Deepbridge Announces Sky Medical Technology Exit
The Deepbridge investment team is delighted to announce that a partial exit has been delivered for investors in Sky Medical Technology Limited (Sky).
Deepbridge investors were offered the opportunity to sell their shares in Sky at a value of £1.85 per share.
For investors in Sky, this represented a return between 2.05x and 4.86x, excluding tax reliefs, depending on when they invested.
Ian Warwick, managing partner at Deepbridge, commented;
“We are delighted that another investor in Sky offered to acquire shares from existing shareholders. We believe that the offer and the valuation validates our belief in Sky, 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 their Patient Capital Review, which in part is assessing the success of the Enterprise Investment Scheme (EIS), Sky Medical Technology epitomises 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, as 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 gekoTM device, produced by Sky Medical Technology, is described by Sky as;
“The geko™ device, 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.”
Sky Medical Technology Limited received funding via the Deepbridge Technology Growth EIS.