PITTSBURGH, March 24 /PRNewswire/ -- ReGear Life Sciences, makers of the ReBound(TM) Therapeutic Warming System, a revolutionary form of radio-frequency (RF) diathermy, today announced that it has closed a $2.5M Series A financing round following a $1M investment by Stonewood Capital Management, Inc.
"Given the current condition of the financial markets and the economy we are fortunate to have been able to attract such a great group of angel investors and close out the round with an investor as respected as Stonewood," said James (Chip) Hanlon, ReGear's President and CEO. "Participation by such a group of sophisticated investors is a testament to the potential of our products, the strength of our target markets and the abilities of our team."
ReGear received its early financial backing from the Pittsburgh Life Sciences Greenhouse and Innovation Works, opened the A round in July of 2008, and began realizing revenue late in the fourth quarter of 2008.
The funds will be used to drive growth and further expansion into the global sports medicine, physical medicine, rehabilitation, and chiropractic markets, and develop products for the home care markets. ReBound is rapidly gaining acceptance and is currently under evaluation by many major professional sports, physical therapy and rehabilitation organizations. ReBound is also being distributed by Game Ready, an industry leader in cold and compression products through a strategic alliance.
"We are delighted to be an investor in ReGear," said Stonewood Managing Director John Tippins, who has joined ReGear's board of directors. "The market for pain management products is growing every day due to the aging of the baby boomers. ReGear's diathermy technology has shown great promise in relieving pain and improving quality of life and the company is perfectly positioned to provide future therapeutic products into its target markets."
ReBound is a compact, portable, and simple-to-use therapeutic warming system that utilizes patented ReGear Diathermy(TM) technology. ReBound can be used to treat virtually any condition for which thermotherapy is indicated, including muscle spasms, joint contractures and pain associated with a variety of conditions such as osteoarthritis, soft tissue injuries, back disorders and more. No other method of thermotherapy targets deep tissue or provides sustained therapeutic warming over a broad targeted region as effectively as ReBound.
About ReGear Life Sciences
Based in Pittsburgh, PA, ReGear Life Sciences, Inc. develops and markets revolutionary products for the sports medicine, physical medicine, and rehabilitation sectors that relieve pain, accelerate recovery, and improve the quality of life. The company's flagship product, the ReBound Therapeutic Warming System, has been cleared for unattended use and delivers innovative deep tissue therapeutic warming through a patented system of comfortable body-part specific garments powered by a portable radio frequency (RF) ReGeneratorTM. For additional information, visit http://www.regearlife.com.
About Stonewood Capital Management
Stonewood Capital Management, Inc. is a Pittsburgh-based private equity firm seeking opportunities with companies with sales of $5 to $60 million as well as revenue-generating early stage companies. For further information on Stonewood, please see www.stonewoodcapital.com.
|SOURCE Pittsburgh Life Sciences Greenhouse|
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