Published June 25, 2009
The CEO of a Mount Pleasant-based biotech company said the securing of $10 million in financing will allow the company to name a manufacturer and bring its products to market.
Revolutions Medical Corp. announced the $10 million equity purchase agreement, which was arranged through Southridge Investment Group LLC and Wakabayashi Fund LLC. The agreement gives the company access to $10 million for up to two years at an 8% discount to market price.
“We now have the access to capital we need to execute our business plan and bring our proprietary products to the marketplace,” said Ron Wheet, CEO of Revolutions Medical. “To get financing in this market is pretty tough. I was very happy about it.”
Wheet said the company will soon name a manufacturer and will go into production of the company’s 3 cubic centimeter RevVac Safety Syringe. He said Revolutions Medical is also getting ready to introduce its color and 3D MRI software technology at the Radiological Society of North America’s show in Chicago in the late fall.
The company will likely do its plastic molding in the Far East just because there’s no other area in the world that can compete on price, Wheet said. He said it makes a lot of sense to do a lot of the production in South Carolina because of the strong health care community and the port.
“I’m trying to do at least the packaging and labeling here. I’m working with the state and the regional development center to make that happen,” Wheet said.
The company is now ready to go from just a research and development company “to a leading, innovative, product-driven company with a suite of proprietary technologies to follow,” Wheet said.