Orlando, Florida-based Vestagen Technical Textiles Inc, a medical technology company developing apparel for healthcare applications, raised $7 million in financing. Advent Life Sciences and HealthQuest Capital led the round, which was a planned extension of the company’s previous financing. Vestagen also named Bill Bold as chief executive officer. Bold replaces Dale Pfost, PhD, who was serving as interim CEO and remains chairman of the board.
ORLANDO, Fla., Feb. 8, 2016 /PRNewswire/ — Vestagen Technical Textiles, Inc., a medical technology company developing and marketing high performance apparel for healthcare and other demanding applications, today announced it has named Bill Bold Chief Executive Officer. He replaces Dale Pfost, PhD, who was serving as interim CEO and remains Chairman. Mr. Bold is also joining Vestagen’s Board of Directors.
The company also reported that it has completed a $7.0 million financing, which was a planned extension of its previous financing. Advent Life Sciences and HealthQuest Capital led the financing, and other Vestagen investors also participated. The proceeds will support commercialization of VESTEX®, the first in a new class of active barrier technologies that combines fluid repellent, antimicrobial and breathability properties. VESTEX is the only daily-use textile proven in a hospital setting to reduce harmful contaminants on garments, with the aim of reducing the risk of spreading dangerous pathogens.
Dr. Pfost noted. “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. He will be ably assisted by the highly experienced team we have assembled, including newly hired senior sales executive Jim Beyer, who has generated exponential growth for innovative medical devices in his previous positions.”
Dr. Pfost continued, “We want to thank our investors for their continuing support. We will soon be expanding our product line and filing for FDA review of VESTEX as a protective medical device. These are exciting times for Vestagen, and we look forward to rapid progress going forward.”
Mr. Bold commented, “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. Our scrubs are also comfortable, attractive and affordable. Vestagen’s commitment to evidence-based marketing and regulatory review distinguishes its strategy and provides us with a key competitive advantage. I look forward to working with the talented Vestagen team.”
Mr. Bold was formerly President and CEO at Vascular Pathways, where he headed a turnaround that resulted in its successful acquisition by CR Bard. During his tenure Mr. Bold developed and commercialized three FDA-approved products for new markets. Previously, he held senior leadership positions at catheter securement device maker Venetec International, where he helped grow revenues ten-fold in five years, and at vascular device firm Access Scientific and healthcare supply chain exchange Medibuy.com.
Jim Beyer is an accomplished medical device sales executive with established industry relationships at major hospitals, group purchasing organizations and health systems. He most recently was Vice President of Corporate Sales at Masimo, a cutting edge developer of noninvasive patient monitoring technologies, where he led the development of multiple new channels that helped increase sales from $45 million to $600 million in eight years. Previously, Mr. Beyer held sales and marketing positions of increasing responsibility in the medical device industry. He began his career at VHA/Novation and Columbia/HCA.
About Vestagen and VESTEX®
Vestagen develops and markets advanced performance apparel products and technologies. Its VESTEX® active barrier protective technology is the first to combine fluid repellent, antimicrobial and breathability properties for everyday protection from unanticipated fluid exposure and pathogen transmission. VESTEX is clinically proven to prevent or reduce the acquisition and retention of contaminants on clothing, reducing methicillin-resistant Staphylococcus aureus (MRSA), by 99.99% compared to traditional uniforms. VESTEX is also comfortable, durable and affordable. Product lines, including lab coats, scrubs and patient apparel, are manufactured and sold directly by Vestagen, its retail partners and select distributors. VESTEX is suitable for a variety of applications, including healthcare, public safety and athletics and is available for use in garment production by approved licensees. For more information, visit vestagen.com.