Medilet is founded in 2014 and the focus will primarily be on the formulation and development of medical device products.
Medilet concentrates on research and development and manufacturing, aiming at products and processes that are patentable and have a broad market appeal.
The Company has today developed its first medical device system, a novel dual chamber syringe, Dualet, a unique technology that enables drugs processed by lyophilization to be reconstituted by the end user efficiently and safely. The aseptically filled freeze-dried drug resides in one chamber, diluents in the other. Pushing the plunger mixes the two.
The dual chamber syringe market is dominated by few companies in a market to be expected to reach >$3.3 billion in few years with an annual growth rate of >10%.
Dualet is a very competitive new technology compared to existing products, its novel technology showing advantages that will ease administration, enable minimum API loss and more accurate dosing. Furthermore, Dualet does not require a “working surface”, and the physician, nurse and patient, does not need to hold the syringe upright or any specific position and there is no air/gas in the syringe.
In a time when society needs to lower healthcare costs and the market is moving towards home and self-administration the ideal new dual chamber technology should solve the technical, cost, usability and processing issues which is exactly what a technology novelty like Dualet does.
The technology is protected by worldwide patents and new applications will be filed during the development period with more features that will further improve the technology compared to the few dual chamber syringe products on the market. These products consist of numerous parts and a significant amount of assembling and exchanging of parts by the user is required. Furthermore, the syringe must be held in an upright position, care must be exercised when pushing the rod/plunger and air remains in syringe in both chambers as air is needed to ensure mixing and/or dissolution. Failure to remove the air might cause embolism while removal of the air might lead to loss of material (dose accuracy) and/or contamination of the environment.
So, compared to existing technologies Dualet offers unique new benefits breaking new ground with its unusual simple and clever technology.
The business strategy is to be able alone or with a co-developer to control most aspects of the drug development efforts from product formulation, to clinical testing, regulatory submissions and manufacturing. Consequently, Medilet will increasingly focus its resources on a range of Dualet products securing licensing agreements with major pharmaceutical companies securing significant royalty or product revenues.
A substantial amount has already been invested in product development and patents, and the Company continues to seek a competitive platform within dual chamber syringes, a market that continues to grow and offers new opportunities for the Company and its shareholders.
All in all, Medilet strongly believes that the Dualet technology can offer improved efficacy, better patient compliance and extension of patent protection to a variety of existing drugs of today and be a competitive delivery system for NCEs.
Within a period of 2 – 3 years, the Company believes that a divestment or an initial public offering (IPO) could be realistic. Medical Device average deal sizes 2014 – 2016 were $508m and as a leading medtech specialist said: “There are sizeable companies out there that are thinking about what to do with parts of their portfolio. We’ll see some interesting deals come about in the coming years, spanning quite of lot of areas of medtech. The money is there.”
Jan Quistgaard, President & CEO