HealthEdge Portfolio Company Appoints New Chairman and CEO
TAMPA, FLORIDA– April 25, 2008 – HealthEdge Investment Partners, LLC (“HealthEdge”) announced today that Advanced Bio-Technologies, Inc. (“ABT”), a dermatological business in the scar treatment space, has appointed Jeff Thompson as Chairman and Chief Executive Officer. Mr. Thompson will also serve as HealthEdge’s Operating Partner for their portfolio of Healthcare Products companies acquired by the Fund. Most recently, Mr. Thompson served as Chief Operating Officer for Stiefel Laboratories, Inc., the world’s largest independent pharmaceutical company specializing in dermatology. He continues to serve as a member of Stiefel’s Board of Directors.
Stiefel (a privately held company with annual global revenues over $900 million) manufactures and markets a variety of prescription and non-prescription dermatological products through its wholly-owned global network which is comprised of more than 30 subsidiaries, manufacturing plants in six countries, research and development facilities on four continents, and products marketed in more than 100 countries around the world.
In 2006, Thompson was instrumential in spearheading Stiefel’s $640 million acquisition of the Connetics Corporation when he relocated to Palo Alto, California for six months to serve as the on-site integration team leader in order to optimize the expected transaction value which more than doubled the size of Stiefel’s U.S. presence.
Prior to becoming Stiefel’s COO, Thompson served as Stiefel’s Senior Vice President U.S. Business Services and President of Glades Pharmaceuticals, Stiefel’s wholly owned subsidiary specializing in niche generics. During his tenure in this dual leadership role, Glades grew from $36 million to over $73 million.
Headquartered in Clearwater, Florida, ABT is a privately held dermatological products company that markets a patented, self-drying, silicone-based range of products for scar prevention and treatment. ABT’s flagship product, Kelo-cote® Advanced Formula Scar Gel, is a proprietary silicone technology used to treat and prevent abnormal scarring such as keloid, burn, and hypertrophic scars.
Brian W. Anderson, a Managing Partner of HealthEdge, said, “In Jeff Thompson, we are gaining an ‘A’ level executive whom we believe will create significant value for our Healthcare Products Group businesses, particularly ABT. Jeff’s background, experience, and passion for business are impressive, and we look forward to working with Jeff to grow ABT and our other Healthcare Products Group portfolio companies.”
According to Mr. Thompson, “I am excited about my new opportunities with ABT and HealthEdge. I’m particularly excited about Kelo-cote® Advanced Formula Scar Gel’s potential for organic growth and the ability to utilize Kelo-cote and ABT’s technology as a platform for growth through partnering and aquisions that will create a meaningful dermatolgical business both in the U.S. and internationally.”
HealthEdge Investment Partners, LLC is an operating-oriented private equity firm founded in 2005 that focuses exclusively on the healthcare industry. HealthEdge seeks to achieve superior returns by investing in businesses that benefit from the knowledge, experience and network of relationships of its partners. HealthEdge’s partners have more than 100 years of combined operating experience in healthcare as CEOs and investors. For more information on HealthEdge, visit www.healthedgepartners.com.
About Advanced Bio-Technologies
Advanced Bio-Technologies, Inc. is a dermatological products company focused on scar treatment and prevention. The Company’s flagship product is Kelo-cote®, a patented, selfdrying, silicone-based topical medical gel that dries within five minutes to form an invisible protective silicone sheet over the applied area. The protective barrier is flexible, odorless, waterproof, transparent, and breathable, and cosmetics and sun block can be applied after the gel has dried. The gel softens and flattens raised scars and reduces redness and itching.
For more information, please contact Brian W. Anderson at HealthEdge Investment Partners at (813) 490-7102, or Jeff Thompson at Advanced Bio-Technologies at (727) 533-8400.