Biocoat, a 27-year old privately held company, announced that it has been acquired by 1315 Capital, a Philadelphia-based healthcare investment firm that provides expansion and growth capital to commercial-stage healthcare services, medical technology, and specialty pharmaceutical companies.
Image: 1315 Capital has acquired Biocoat. Photo: courtesy of rawpixel / Unsplash.
The transaction closed on December 20, 2018.
The acquisition of Biocoat by 1315 Capital will assist the Company in taking a more aggressive and growth-oriented approach in the biomaterial coatings market for medical devices, a market projected to reach over $15 billion by 2021.
“We’re excited about this merger and the financial support which 1315 Capital provides. The synergies between our management team and the team at 1315 Capital were clear from the start,” said Jim Moran, President and CEO of Biocoat. “Their investment and operating teams bring an outstanding track record of providing strategic support and expertise, thereby enabling Biocoat to pursue a more aggressive approach to the market.”
Biocoat specializes in supplying lubricious hydrophilic coatings for medical devices used in the neurovascular, cardiovascular, peripheral, and ophthalmic markets to original equipment manufacturers and contract manufacturers.
“Biocoat’s combination of differentiated technology within an expanding market and growth-focused management team makes it a great fit for 1315 Capital and we’re excited to be working with Jim and his team,” stated Michael Koby, Co-Founding Partner, 1315 Capital.
Scott Cramer, Chairman of Biocoat added, “Biocoat’s HYDAK® technologies offer extremely low particulate counts, high lubricity, and low friction, and this merger allows Biocoat to further increase research and development efforts, while expanding the operating model to serve a broader range of customers.”
Biocoat’s Senior Director of Research & Development, Dr. Robert Hergenrother, will speak at SPE’s Medical Plastics Minitec in Anaheim, CA on February 4, 2019.
Source: Company Press Release