ORLANDO, Fla. — October 5, 2017 — Vestagen Protective Technologies Inc. — developer and marketer of VESTEX® Active Barrier fabric healthcare uniforms, lab coats and patient garments — today announced the closing of a $9.5 million financing. Existing investors Advent Life Sciences and HealthQuest Capital, and new investors Greenline Ventures, Northwell Ventures and Mercy Health of Cincinnati, participated in the funding round.
Proceeds from the financing will primarily be used to generate additional clinical evidence of Vestex’s ability to protect healthcare workers and patients from the risks of unanticipated exposures to body fluids, to obtain regulatory review of the protective properties of Vestex fabric and to expand the company’s commercialization activities.
“The need for new approaches to support the safety of our healthcare system has helped propel adoption of our Vestex Active Barrier uniforms by leading institutions such as Northwell Health and Mercy Health,” said Bill Bold, CEO, Vestagen. “This financing provides additional resources for our clinical and regulatory initiatives and enables expansion of the commercialization activities we are conducting on our own and with the support of partners. We appreciate the confidence of our existing investors and welcome our new investors. We are especially proud that our new investors include two healthcare organizations who are also Vestagen customers — in our view a tremendous validation of the value and potential of Vestex attire.”
“Investing in young companies with disruptive potential such as Vestagen is an important part of our economic development mission,” said Patrick Vahey, President of Greenline Ventures. “Vestagen has made substantial progress in achieving adoption of its breakthrough Vestex apparel by influential healthcare leaders. We are pleased to support their next phase of growth by providing capital that will help them achieve their business targets while creating high quality jobs in the geographic areas where they operate.”
“Northwell Ventures invests in growth companies whose innovative products and services aim to strengthen the patient and customer experience and enhance organizational effectiveness,” said Michael Dowling, president and CEO, Northwell Health. “We are pleased to be able to participate in Vestagen’s new financing, as its Vestex uniforms are already making a difference in our hospitals in addressing what we see as a large unmet need and market opportunity.”
“Mercy Health is a mission-driven organization that supports the development of promising companies with the potential to make a positive difference for our community,” said Justin McGoldrick, MD, Mercy Health’s Chief Medical Officer, Research and Innovation. “Vestagen’s Vestex uniforms, which represent a practical technology-based solution designed to support the everyday safety of healthcare workers and patients, align with our Mission and Values. As we pilot Vestex attire within our healthcare facilities, we are pleased to have the opportunity to participate in their future success.”
Vestex Active Barrier fabric is a unique combination of technologies used to produce comfortable, continuous-wear healthcare worker and patient garments intended to minimize the risks associated with unanticipated exposure to body fluids during routine use, by repelling fluid splatter and spills from the fabric. It contains an EPA-registered antimicrobial agent shown in controlled conditions in laboratory and hospital settings to inhibit the growth of certain bacteria on the fabric. A peer reviewed hospital-based study published in a leading medical journal showed reduced acquisition and retention of certain microorganisms on Vestex scrubs compared to conventional healthcare uniforms. Vestex has earned an exclusive endorsement from the American Hospital Association.
Posted October 5, 2017
Source: Vestagen Protective Technologies