Healthcare Industry News: Regenesis Biomedical
News Release - June 6, 2011
Regenesis Biomedical Announces $5.3 Million in Series C FundingAllows for expansion of ProvantŪ Therapy System commercialization
SCOTTSDALE, Ariz., June 6, 2011 -- (Healthcare Sales & Marketing Network) -- Regenesis Biomedical, Inc., a medical technology company that markets the ProvantŪ Therapy System, announced today the closing of a $5.3 million Series C equity financing. The financing was led by Fulcrum Equity Partners and TGap Ventures, and includes existing investor Solstice Capital. Tom Greer of Fulcrum and Jack Ahrens of TGap will join the Regenesis Board of Directors.
"During our investment due diligence, we were very impressed with the entire Regenesis team, particularly in the areas of quality systems, sales expansion, and key clinician relationships," said Tom Greer of Fulcrum. "We are excited to partner with Virginia and her team in what we feel will be the leading wound care company in the market."
Jack Ahrens of TGap Ventures added "We have closely followed the development of Regenesis' business as they execute to plan. The management team has a clear strategic vision and a passion for thoughtful resource allocation."
"This funding allows us to accelerate the expansion of our sales force, and to seek expanded payer sources including Medicare coverage," said Virginia Rybski, President and CEO of Regenesis Biomedical. "In addition we are pleased with our new partners who add to our healthcare business experience."
About Regenesis Biomedical
Regenesis is a privately held medical technology company focused on developing and marketing regenerative medicine products. Regenesis developed, patented, and now markets the Provant Therapy System. Our customers include acute care hospitals, long-term acute care hospitals, skilled nursing facilities and outpatient clinics. Provant uses pulsed radio frequency energy (PRFE) to facilitate reduction of the pain and edema associated with post-operative, superficial soft tissues.
About Fulcrum Equity Partners
Fulcrum is an Atlanta-based private equity firm focused on providing expansion capital to rapidly growing companies. The firm provides equity investments with special emphasis on healthcare, information technology, business services and technology enabled operating companies. Fulcrum provides financing to meet a wide range of needs, including internal growth initiatives, acquisitions, management buy-outs, and recapitalizations. http://www.fulcrumvp.com
About TGap Ventures
TGap is a venture capital firm headquartered in Western Michigan founded in 2002. The firm's general partners have been involved in over 100 growth companies since 1979. TGap focuses primarily on early-stage investments, including medical devices, software, specialty manufacturing, Internet, telecommunications and healthcare. TGap is in the early investment phase of its second fund. The objective is to invest in approximately 15 growth companies over the next several years. http://www.tgapventures.com
About Solstice Capital
Solstice seeks venture capital returns for its limited partners through investments in seed- and early-stage companies in the industry areas of alternative energy, education, the environment, life sciences and information technology. http://www.solcap.com
Source: Regenesis Biomedical
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