Pixabay)

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Leah Marie Angelou is an LGBTI activist and equality advocate. She has been a writer for several feminism-focused groups for nearly a decade. Her pieces are often focused on career development and the workplace. She also regularly covers personal and micro-finance, business management and entrepreneurship. Recently she has also focused on covering the promising CBD and hemp industry.