VidaCare Corporation Completes $5 Million Series C Financing
January 14, 2006Westlake Securities has announced completion of a third round of financing for San Antonio-based VidaCare Corporation, in the amount of $5 million Series C Preferred Stock. The round was fully subscribed by existing individual investors and the company's sole institutional investor. Wilson Allen and James Kenny advised on the transaction for Westlake.
In addition to its role as sole placement agent of the Company's Series C financing, during 2005 Westlake also remained active in advising the Company through Board participation by Wilson Allen, Managing Director. Westlake also introduced VidaCare to Phil Farris, who became CEO of the Company in August 2005.
VidaCare Corporation owns the exclusive rights to market and sell a patented, innovative medical technology that enables emergency medical professionals to gain access to the human circulatory system for more than 5 million patients each year that don't respond to traditional IV needles. This breakthrough could save thousands of lives each year. The device enables Emergency Medical Technicians and Emergency Room physicians to use bone marrow as a non-collapsible vein, through which any drug or fluid can be rapidly and safely administered. Only VidaCare has demonstrated the ability to use a battery powered device to safely penetrate hard adult bones within 10 seconds or less and gain access to the bone marrow.
The VidaCare solution, EZ-IO™, is the first battery powered, FDA-approved product that gives immediate access to the intraosseous space. A small battery-powered device safely penetrates the bone in seconds with a specially designed and patented hollow drill which also functions as a needle for delivery of pharmaceuticals and fluids. For more information about VidaCare Corporation, search www.vidacare.com or use the contact information below.
Based in Austin, Texas, Westlake Securities provides equity and debt capital raising services for private and small cap public companies, with a focus on emerging growth companies in the technology, communications, healthcare/life sciences, services, manufacturing, transportation and retail sectors. Westlake also offers buy-side and sell-side merger and acquisition advisory services for companies and control investors seeking to execute mergers and acquisitions. Its focus is primarily on transaction values between $10 million and $100 million. Westlake is a member of NASD and of the Securities Investor Protection Corporation. More information about Westlake Securities may be found at www.westlakesecurities.com or the contact information below.
