3i joins as new investor in Sweden's Carmel Pharma

SLS Venture has signed an agreement to sell about 23 % of Carmel Pharma to 3i, Europe’s leading venture capital and private equity company. 3i will also participate in the company’s present issue of new shares.

Carmel Pharma is a company in Sweden that manufactures and markets PhaSeal, a product system for the handling of toxic drugs, and minimizing the spread of aerosols into the work environment. Carmel Pharma is one of the fastest growing technology companies in Europe, the Middle East and Africa.

Most Swedish national hospitals treating cancer patients use PhaSeal products. Carmel Pharma primary market today is the USA, and has expanded its operations to the US in recent years. Hundreds of American hospitals use the product on a routine basis and the company’s sales volumes have grown nearly 40% in the past year alone, and are expected to grow more in 2006.

Thomas Pollare, Partner, Venture Team, 3i Nordic says: “Carmel Pharma is an exciting company in expansion phase. PhaSeal has great development opportunities and we strongly believe in Managing Director Dan Pitulia and his management team’s ability to successfully take the company to the next stage. Based on 3i’s long medtech investing experience and international network contacts and resource, we look forward to actively helping Carmel Pharma with its international expansion.”

Dan Pitulia, Managing Director, Carmel Pharma, comments: “It is great to have 3i backing our company. In 3i we will have a new financially strong partner with an international network and long experience on business development. Our objective is to further strengthen our world leading position through strong organic growth.”