Advance Medical had a big week, raising $20 million through a new equity financing round, nabbing all the assets of rival Brazilian distributor Imunotech Sistemas and adding a pair of medtech veterans to its team.
The company, a medical device and diagnostics distribution firm, raised its latest funding from new investors Aberdare Ventures and Arboretum Ventures, as well as existing investors, including Venrock and Jose Bonchristiano, according to a company statement.
Advance, which has headquarters in California, Brazil and Mexico, also signed a definitive agreement to acquire privately help Brazilian firm Imunotech Sistemas Diagnosticos, which has been dealing medical devices and laboratory equipment in the country for more than 25 years. The terms of the deal were not disclosed, but Advance said the merger "solidifies the combined entity’s Latin American distribution leadership and deepens ADVANCE Medical’s commercial footprint inside leading physician clinics, hospitals and laboratories."
The company’s board of directors welcomed former GE Healthcare Latin America CEO Claudia Goulart, who led GE’s Latin America presence for about 8 years and who is presently on the board of "several healthcare companies," according to a company statement. Advance also welcomed new Mexico operations general manager Dr. Hector Sobrino, who managed Mexican and other international commercial operations at Sanofi for 7 years.
"We are very fortunate to have top US venture investors lead our Series B round and to combine with Imunotech, a company and team with a long and distinguished commercial track record," Advance founder and CEO Dr. Fred Aslan said in prepared remarks. "Our expanded team, and combined resources and capabilities, greatly enhance our ability to become the Latin American commercial partner-of-choice for innovative companies globally."