Chitogel has announced to its shareholders the signing of a major investment contract with a US- based organisation, McGeever, LLC, headquartered in North Carolina.
This investment, made through McGeever’s subsidiary, LCO Capital, LLC and totalling US$6.58 million over 3 years, will be used to establish a dedicated medical sales team across the United States through McGeever’s commercial execution arm, SalesForce4Hire, LLC. The investment is aimed at driving the expansion and growth of Chitogel’s first-to-market hydrogel product for post-operative use following endoscopic sinus surgery.
In addition to this major investment, Chitogel Limited is launching a Series A Capital Raise of NZ$8m. This funding will be instrumental in delivering their second-to-market Otologic Kit for middle ear corrective surgery; advancing new product developments for laminectomy and abdominal surgery; relocating their manufacturing plant to increase capacity; and ensuring sufficient working capital.
CEO, Edward Lamb, expressed his enthusiasm for the milestone, saying, “This is a great moment for a NZ owned and based company to establish its own medical sales team in the biggest global market, the United States.” He added, “Chitogel has been distributed in the US since 2019, so this is a natural progression to enable expansion of customer use. I would like to personally thank Chitogel staff and the investors who have patiently supported us on this journey.”
McGeever, LLC invests in a portfolio of companies aligned to the core purpose of improving the value of their investments through commercial execution. It is a highly experienced medical device commercialisation group with a proven track record of successfully launching and driving rapid sales growth for multinational companies and startups in the US market over the past 20 years.
