Healthcare Industry News: HemCon Bandage
News Release - March 19, 2007
HemCon Medical Technologies Completes $12 Million Private Equity Financing
Accelerated Product Development, Civilian Market Development and Facilities Expansion Are Prime GoalsPORTLAND, Ore.--(HSMN NewsFeed)--HemCon Medical Technologies, Inc. has completed a $12 million private equity financing. The financing is provided by Camden Partners Holdings LLC (Baltimore, MD) and Torch Hill Partners (Washington, D.C.).
HemCon's unique combinations of revenue growth, new market opportunities and intellectual property have made it a highly desirable investment target. The company has been profitable and enjoyed triple-digit revenue gains in each of the past two years. The additional financing will be used to accelerate product development activities, expand markets and to invest in capital equipment and facilities.
"Our new partners have extensive experience in healthcare private equity financing and a long track record of value creation for their limited partners," stated HemCon, Inc. President and Chief Executive Officer John W. Morgan. "We look forward to the support and guidance our new partners will provide as we continue to grow our business in military, civilian and international markets."
"We are extremely excited to be the first institutional private equity firms to invest in HemCon, and we believe its future growth potential will allow for excellent returns to our limited partner investors," stated Richard Berkeley, Managing Member of Camden Partners. "The high quality of HemCon's scientific and management team and its Board of Directors reinforced our decision to move forward aggressively."
Lt. Gen. Greg Newbold (ret.), a Managing Partner of Torch Hill Partners, commented, "We are excited about HemCon's unique position in the marketplace and their history of military success. We know there are opportunities that our Executive Partner team can help them realize."
HemCon's new partners will bring their extensive network of healthcare and financial professionals to the table. With completion of this transaction, HemCon will be expanding its Board of Directors to seven, and Richard Berkeley, Managing Member of Camden Partners, will immediately assume one of its two director positions.
About HemCon Medical Technologies, Inc.
HemCon Medical Technologies, Inc., founded in 2001, develops, manufactures, and markets innovative technologies to control bleeding and infection resulting from trauma or surgery. HemCon products are designed for use by military and civilian first responders, as well as medical professionals, in hospital, dental and clinical settings where rapid control of bleeding is of critical importance. The HemCon Bandage was developed in collaboration with the Oregon Medical Laser Center and Providence St. Vincent's Hospital. HemCon's manufacturing and corporate headquarters are located in Portland, Oregon.
Source: HemCon Medical Technologies
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