|By PR Newswire||
|August 19, 2014 06:00 AM EDT||
MENLO PARK, Calif., Aug. 19, 2014 /PRNewswire/ -- HealthQuest Capital (HQC), a new Menlo Park based fund sponsored by Sofinnova Ventures, today announced the closing of its debut fund at the hard cap of $110 million and in excess of the initial fund target of $50 million.
HealthQuest will fund investments in the medical device, diagnostics, patient care products, consumer health/OTC and healthcare IT fields. HQC will focus primarily on commercial stage investments, providing capital towards growing revenues and scaling existing businesses in promising sectors.
"HealthQuest is focused on funding innovation that can be quantified in terms of both improvements in patient outcomes as well as healthcare economics. We believe these opportunities can deliver valuable medical advances that translate into excellent financial returns," commented HealthQuest Founding Managing Partner, Garheng Kong, MD, PhD. "We are excited to launch our debut fund, and appreciate the support of our investors for the HealthQuest strategy and team." HealthQuest's approach will also involve targeting areas of healthcare where there is clear unmet clinical need for innovation as well as undercapitalized geographies.
HealthQuest Capital was founded by Dr. Kong in 2013. An experienced and proven investor in the healthcare sector since 2000, Dr. Kong was a General Partner at Sofinnova Ventures and Intersouth Partners. Some of his investments include Cellective Therapeutics (founding investor and Chairman, acquired by AstraZeneca), Novamin Technologies (Chairman, acquired by GlaxoSmithKline), Cempra Pharmaceuticals (Chairman), Serenex (Chairman, acquired by Pfizer) and Alimera Sciences. Recent investments include Histogenics (Chairman), Salveo Specialty Pharmacy, SARcode Bioscience Inc. (acquired by Shire), First Aid Shot Therapy (F.A.S.T.) and Castle Biosciences. Dr. Kong also sits on the board of Laboratory Corporation of America and the Duke University Medical Center Board of Visitors.
The HealthQuest investing team includes Partner Randy Scott, Founder and CEO of Novamin Technologies (acquired by GlaxoSmithKline); Partner David Kabakoff, PhD, Co-founder, CEO and Chairman of Salmedix (acquired by Cephalon) and Chairman of Trius (acquired by Cubist); and Venture Partner Tom Callaway MD, President and Founder of Life Science Partner, a leading life science executive search firm. Combined, the full team has significant investing and operating experience in the businesses with which HealthQuest will partner.
HealthQuest's initial portfolio includes Vestagen, a manufacturer and marketer of advanced performance textile products and technologies for the hospital and healthcare setting, First Aid Shot Therapy (F.A.S.T.), which is developing and commercializing a comprehensive portfolio of liquid 'shot' OTC pharmaceutical products, and Castle Biosciences, which is commercializing a series of diagnostic tests for orphan cancers.
About HealthQuest Capital:
HealthQuest Capital makes go-to-market and early growth investments in innovative healthcare companies that are improving both patient outcomes and healthcare economics. Investments focus on the medical device, diagnostics, patient care products, consumer health/OTC and healthcare IT fields. The HealthQuest investing team includes deep operational, clinical and scientific expertise and worldwide relationships throughout the healthcare industry that can be leveraged to add value to our portfolio companies. HealthQuest is part of the Sofinnova Ventures network, which has been making venture investments worldwide for over 40 years, backing some of the most exciting and successful innovators in healthcare. HealthQuest Capital is headquartered in Menlo Park, CA with offices in Southern CA, Florida, and Georgia. www.healthquestcapital.com.
Partner – Investor Relations and Marketing
(650) 681-8429; Jennifer@sofinnova.com
SOURCE HealthQuest Capital
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