Swedish medtech firm Medow has won a £10m deal with the Saudi Arabian Cigalah Group to sell its IV-bracelet, which enables safer treatments by better securing intravenous tubes.
The agreement will see the device distributed across Saudi Arabia, the UAE and Bahrain over the next five years.
Normally, intravenous tubes are kept in place by for instance taping them to the patient’s skin, which can be an unreliable method that patients may also experience as uncomfortable.
Medow’s IV-bracelet has been developed to be easy to use and provide attachment for up to three tubes, while ensuring patient comfort.
The bracelet has been on the market for several years in Sweden, Denmark and Norway. Customers include the Swedish regional healthcare authorities in Dalarna, Västmanland, Sörmland, Uppsala and Örebro.
Frida McCabe and Linn Wrangmark founded Medow after both completing a master’s degree in mechanical engineering with industrial design from the Faculty of Engineering (LTH) at Lund University, Sweden.
For the past four years the company has been part of the incubator program and a member of SmiLe business incubator, also in Lund.
Frida McCabe says: “With the closing of this agreement we have the opportunity to develop and scale up the business to a completely new level.
“Developing new medical devices and establishing distributors takes time and considerable effort and it feels great that several years of hard work now pays off.”
Ebba Fåhraeus, CEO of SmiLe Incubator, says: “We would like to congratulate Medow for successfully attracting such a large and important customer. This is the largest sales agreement any of our SmiLe companies have signed while being part of the incubator program.
“Medow´s founders have demonstrated great perseverance and have the patience necessary to introduce new product concepts. It is always incredibly exciting when our companies succeed, but few are lucky enough, to have a large order so early in the history of the company.”