Consumer healthcare company First Aid Shot Therapy has completed a Series B financing round. Sofinnova Ventures and Redmile Group co-led the round with additional support from investors including Sofinnova HealthQuest, Clearwell Group and Mark Rampolla, founder and former CEO of ZICO Beverages, maker of ZICO Pure Premium Coconut Water.
First Aid Shot Therapy® (F.A.S.T.), a consumer healthcare company focused on over-the-counter (OTC) medicine in liquid ‘shot’ (40ml / 1.35oz.) form, announced today that it has completed a Series B financing round. Sofinnova Ventures and Redmile Group co-led the round with additional support from investors including Sofinnova HealthQuest, Clearwell Group and Mark Rampolla, Founder and former CEO of ZICO Beverages, maker of ZICO Pure Premium Coconut Water.
The Series B funding will be used to expand the company’s growth by bringing to market a second product, F.A.S.T. Upset Stomach Relief, and supporting geographic launches in the Boston area and other major markets nationwide.
“We are very pleased to broaden our funding base with experienced new investors who share F.A.S.T.’s passion for the rapidly growing consumer healthcare market,” said Mary Page Platerink, Founder and Chief Executive Officer of F.A.S.T. “On the back of strong customer demand we are growing the business ahead of plan. We are delighted to have the support of seasoned healthcare and consumer product investors as we build on the successful launch of our F.A.S.T. Pain Relief product in Seattle, Washington, in 2013.”
Platerink continued: “Innovation in the OTC market has been focused on functional benefits, but we believe consumers are looking not only for effective products, but also for products that fit into their lifestyles and help them live their lives uninterrupted. Since our launch, we have achieved listing with many of the key grocery and convenience distributors. Retailers such as Bartell Drug, Barnes & Noble College Bookstores and The Pantry have positioned the product in prime locations in their stores with great success. Additionally our online sales through Amazon.com continue to grow. We will continue our growth by launching with key retailers in Boston and nationwide who share our passion for this dynamic new product category.”
F.A.S.T.’s products are OTC pharmaceutical based single serve liquid medicines that meet the applicable OTC monograph and are intended to treat everyday conditions such as pain and upset stomach. Additional products aimed at a broad range of consumer needs are being developed and will be launched in due course. F.A.S.T.’s product portfolio addresses common health conditions that affect tens of millions of Americans every day.
“I’ve always believed that beverages were a great delivery device for medicinal purposes and First Aid Shot Therapy ® is the best execution of this I’ve seen,” said Mark Rampolla, Founder and former CEO of ZICO Beverages, maker of ZICO Pure Premium Coconut Water. “I’m very impressed with Mary Page, the team she assembled and what they have accomplished. I believe they have what it takes to build this into a mega brand that revolutionizes the way we take medication.”
“We are pleased with the response that F.A.S.T. has received from retailers and consumers alike.” said Garheng Kong, M.D., Ph.D., Managing Partner of Sofinnova HealthQuest Capital. “We continue to believe the consumer segment to be a major growth area for healthcare investment today, and F.A.S.T. is well positioned to be one of the leaders in this field.”
About First Aid Shot Therapy®
Headquartered in Burlingame, California, privately held First Aid Beverages, Inc. (dba “First Aid Shot Therapy®”) is focused on the development and commercialization of a comprehensive portfolio of OTC pharmaceutical products in liquid ‘shot’ (40ml / 1.35oz.) format. The F.A.S.T. team is comprised of consumer product executives that have been responsible for the launch and commercial success of products such as VitaminWater and Pretzel Crisps. F.A.S.T.’s products are formulated by the Company’s proprietary research and development organization, F.A.S.T. Labs(tm). F.A.S.T. was co-founded by Professor Jay Pasricha, M.D., Professor of Medicine at Johns Hopkins Medicine. In addition, F.A.S.T. has assembled an Advisory Board comprising some of the leading regulatory advisors and consumer marketing executives in the world including Mary Minnick, Partner at Lion Capital and former President of Marketing, Strategy and Innovation at The Coca-Cola Company and Peter Barton Hutt, former General Counsel of the Food and Drug Administration.
About Sofinnova Ventures
Sofinnova Ventures has over 40 years of experience building healthcare companies into market leaders. With $1.4 billion in committed capital, the firm applies capital and expertise to take companies from inception to exit. Sofinnova closed its life science-focused $440M fund, SVP VIII, in late 2011. The firm’s investment team of MDs and PhDs has significant scientific, operational and strategic experience, and specializes in financing later stage clinical products and growth companies. Our team partners with entrepreneurs to address patients’ unmet medical needs and develop innovative products. Sofinnova Ventures has offices in Menlo Park and La Jolla, California. For more information, please visit www.sofinnova.com.
About Redmile Group
Redmile Group is a healthcare investment organization based in San Francisco, California and New York, New York. For more information, please visit www.redmilegrp.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 its 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 healthcare. For more information, visit healthquestcapital.com.
About Clearwell Group
Clearwell Group, a Tampa-based family office investment manager, invests with the belief that businesses can generate positive impact in addition to investment return. Investments support high integrity entrepreneurs with a collaborative approach to creating value that leverages our experience and network. This aligns Clearwell’s 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 with revenue ranging from $0 to $30 million across the business cycle with the greatest focus on expansion or growth stage companies in the southeastern United States. Industries of particular interest include healthcare, de-risked technology, beverages, consumer products, financial services and software. For more information, visit clearwellgroup.com