|Vestex scrubs--Courtesy of Vestagen Technical Textiles|
Orlando, FL-based Vestagen Technical Textiles has raised $7 million to back its antibacterial hospital garments that it hopes to get through the FDA. The financing was led by Advent Life Sciences and HealthQuest Capital with participation from existing, undisclosed Vestagen investors. The cash is expected to enable the upstart to get to market with its Vestex antibacterial textile, which it said can reduce harmful contaminants on garments, thereby reducing the spread of pathogens.
To help it do so, the company brought in Bill Bold as CEO. He was previously the President and CEO of Vascular Pathways, which was acquired last July by C.R. Bard ($BCR) for about $90 million upfront and another $15 million in revenue and manufacturing-based milestones. It also added another high profile exec to head up sales: Jim Beyer, who was previously the VP of Corporate Sales at Masimo ($MASI).
"Healthcare uniforms have been linked to the potential spread of dangerous pathogens. Vestagen is addressing the unmet need for better worker and patient safety with its game-changing Vestex products and technologies, which transform everyday healthcare apparel into a protective medical device," said Bold in a statement. "Vestagen's commitment to evidence-based marketing and regulatory review distinguishes its strategy and provides us with a key competitive advantage."
Former Vestagen interim CEO Dr. Dale Pfost will remain as Chairman; he is a general partner at Advent. In addition to Advent and HealthQuest, V-Ten Capital Partners, Clearwell Group and Merifin Capital are also Vestagen investors.
"Bill has an outstanding record of successfully developing and commercializing novel medical devices that address new markets, including navigating the FDA review process and winning adoption of new technologies by large customers," said Pfost. The clothing is already marketed, but has yet to obtain a regulatory nod.
He added, "We will soon be expanding our product line and filing for FDA review of Vestex as a protective medical device. … We look forward to rapid progress going forward."
- here is the announcement