News
NewSpring Capital Leads $11mm Investment in AppTec Laboratory Services
King of Prussia, PA, February 7, 2005 – NewSpring Capital member funds, NewSpring Ventures, L.P. and NewSpring Healthcare, L.P., today announced the completion of an $11 million equity financing in AppTec Laboratory Services, Inc. (“AppTec” or the “Company”). NewSpring Capital led the financing with a $5 million investment. The Company’s existing investors, Thomas, McNerney & Partners, Affinity Capital and Brightstone Capital all participated in the investment round. The investment will be used to further AppTec’s continued growth.
AppTec is a leading provider of comprehensive GLP/GMP-compliant testing, contract research and development, and custom cGMP manufacturing services for biopharmaceuticals, medical devices, cellular therapeutics, and tissue-based products. The Company provides these specialized services to over 1,000 customers through its state of the art facilities in Atlanta, Philadelphia and St.Paul.
“We are extremely excited about our investment in AppTec due to its strong growth prospects, track record of service excellence and its experienced and deep management team,” said Marc Lederman, a General Partner at NewSpring Capital.
“AppTec is well positioned to take advantage of a number of macro trends in healthcare, including the outsourcing of life sciences testing and manufacturing, the continued growth in biologics, and the ongoing convergence of medical devices and biopharmaceuticals”, stated Zev Scherl, who has joined the Board of Directors as the NewSpring Capital designee.
Bonnie Baskin, Ph.D., AppTec’s Founder, President and CEO, added, “We are thrilled to have NewSpring Capital invest in AppTec at this exciting time in the Company’s lifecycle. We have recently expanded our capabilities with the 2004 completion of our world class biopharmaceutical development, cGMP manufacturing and testing facility in Philadelphia, and are now positioned to become the premier single source service provider to the biopharmaceutical and medical device industries.”
About NewSpring Capital
NewSpring Capital, located in King of Prussia, PA and New York, NY, is a family of specific- purpose private equity funds, which includes: NewSpring Ventures, L.P., a venture capital fund providing equity capital to growth and expansion stage companies with a focus on information technology, business services and health care; NewSpring Healthcare, L.P., a venture capital fund focused on intermediate-and-late stage life science and health care companies; and NewSpring Mezzanine Capital, L.P., a regionally focused mezzanine debt fund that invests in information technology, business services, health care and specialty manufacturing.
About AppTec Laboratory Services, Inc.
AppTec Laboratory Services, Inc., headquartered in St. Paul, Minnesota, is the premier single source provider of comprehensive GLP/GMP-compliant testing, contract research and development, and custom cGMP manufacturing services for biopharmaceuticals, medical devices, cellular therapeutics, and tissue-based products. AppTec currently services over 1,000 customers via its three state of the art facilities in Atlanta, Georgia, Philadelphia, Pennsylvania and St. Paul, Minnesota. For more information regarding AppTec please visit www.apptec-usa.com.
Contact Information:
AppTec Laboratory Services
William Smith,
CFO
(651)675-2040
NewSpring Healthcare
Zev Scherl,
General Partner
(212)888-7660
NewSpring Ventures
Marc R. Lederman, General Partner
(610)567-2391
