BURLINGAME, Calif., May 21, 2013 /PRNewswire/ -- First Aid Shot Therapy®, Inc. ("F.A.S.T."), a consumer healthcare company focused on over-the-counter (OTC) therapies in liquid 'shot' (40ml / 1.35oz.) form, today announced it has completed a Series A financing round. New investor Sofinnova Ventures led the round.
The funds will be used to support the company's U.S. product launch beginning in the summer of 2013.
"We are pleased to welcome premier healthcare investor Sofinnova Ventures, who shares F.A.S.T.'s excitement around the rapidly growing consumer healthcare market," said Mary Page Platerink, Founder and Chief Executive Officer of F.A.S.T. "Since our seed round of funding, we have developed our launch products, set our go-to-market strategy and built a world class team. We look forward to launching our products this summer with leading retailers."
F.A.S.T.'s products are OTC pharmaceutical based single serve liquids that meet the applicable OTC monograph and are intended to treat everyday conditions such as pain and upset stomach. Additional products aimed at a broad range of consumer needs are being developed and will be launched in due course. F.A.S.T.'s product portfolio addresses common health conditions that affect tens of millions of Americans every day.
"We are delighted to support F.A.S.T. in commercializing their initial products this summer," said Garheng Kong, M.D., Ph.D., General Partner of Sofinnova Ventures. "We believe the consumer healthcare segment to be a vital growth area for healthcare investment today, and F.A.S.T. is well positioned to be one of the leaders in this field."
About First Aid Shot Therapy®, Inc.
Headquartered in Burlingame, California, privately held First Aid Shot Therapy®, Inc. is focused on the development and commercialization of a comprehensive portfolio of OTC pharmaceutical products in liquid 'shot' (40ml / 1.35oz.) format. The F.A.S.T. team is comprised of consumer product executives that have been responsible for the launch and commercial success of products such as VitaminWater and Pretzel Crisps. F.A.S.T.'s products are formulated by the Company's proprietary research and development organization, F.A.S.T. Labs(tm). F.A.S.T. was co-founded by Professor Jay Pasricha, M.D., Professor of Medicine at Johns Hopkins Medicine. In addition, F.A.S.T. has assembled an Advisory Board comprising some of the leading regulatory advisors and consumer marketing executives in the world including Mary Minnick, Partner at Lion Capital and former President of Marketing, Strategy and Innovation at The Coca-Cola Company and Peter Barton Hutt, former General Counsel of the Food and Drug Administration.
About Sofinnova Ventures
Sofinnova Ventures has over 40 years of experience building healthcare companies into market leaders. With $1.4 billion in committed capital, the firm applies capital and expertise to take companies from inception to exit. Sofinnova closed its life science-focused $440M fund, SVP VIII, in late 2011. The firm's investment team of MDs and PhDs has significant scientific, operational and strategic experience, and specializes in financing later stage clinical products and growth companies. Our team partners with entrepreneurs to address patients' unmet medical needs and develop innovative products. Sofinnova Ventures has offices in Menlo Park and La Jolla, California. For more information, please visit www.sofinnova.com.