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New Medical Technologies Investment Fund Raises $110M

Wall Street signs

(A. Kotok)

19 August 2014. HealthQuest Capital, a spin-off investment firm, says it raised $110 million for funding in technology-based start-ups serving the health care industry. The company was spun off from Sofinnova Ventures in Menlo Park, California and founded by Garheng Kong, a Sofinnova general partner.

HealthQuest plans to invest in companies developing medical devices, diagnostics, patient-care products, mobile health, and health care information technologies. The company says it is particularly interested in new enterprises that can show quantifiable benefits in terms of patient care and health care economics. “It is our strong belief,” says the HealthQuest Web site, “that the winning formula for emerging companies in health care is to have a strong story in both these areas.”

The company aims to target newer enterprises in North America, but those beyond the initial start-up stage, where investments can help grow revenues and scale-up operations for the marketplace. Pre-launch businesses will be considered, if commercial operations are imminent and can show evidence of likely market adoption. Investments will generally be in the range  of $2 to $4 million, for companies with capital needs less than $20 million to reach profitability.

HealthQuest started last year, and its portfolio already includes Castle Biosciences developing molecular diagnostics for cancer and First Aid Shot Therapy, commercializing over-the-counter medications as single liquid doses of 40 milliliters or 1.35 ounces (A shot glass holds about 45 milliliters or 1.5 ounces.). A third portfolio company, Vestagen Technical Technologies in Orlando, Florida, develops antimicrobial and other specialized textiles with a process licensed from researchers in Switzerland.

HealthQuest first aimed at raising $50 million in its first fund, but the response from investors was particularly strong, thus the fund remained open until reaching $110 million. The company expects to make a total of 12 investments from that fund. HealthQuest remains affiliated with Sofinnova Ventures that provides back-office support.

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