"Buyers of medical guide wires have a new alternative that competes on both cost and quality, as the US-based Ascent Medical Technology Fund II, LP launches collaborative venture in Salalah, Oman," says Farley
www.ascentcompanies.com
Salalah, Sultanate of Oman: Oman offers multiple advantages to global manufacturing companies looking for expansion or set-up, according to Peggy Farley, Co-Chairman of the Ascent Group.
Farley's US-based Ascent Medical Technology Fund II, LP is behind the Middle East's first dedicated medical device manufacturing company, Salalah Medical Device Manufacturing Company (SMDM). SMDM, based in the Sultanate's Dhofar region, is a joint venture between the medical technology fund and Salalah Medical Supplies Manufacturing Company.
She said that the project's feasibility study highlights an ability to achieve a substantial reduction in the cost of manufacturing versus those now manufactured in the United States and Europe.
"The advantage offered by Salalah means improved ability to compete for sales and, in turn, a good return on investment which can then be channelled back into expanding production lines, driving innovation and diversifying manufacturing ability," Farley stated.
She added that the availability of well-qualified technical and production staff, excellent international sea and air links and low labour and manufacturing costs all point to Oman.
"In my mind, Oman is an ideal location for international manufacturing firms looking for the right hub or branch unit."
Farley suggested that Oman has the potential to enable companies with sophisticated and labour intensive production requirements an alternative to their current manufacturing sites. She said that SMDM unit will start operation this summer.
"In phase one, SMDM will manufacture basic guide wires for sale to major medical companies in the United States, Europe and Asia.
"Over time, the company will manufacture more sophisticated guide wires and diversify its manufacturing capabilities to embrace compatible therapeutic medical devices. Ultimately, the company's engineering and development capabilities will assist inventors with innovative concepts to develop prototypes," she said.
Farley confirmed that products manufactured at the facility will be labelled 'manufactured in the GCC' and will also be sold in the region.
"We truly believe in the potential of the region and feel it is the right time for international organisations to look at the Middle East as an attractive option for investment in manufacturing plants," Farley concluded.
For more details visit: www.ascentcompanies.com
"Buyers of medical guide wires have a new alternative that competes on both cost and quality, as the US-based Ascent Medical Technology Fund II, LP launches collaborative venture in Salalah, Oman," says Farley.
The Ascent Group comprises companies that provide public capital market and private equity market products and services to institutions and high net individuals. Ascent Medical Technology Fund, LP is the first of the two funds dedicated to funding innovative medical device and life science companies.
Peggy A. Farley is a Managing Director of the General Partner and co-founder of the Ascent Medical Technology Funds. She is the President and Chief Executive Officer of Ascent Capital Management, Inc. Karl Groth Ph.D. is a co-founder with Farley of the Ascent Medical Technology Funds and is President and CEO of the General Partner.
Dr. Karl Groth and Peggy Farley have a long history of working together to fund innovation.
The Ascent Medical Technology Fund II, L.P. (the Fund) was established in year 2006. The Fund is dedicated to advancing medical innovation through investing in early-commercialisation stage companies based in the U.S. and the Middle East that have technologies sufficiently innovative to effect dramatic changes in the treatment of serious global health issues such as cardiovascular disease and cancer.
The Fund has as a condition for investment the establishment or development by the company in which it invests, whether domiciled in the US or in the Middle East, a sustainable business in the Middle East (manufacturing facility, lab, clinical research organisation, etc.) that will itself seed the emergence of a locus of medical technology activity in the Region to enable the Region to eventually compete with the U.S.
Philadelphia BioMed Product Development Centre, PSC is the first of its kind medical centre in Jordan & is owned and managed by the Ascent Medical Product Development Centre Inc.
The centre is one of the main four medical innovations launched by Ascent through the initial investments of the Ascent Medical Technology Fund II. Bioheart, Inc., is a leader in the realm of cell therapy for heart disease; Heartland Biosciences International, is a life science company working principally with d-ribose as well as other nutrional ingredients, and SMDM is a Contract Manufacturing Facility for technologically sophisticated products.
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© Press Release 2009
