Protective Apparel Innovator Vestagen Adds $7.3 Million In Financing
Extension, Bringing Total Raised To $15.5 Million
--New Investor Sofinnova HealthQuest Capital's Randy Scott Joins Board of
--New Funds Add Resources for Commercial Rollout and Regulatory Submissions
for Vestex® Fabric that Is Clinically Proven to Reduce Acquisition and
Retention of Dangerous Contaminants--
ORLANDO, Fla., Dec. 10, 2013
ORLANDO, Fla., Dec. 10, 2013 /PRNewswire/ --Vestagen Technical Textiles,
Inc., today announced that it raised an additional $7.3 million in an
extension of its recent financing round.Existing investor Advent Life
Sciences was joined in the extension by new investors Sofinnova HealthQuest
Capital and the Clearwell Group. The extension brings the total raised by
Vestagen in this financing round to $15.5 million; the company raised $8.25
million earlier this year.In conjunction with the financing extension, Randy
Scott, partner at Sofinnova HealthQuest Capital, is joining the Vestagen Board
The additional funds will support expanded commercialization of Vestex^®, the
first in a new class of active barrier protective fabrics for everyday use
that are clinically proven to prevent or reduce the acquisition and retention
of microbes and other contaminants.Vestex is engineered to have robust liquid
repellency and embedded antimicrobial properties, along with enhanced
breathability, good durability and affordability. The company's initial focus
is on medical scrubs and other protective apparel for healthcare workers, who
are at daily risk of exposure to dangerous contaminants and who can
unknowingly spread these contaminants to other workers, patients and family
"This financing extension reflects our investors' confidence in the
transformative potential of our Vestex fabric," said Uncas "Ben" B. Favret
III, president and CEO of Vestagen."Since our initial close we have recruited
world-class executives who are advancing our product launch and partnering
initiatives, as well as the FDA regulatory process for review of Vestex as a
protective medical device.The response to date from potential customers and
partners has been excellent, and we look forward to reporting on our progress
in the coming months."
Contaminated clothing is a known carrier of bacteria and healthcare workers
have the highest rate of illness of any occupation in the U.S. Contamination
with difficult-to-treat organisms such as MRSA puts workers at risk and is
responsible for many of the most serious hospital acquired infections.A
recent peer-reviewed published study confirmed that Vestex scrubs demonstrated
a statistically significant reduction in MRSA of more than 99.99% compared to
"Our Vestex fabric turns everyday uniforms into protective gear that guards
workers and patients against the dangerous contaminants that are ubiquitous in
healthcare settings, yet they are as good-looking, comfortable and durable as
current market-leading scrubs," noted Dale R. Pfost, PhD, Executive Chairman
of Vestagen."We are delighted that our expansive vision for the company is
shared by such highly respected investors as Sofinnova's HealthQuest Capital
and the Clearwell Group. We look forward to working with new director Randy
Scott, who has extensive experience as a successful healthcare technology
entrepreneur that we will leverage to help grow the company."
Vestex fabric incorporates three technologies – a durable fluid barrier, an
antimicrobial and a technology for wearer comfort.The fluid barrier binds to
individual fibers, resulting in a fabric that is highly repellent to bodily
fluids, water, oil and dirt. This high repellency works synergistically with
Vestagen's embedded antimicrobial technology, which has been shown to be
effective against a broad spectrum of organisms.Vestagen's third technology
wicks away moisture from inside the fabric and promotes evaporation, enhancing
wearer comfort.These benefits are engineered to last for the life of the
garment. Vestex fabric is suitable for a variety of applications, including
healthcare, public safety and athletic use.
Alliance Healthcare Partners, V-Ten Capital Partners and Advent Life Sciences
participated in the first round of the financing, which closed in August 2013.
For more information about Vestagen and Vestex, visit vestagen.com and
Vestagen Technical Textiles develops and marketsadvanced performance textile
products and technologies.Vestagen has developed Vestex^®, the first in a new
class of technology-based, active barrier protective fabrics combining
antimicrobial, liquid repellent and breathability properties. Vestex uniforms
and scrubs are designed to protect healthcare workers and their patients from
dangerous contaminants. They are clinically proven to prevent or reduce the
acquisition and retention of contaminants on clothing and are comfortable,
durable and affordable.
For more information, visit vestagen.com.
About Sofinnova HealthQuest Capital
Sofinnova HealthQuest Capital makes go-to-market and early growth investments
in innovative healthcare companies that are improving both patient outcomes
and healthcare economics. Investments focus on the medical device,
diagnostics, patient care products, consumer health and healthcare IT fields.
The HealthQuest investing team includes deep operational, clinical and
scientific expertise and worldwide relationships throughout the healthcare
industry that can be leveraged to add value to our portfolio companies.HQC is
the newest investment fund from Sofinnova Ventures. For over 40 years
Sofinnova has backed some of the most exciting and successful innovators in
For more information, visit healthquestcapital.com.
About Clearwell Group
Clearwell Group, a Tampa-based, family office investment manager, invests our
partners' capital with the belief that businesses can generate positive impact
in addition to investment return. We support high integrity entrepreneurs with
a collaborative approach to creating value that leverages our experience and
network. This aligns our interests with management to achieve the best
possible outcome, with the right amount of capital, over the right period of
time. Clearwell makes meaningful minority and control investments in companies
located in the southeastern United States with revenue ranging from $0 to $30
million. We invest across the business cycle with the greatest focus on
expansion or growth stage companies. Industries of particular interest include
healthcare, de-risked technology, food and beverage, consumer products,
financial services and software.
For more information, visit clearwellgroup.com.
About Advent Life Sciences
Advent Life Sciences is the dedicated Life Sciences team at Advent Venture
Partners, one of Europe's best established growth and venture capital firms.
Advent Life Sciences invests predominantly in early-stage and growth equity
life sciences companies in the UK, Europe and the US. It will back companies
that have a first- or best-in-class approach in a range of sectors within the
life sciences sector, including new drug discovery, enabling technologies,
med-tech and diagnostics.
For more information, visit adventventures.com.
About Alliance Healthcare Partners
Alliance Healthcare Partners is focused on building and supporting businesses
that can create fundamental and lasting changes in healthcare; so that
providers, payers, and clinicians canimprove thequality of carewith fewer
resources. The company's Investment Fund focuses on innovative technology and
service companies that help healthcare providers deliver enhanced efficiency,
improved outcomes and lower cost healthcare.The Fund team identifies
innovative, high-growth companies that use new approaches and technologies to
disrupt the healthcare status quo.
For more information, visit alliancehcpartners.com.
About V-Ten Capital Partners
V-Ten is a collaborative of experienced investors who provide investment
capital for seed, early and growth stage companies that require the invaluable
benefit of tried and true to-market strategies, business practices and
processes.The V-Ten team has decades of combined experience in leading some
of the most diverse companies to the top of their markets.V-Ten's philosophy
is to invest in breakthrough companies and to structure each investment
collaboratively with exceptional management teams to build superior long-term
value.V-Ten was founded by Richard Sharp who was responsible for the success
of many iconic American businesses in the last 25 years, including: Circuit
City, CarMax, Flextronics International and Crocs.
For more information, visit vtencp.com.
Ben Favret BLL Partners, LLC
President & CEO BarbaraLindheim
firstname.lastname@example.org 212 584-2276
SOURCE Vestagen Technical Textiles, Inc.
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