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.
For breaking news from the biotech, clinical research, and pharmaceutical industries see our Born2Invest mobile app. Read the latest biotechnology articles on biotech industry leaders, emerging biotech companies, and other financial headlines with Born2Invest.
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.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in PlantDoce., a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
Burkina Faso: Japan grants $6.5 million for access to health, education for the most vulnerable children
The grants follow a partnership signed between the Government of Japan, the Japan International Cooperation Agency (JICA) and UNICEF Burkina...
LentiStem seeks more than half a million euros to advance gene therapy
LentiStem seeks more than half a million euros to advance gene therapy. The biotech company has raised $311,000 (€260,000) in...
Our ‘Chart of the Week’ looks at Bitcoin and the new star of the crypto market – Dogecoin
Inflation is on the lips of many market participants who seem to be expecting a repeat of the 1970’s or...
The Dow Jones, CinC & the BGMI 1920 to 2021
Since March 15th the 52Wk highs at the NYSE have taken a rest, but on Friday’s close the NYSE saw...
ETC Group launches first ETP on centrally cleared cryptocurrency Litecoin
The ETP on the cryptocurrency Litecoin will be listed on the Xetra platform of the Frankfurt Stock Exchange. It will...
Cannabis6 days ago
UN fears imperfect decriminalization of cannabis in Mexico
Featured7 days ago
How the USDA WASDE report influenced futures markets
Crypto7 days ago
NBA players will be able to choose whether to be paid in cryptocurrencies
Biotech7 days ago
Rovi will also produce Moderna’s COVID-19 vaccine in Andalusia