Medtech company Medow has successfully landed its largest sales agreement to date – which is also the largest business deal that a SmiLe company has made during its time in the incubator program.
The agreement is with the Saudi Arabian Cigalah Group and concerns the rights to sell Medow’s IV- bracelet, a bracelet designed to provide safer treatments during for example dialysis or intravenous therapy by effectively securing the intravenous tubes. The agreement runs for five years and covers products corresponding to about USD 14 million or more.
Medow has entered into an agreement with the medical device business area of the Cigalah Group, Cigalah Medical Company, which may therefore distribute Medow’s IV-bracelet in Saudi Arabia, the United Arab Emirates 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 is an unreliable method that patients may also experience as uncomfortable. Medow’s IV-bracelet has been developed to be easy to use, provide good attachment for up to three tubes and feel comfortable for the patient. The bracelet comes in a shade of purple that is intended to contribute to a pleasant hospital environment.
The bracelet has been on the market for a few years in Sweden, Denmark and Norway. The product has been procured by customers that include the Swedish regional healthcare authorities in Dalarna, Västmanland, Sörmland, Uppsala and Örebro.
Frida McCabe and Linn Wrangmark founded Medow after a master's degree in mechanical engineering with industrial design from the Faculty of Engineering (LTH) at Lund University, and for the past four years the company has been part of the incubator program and a member of SmiLe business incubator in Lund, Sweden.
“We are thrilled that we, with help from especially SmiLe and HSN Consultancy, successfully attracted the interest of such a major player outside the Nordic region. 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”, says Frida McCabe.
“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,” says Ebba Fåhraeus, CEO of SmiLe Incubator.
For more information, please contact: Frida McCabe, co-founder and product developer, +46 (0)703 327559, email@example.com; or Linn Wrangmark, co-founder and product developer, +46 (0)707 816012, firstname.lastname@example.org
About Medow: Medow AB was founded in 2016 by Frida McCabe and Linn Wrangmark. We want to develop healthcare products that solve small problems, which have a big impact, and since we believe that the healthcare environment is often much too dreary and complicated, Medow’s products should be cheerful and easy to use. Medow’s first product is the IV bracelet, which can be used, for example, by dialysis patients. The company is a member of SmiLe Incubator in Medicon Village in Lund, Sweden. www.medow.se
SmiLe Incubator is a life science business incubator based in Medicon Village in Lund, Sweden. SmiLe helps entrepreneurs commercialize their ideas. There are currently 25 companies in SmiLe which, together with alumni companies, have attracted more than EUR 460 million in venture capital to date since 2014. SmiLe offers excellent business coaching, a broad international network of contacts and a dynamic community, as well as well-equipped laboratories which is unique of its kind in Sweden. SmiLe is a non-profit organization and receives basic funding from Region Skåne, Lund Municipality, Lund University and Medicon Village. SmiLe´s sponsors are Agilent, Sparbanken Skåne, Awa, Høiberg, Prevas, Setterwalls, Zacco, Aqilion. SmiLe’s listed alumni companies have a market capitalization of EUR 1,3 billion (Q1 2021). www.smileincubator.life