Lightweight Medical – In/out licensing IP and business restructuring
What was the nature of Lightweight Medicals’ challenge?
Lightweight Medial Ltd had developed an Ambulance Child Restraint with the NHS in Scotland. They required to secure an in-license to the IP and then an out license to a manufacturing partner to drive revenue.
In addition, the business was at a pivotal point in its development requiring restructuring to take advantage of an opportunity opening up with Onzo Ltd.
How did Innova Partnerships help?
Innova Partnerships, through Steve Howell, negotiated the in license with Scottish Health Innovations Ltd and the out license with Paraid Medical Ltd. After completion of these two agreements Innova oversaw the implementation of these two contracts and ensured revenue flowed between the parties. This resulted in the most successful product that SHIL has commercialised to date and drove significant revenues into Lightweight Medical to allow a basis for company restructuring.
During the restructuring phase, Innova negotiated a settlement fee for access to staff and also the transfer of staff from Lightweight Medical to Onzo to position Lightweight Medical as a virtual company with a strong revenue stream from licensing agreements.
What was the outcome of our involvement?
Our support led to significant six figure revenues for Lightweight Medical and a virtual business model whereby shareholder value was enhanced. It also enabled all the staff within Lightweight Medical to take up full time positions with Onzo Ltd.