Vestagen Technical Textiles has raised an additional $7.3 million in an extension of its recent financing round. Existing investor Advent Life Sciences was joined in the extension by new investors Sofinnova HealthQuest Capital and the Clearwell Group.

The extension brings the total raised by Vestagen in this financing round to $15.5 million. In conjunction with the financing extension, Randy Scott, partner at Sofinnova HealthQuest Capital, is joining the Vestagen Board of Directors.

Expanded commercialisation

The additional funds will support expanded commercialisation of Vestex, one of the first in a new class of active barrier protective fabrics for everyday use that are clinically proven to prevent or reduce the acquisition and retention of microbes and other contaminants, the company reports.

Vestex is engineered to have robust liquid repellency and embedded antimicrobial properties, along with enhanced breathability and good durability. The company's initial focus is on medical scrubs and other protective apparel for healthcare workers, who are at daily risk of exposure to dangerous contaminants.

“This financing extension reflects our investors' confidence in the transformative potential of our Vestex fabric,” said Uncas ‘Ben’ B. Favret III, president and CEO of Vestagen. “Since our initial close we have recruited world-class executives who are advancing our product launch and partnering initiatives, as well as the FDA regulatory process for review of Vestex as a protective medical device. The response to date from potential customers and partners has been excellent, and we look forward to reporting on our progress in the coming months.”

Significant reduction in MRSA

Contaminated clothing is a known carrier of bacteria and healthcare workers have the highest rate of illness of any occupation in the US, the company reports. Contamination with difficult-to-treat organisms such as MRSA puts workers at risk and is responsible for many of the most serious hospital acquired infections.

According to the company, a recent peer-reviewed published study confirmed that Vestex scrubs demonstrated a statistically significant reduction in MRSA of more than 99.99% compared to standard uniforms. Vestex fabric incorporates three technologies – a durable fluid barrier, an antimicrobial and a technology for wearer comfort.

Dale R. Pfost, PhD, Executive Chairman of Vestagen said: “We are delighted that our expansive vision for the company is shared by such highly respected investors as Sofinnova's HealthQuest Capital and the Clearwell Group. We look forward to working with new director Randy Scott, who has extensive experience as a successful healthcare technology entrepreneur that we will leverage to help grow the company.”

www.vestagen.com