Irvine, California – August 6, 2014–Harbor MedTech (Harbor) is pleased to announce the closing of its $10 million Series B Capital Round. Arsenal Capital Management, LLC (ACM), a St. Louis based venture capital firm, led the round, closing on the first tranche in July. Details of the terms were not announced.
“We are extremely pleased with our new investment partnership with Arsenal. We share a common vision about the huge transformation underway in the U.S. healthcare system towards more efficient and more cost effective treatments for chronic health conditions, and how that will impact healthcare providers and the innovative medical technologies they use.” said Jerry Mezger, CEO of Harbor MedTech.
“Our investment in Harbor continues the strategy of making significant investments in companies with disruptive products and technologies in the healthcare market. Harbor is a relatively mature company for our Fund, having an FDA cleared product covered by issued patents. The ACM investment will allow the company to aggressively bring their Architect® product to market and fund further development of EPMatrix,” said Pete Reinecke, Managing Director of ACM. Harbor joins Kypha, TransMed Systems, Appistry and Homeward Healthcare in the ACM portfolio.
Added Mr. Mezger, “Harbor’s strategy from the beginning was to get ahead of healthcare cost containment mandates from Medicare and the Affordable Healthcare Act, and introduce ‘best-in-class’ therapies at a significantly lower cost for treating chronic skin wounds. Our first product, Architect®, is poised to lead a paradigm change in the treatment of chronic skin woundscaused by diabetes and circulatory disease that, if not properly treated, lead to hospitalization, amputation, and increased mortality. Clinical studies have shown that Architect offers ‘best-in-class’ treatment at a much lower cost than today’s therapies.The funding commitment from Arsenal is a critical element in support our efforts to make Architect available to patients in the U.S. and around the world.”
About Harbor MedTech, Inc.
Harbor MedTech, Inc. is a diversified and fully integrated biologics tissue regeneration company founded in 2010 and based in Irvine, California. Harbor’s proprietary technology, BriDGE® enables the development of a broad range of biologic products for tissue regeneration. Harbor’s first product, Architect®, is a collagen matrix used as a skin substitute for treating diabetic foot ulcers, venous leg ulcers, serious burns, and many other chronic skin wounds. Architect® is already FDA approved and approved in Europe for helping heal chronic skin wounds Harbor’s future products include EPMatrix™ for reinforcing the repair of soft tissue injuries such as hernias and torn ligaments and tendons.
President & CEO
Harbor MedTech, Inc.
Arsenal Capital Management, LLC