US-based advanced textiles developer Vestagen Protective Technologies has secured $9.5m in a round featuring healthcare provider Mercy Health and Northwell Ventures, the corporate venturing vehicle for healthcare network Northwell Health.
Greenline Ventures, Advent Life Sciences and HealthQuest Capital also participated in the round. Vestagen reached the first close of the round, initially set to be $10m in size, in April 2017.
Founded in 2009, Vestagen has developed a class of advanced protective fabrics that reduce the risks associated with exposure to hazardous fluids in healthcare. The fabrics have antimicrobial, liquid-repellent and breathability properties and are marketed under the name of Vestex.
The company intends to put the funding toward expanding its commercial presence and obtain a regulatory review of the protective properties of Vestex.
Vestagen had previously raised approximately $27m in debt and equity financing, according to press reports, releases and regulatory filings. Its earlier backers include V-Ten Capital, Alliance Healthcare Investment Fund, Advent Life Sciences and Clearwell Group.
Bill Bold, CEO of Vestagen, said: “This financing provides additional resources for our clinical and regulatory initiatives and enables expansion of the commercialisation activities we are conducting on our own and with the support of partners.”