The Chester-based tax-efficient investment manager Deepbridge has made a partial exit from Sky Medical Technology.
The OnPulse platform, developed by Sky Medical Technology, is a technology which improves blood flow (both volume and velocity) and elevates oxygen levels in the blood. The technology was proven through clinical studies and received regulatory approval for sales in the EU, United States, Canada and Australia.
The Deepbridge investors in its Deepbridge Technology Growth Enterprise Investment Scheme (EIS) were recently offered the chance to sell their shares in Sky at a value of £1.85 per share.
For these investors this represented a return of between 2.05 times and 4.86 times their initial investment, excluding tax reliefs and fees, depending on when they invested.
Managing Partner at Deepbridge Ian Warwick said: “We are delighted that another investor in Sky Medical Technology offered to acquire shares from existing shareholders. We believe that the offer and the valuation validates our belief in Sky Medical Technology, 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 its Patient Capital Review, which in part is assessing the success of EIS, Sky Medical Technology characterises 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, at 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.”