BPV Invests in QOL Medical, LLC
ST. PETERSBURG, FL, December 7, 2005 – Ballast Point Ventures L.P. (BPV), a venture capital firm affiliated with Raymond James Financial, Inc., today announced it has closed an equity investment in QOL Medical, LLC (QOL).
QOL is a specialty pharmaceutical company focused on the gastrointestinal market. The company acquires FDA-approved drugs that have potential new indications and a history of under-promotion. QOL uses its experience in niche marketing to expand the markets for these products and to ensure that more people who suffer from rare diseases or rare events have access to drugs that can improve their quality of life.
Ballast Point Ventures, Pelican Medical and Conifer Partners were the equity investors in the $8.2 million financing, which will be used to fund the acquisition of three new gastrointestinal pharmaceutical products.
QOL Medical’s co-founder and Chief Executive Officer is Trevor Blake. Prior to QOL, Trevor was VP of Commercial Development at CEPTYR and Director of Commercial Development at Orphan Medical. He has extensive experience designing business models, building successful commercial teams from start up, negotiating licenses, and working closely alongside scientists and clinical development teams.
“We are delighted to add Ballast Point Ventures to our investor group,” said Blake. “The partners at BPV have a terrific industry network and an impressive, long-term record of investing in high-quality growth companies. With this round of funding we will acquire a set of niche products with attractive cash flow and high growth potential. In particular, we are excited to acquire and launch Nascobal® Spray (www.nascobal.com) early in 2006, a breakthrough for B12 deficiency and the only FDA approved non-injection B12 therapy.”
Drew Graham, managing partner of Ballast Point Ventures stated, “We are pleased to have the opportunity to invest in QOL Medical. We are impressed with the management team at QOL and the business they have built to date. With the addition of these newly acquired products, the company is well-positioned to establish a strong market presence in the gastrointestinal market.”
The investment in QOL reflects the Ballast Point strategy of providing expansion capital to rapidly growing, well-managed companies in the Southeast and Texas.
About QOL Medical, LLC
QOL Medical is a specialty pharmaceutical company focused on the gastrointestinal market. The Company acquires FDA-approved drugs that have potential new indications but have not been promoted effectively. QOL uses its experience in niche marketing to expand the markets for these products and to ensure that more people who suffer from rare diseases or rare events have access to drugs that can improve their quality of life. QOL Medical currently focuses on the gastrointestinal market by providing drugs that these specialists prescribe. www.qolmed.com
About Ballast Point Ventures, L.P.
Ballast Point Ventures, L.P. is a venture capital fund established to provide expansion capital for rapidly growing, privately owned companies in diverse industries, with a particular emphasis on companies located in Florida, the Southeast and Texas. The BPV partners have more than 60 years of combined experience investing in and building high-growth companies in a number of industries, including healthcare, business services, communications, technology, consumer products and specialty retail. The Fund seeks to make equity investments ranging in size from $2 million to $5 million. www.ballastpointventures.com.
