Macclesfield-based Dot Medical Ltd completed a major deal to become a manufacturer of medical devices. Dot Medical started manufacturing and distribution worldwide of the Alert range of Internal Cardioversion catheters used for treating patients with a range of heart conditions. The deal with the original manufacturer EPMedSystems Inc of West Berlin New Jersey, USA, was signed in 2008 and Dot Medical completed the process of transferring manufacturing to the UK by end of 2008.
Managing Director Dr. Ian Rankin explains:
“We have a strong pedigree in the distribution of state of the art medical devices in the UK and we have always wanted to manufacture our own products. This step offerered Dot Medical a unique opportunity to acquire global manufacturing and distribution rights and we now intend to expand this business internationally. The positive result from treating certain heart conditions with this product to date has been phenomenal and it is wonderful to be able to expand the business so that we can help so many more patients.”
Many Challenges to Overcome
When initially considering this purchase, we felt there were many challenges to address before we could commit to such a major deal. Working with an independent business advisor Mike Knudsen from GET RESULTS helped us enormously in the negotiations and ensured we could complete the deal with confidence.
Funding the Deal
Initially we were concerned about funding the deal as it required a significant upfront investment to acquire global rights. Working with Mike we realised that we had a strong track record with the product line and a good story to tell potential sources of funding. Within weeks of completing a business plan with Mike we had 4 different sources of funding.
Negotiating the Deal
We had envisaged that negotiating the terms of the deal with EPMedSystems would be a long slow process; however, with Mike Knudson’s invaluable assistance, this process was completed relatively quickly and in clear and logical stages. Mike joined us in the USA to facilitate several meetings which were extremely valuable to both companies and resulted in a clear plan being created with the full commitment of all parties. Achieving this in only 2 days was due to Mike’s facilitation skills and previous experience. I have no doubt it would have taken considerably longer without his expertise.
Facilitating the Process
Throughout the process Mike has been available to provide valuable input and advice. We have now completed the deal and have a high degree of confidence and a clear action plan for implementation. Working with an independent advisor through this process has been extremely beneficial both as an additional resource and a sounding board for critical decisions. We also hope to work with Mike on future initiatives”.
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