The Spanish company, specialized in digital therapy solutions for chronic diseases, relies on the Asian pharmaceutical group to distribute its product Lit Control.
Devicare is turning to the Middle East. The company has just entered the Omani market with Dawakum, a company of the Taiba Group, one of the main pharmaceutical companies in the Sultanate of Oman.
Dawakum will help Devicare bring its kidney lithiasis product to the local market. The Asian company offers device registration services, promotion, support to professionals in the area, and liaises with the authorities and the country’s Ministry of Health, among others. In Oman, Taiba specializes in hospital pharmaceuticals, in addition to products in other key therapeutic segments such as oncology, endocrinology, cardiology, nephrology, and anti-infectives.
“Dawakum will be our partner in Oman. Our partners in Dawakum are eager to start working with us to bring our treatments to the renal lithiasis patients in their country, which like the rest of the states in the area has a prevalence close to 30% of the population with high levels of recurrence,” explained Rosendo Garganta, Devicare’s CEO.
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Devicare closed 2019 with distribution agreements in more than forty countries
This is not Devicare’s only presence on non-European soil, the Barcelona-based start-up has trade agreements with Singaporean and Malaysian companies. The company concluded 2019 with distribution agreements in 45 countries for its Lit Control products and has already obtained regulatory approval in eleven of these states.
Among its latest agreements, the one recently closed with Cathay Drugs in the Philippines, a pharmaceutical group with a turnover of more than $546 million (€500 million), stands out. Cathay Drug is a Philippine company founded in 1952 and owned by the Yao Shiong Shio family. The company was Merck Sharp & Dohme’s distributor of pharmaceutical and animal health products from 1952 to 2000.
Devicare was founded in 2012 from the studies of Dr. Felix Grases, from the renal lithiasis laboratory of the University of the Balearic Islands, and is linked to the UAB. After more than six years, the company employs more than twenty people and has more than 45 registered patents.
The company gave its board to the CEO of the Cuatrecasas family home, Emesa Corporación Empresarial, Vanessa Llopar
To date, the medical company has raised more than $6,5 million (€6 million) among private investors and public institutions such as the Catalan Institute of Finance or Enisa. The company hopes to increase its workforce to sixty employees in five years, adding more than fifty license agreements with commercial distributors, with a portfolio of one hundred patents.
After Rosendo Garganta, founder and main shareholder of Devicare, some family offices such as Emesa Capital, Tandem Capital, Perox Invest, Boyser or Corbera D’Or, among others, are relevant partners of the company Caixa Capital Risc. The company is confident of reaching break-even in 2021, according to Garganta.
The company, which last summer closed a $1,7 million (€1.6 million) capital increase through the Capital Cell crowdfunding platform, reorganized its board of directors last October. Vanessa Llopart, CEO of the Cuatrecasas family’s holding company, Emesa Corporación Empresarial, entered the board with a seat.
(Featured image by Bill Oxford via Unsplash)
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