MedTrade Products designs and produces specialised medical products, which utilise new materials and processes. It sources and procures the manufacture of product to meet orders placed by major medical and pharmaceutical retailers and distributors throughout the world. Summit has invested £630,000 in four tranches for a 28% shareholding in the company. In May 2019 Summit disposed of 19.4% of its shareholding for £4.8m net of costs.
MedTrade’s expertise lies in obtaining the necessary CE marking and FDA approvals for its products in timescales that fit its customers’ needs for products to be on sale at particular times. In the year to 28 February 2018 MedTrade again produced record sales and profits from its trauma and woundcare businesses, of £32.2 million and £6.1 million respectively (year to 28 February 2017, sales of £24.3 million and profit before tax of £4.4 million). Overall profits before tax were reduced by nearly £1.1 million of research and development expenditure on clinical trials for Celox and in developing other new products. The current financial year has again begun very well with record levels of sales.
The clinical trials for MedTrade's haemostat product, Celox, for use in internal surgical procedures have been completed (in terms of use on patients) and the results are currently being collated, checked and analysed. It is hoped that these will be completed by the end of the current calendar year. The Celox product is now being used across the world by an ever-increasing number of military forces and first responder units, with great praise for its efficacy; and the move into surgical use is the next stage in the development of its sales strategy.
