Vestagen Technical Textiles, Inc., today announced that it has completed a $3.3 million convertible note bridge financing. Advent Life Sciences and HealthQuest Capital led the financing, and other existing Vestagen investors also participated.
The additional funds will support the ongoing 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 fabric proven in a hospital setting to reduce harmful contaminants on garments. VESTEX protected uniforms are designed to increase healthcare worker and patient safety by reducing the risk that pathogens and other contaminants will be carried by workers' attire.
"The unique ability of our VESTEX active barrier fabric to transform everyday uniforms into apparel that helps guard workers and patients from the contaminants commonly found in healthcare settings has led to successful system-wide adoption at healthcare leaders such as Jacksonville's Baptist Health, and also earned VESTEX an exclusive endorsement from the American Hospital Association," said Dale R. Pfost, PhD, Executive Chairman and CEO of Vestagen. "This bridge financing will enable us to expand the innovative marketing initiatives we recently launched that offer promising avenues for highly effective engagement with prospective customers, with the goal of further accelerating market uptake."
VESTEX active barrier fabric incorporates three powerful technologies – a highly repellent fluid barrier, a durable antimicrobial that has been shown to be effective against a broad spectrum of organisms, and a wicking technology that ensures wearer comfort. VESTEX is suitable for a variety of applications, including healthcare, public safety and athletic use.
Contaminated clothing is a known carrier of bacteria, which contributes to U.S. government data showing that healthcare workers have among the highest rates of illness and injury of any occupation. Contamination with multi-drug resistant organisms such as MRSA contributes to the spread of healthcare-associated infections and puts workers and patients at risk. A peer-reviewed published study confirmed that VESTEX protected uniforms demonstrated a statistically significant reduction of almost 100% in MRSA organisms compared to the traditional non-protective scrub uniforms still used in many hospitals today.
Vestagen Technical Textiles, Inc.