Vestagen Announces First Closing of Planned $10 Million Financing to Advance Adoption of Its VESTEX® Active Barrier Healthcare Uniforms
ORLANDO, FL – – April 12, 2017 – Vestagen Protective Technologies, Inc. today announced the first closing of a planned $10 million financing. Existing investors Advent Life Sciences and HealthQuest Capital and new investor Northwell Ventures participated in the funding round. Proceeds from the financing will be used for general corporate purposes and to support increased commercialization activities for Vestagen’s innovative VESTEX® Active Barrier fabric scrubs, lab coats and patient garments. VESTEX uniforms are being adopted by such leading healthcare institutions as metro New York-based Northwell Heath and Jacksonville, FL-based Baptist Health System. VESTEX® Active Barrier apparel is exclusively endorsed by the American Hospital Association.
VESTEX Active Barrier uniforms can provide valuable benefits to healthcare workers and patients,” said Bill Bold, Chief Executive Officer of Vestagen. “The recent adoption of VESTEX by flagship institutions at New York’s Northwell Health has won high praise from workers, patients and administrators. It also resulted in terrific publicity for Northwell as there was broad media coverage in the metro New York market. We acknowledge and appreciate the support of our investors as we continue to ramp up commercialization activities at major healthcare systems.”
“The enthusiasm for VESTEX Active Barrier garments voiced by our colleagues at Northwell Health led us to consider this investment in Vestagen,” said Thomas Thornton, Senior Vice President of Northwell Ventures. “We are focusing on companies whose innovative products and services aim to strengthen the patient and customer experience and enhance organizational effectiveness. Vestagen’s VESTEX addresses all these criteria, and we are pleased to invest in their mission to bring the benefits of VESTEX to hospitals nationwide.”
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. 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 contains an EPA-registered antimicrobial agent2 and has been shown, in controlled conditions in laboratory and hospital settings, to inhibit the growth of certain bacteria on the fabric.3, 4 VESTEX has earned an exclusive endorsement from the American Hospital Association following a rigorous due diligence process.
1 – Neither liquid repellency nor antimicrobial tests are intended to assess the VESTEX active barrier apparel’s ability to meet personal protective equipment requirements. The ability of the fabric to reduce exposure to microorganisms or infections has not been studied.
2 – Bearman, G., Rosato, A., Elam, K., Sanogo, K., Stevens, M., Sessler, C., and Wenzel, R. P., “A Cross-over Trial of Antimicrobial Scrubs to Reduce MRSA Burden on Healthcare Worker Apparel,” Infect. Control Hosp. Epidemiol., Vol. 33, No. 3, 2012, pp. 268–275.
3 – Hardwick, Matthew, Walsh, Thomas, and Cotton, Margaret, “Fabric Challenge Assays: New Standards for the Evaluation of the Performance of Textiles Treated with Antimicrobial Agents,” Pesticide Formulation and Delivery Systems: Innovating Legacy Products for New Uses on November 1–3, 2011 in Tampa FL; STP 1558, M. Bernards, Editor, pp. 1–14, doi: 101520/STP155820120184, ASTM International, West Conshohocken, PA 2013.
4 – VESTEX garments do not protect users or others against disease-causing bacteria. Always clean the garment thoroughly after each use.
About Advent Life Sciences Advent Life Sciences founds and invests in early- and mid-stage life sciences companies that have a first- or best-in-class approach to unmet medical needs. The investing team consists of experienced professionals, each with extensive scientific, medical and operational experience, a long-standing record of entrepreneurial and investment success in the US and Europe, and is particularly focused on supporting entrepreneurs and founders to take innovative new medical entities from concept to approval. The firm invests in a range of sectors within life sciences, principally drug discovery, enabling technologies and med tech, always with an emphasis on innovative, paradigm-changing approaches. Advent Life Sciences has a presence in the UK, US and France. For more information, please visit AdventLS.com.
About HealthQuest Capital
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/OTC 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. HealthQuest Capital is headquartered in Menlo Park, California, with offices in Southern California, Florida, and Georgia. For more information, please visit www.healthquestcapital.com
About Northwell Ventures
Northwell Ventures (NV), the corporate venture arm of Northwell Health, launched a fund to invest in and actively manage companies that represent a current or future strategic interest. The NV fund seeks to identify and invest in novel technologies and business models that have the prospect to advance Northwell’s growth and generate attractive returns. The group, as a whole, works to accelerate Northwell’s broader strategic healthcare focus by utilizing Northwell as a laboratory to rapidly validate technologies, new business models, and conduct research to build profitable companies and increase the quality of care for our patients. For more information, please visit http:northwell.edu/ventures
Vestagen develops and markets advanced performance textile products and technologies. Vestagen has developed VESTEX®, which represents a new class of technology-based, active barrier protective fabrics combining antimicrobial, liquid repellent and breathability properties. VESTEX uniforms are designed to minimize the risks associated with unanticipated fluid exposures during routine use as general purpose attire. Studies conducted in controlled conditions in a hospital setting show that VESTEX can prevent or reduce the acquisition and retention of certain microorganisms on the fabric. VESTEX garments are comfortable, durable and affordable. For more information, visit vestagen.com.