QOL Medical Successfully Recapitalized
Under the terms of the all cash transaction, Ballast Point Ventures and the Company’s founders, Trevor Blake and Edwin Hernandez, will sell all of their interests to an investor group led by Cooper Capital.QOL Medical, LLC, has completed a minority recapitalization led by QOL’s largest shareholder, Cooper Capital. QOL’s leading products include Sucraid® (Sacrosidase), which is the first and only pharmacological therapy approved by the FDA as a simple, safe and effective enzyme replacement therapy for congenital sucrase-isomaltase disease (CSID), and Ethamolin® (Ethanolamine Oleate), the only FDA approved sclerotherapy for the treatment of bleeding esophageal varices. QOL also markets Elliotts B® Solution (buffered intrathecal electrolyte/dextrose solution), used in the prevention or treatment of meningeal leukemia or lymphocytic lymphoma. Under the terms of the all cash transaction, Ballast Point Ventures and the Company’s founders, Trevor Blake and Edwin Hernandez, will sell all of their interests. Edgemont Capital Partners served as the advisor to QOL on the transaction.
Drew Graham, a QOL Director and Managing Partner with Ballast Point Ventures, remarked “The sale of our remaining interest in QOL Medical builds on QOL’s successful sale of its Nascobal® product to Par Pharmaceuticals in March of 2009 and marks the end of a very successful five year investment for BPV. Trevor Blake and Edwin Hernandez have been terrific partners, and they have created significant value for both QOL shareholders and patients by building a portfolio of under-marketed specialty pharmaceuticals and expanding their reach. We are delighted that Cooper Capital will be the majority owner of QOL going forward with existing investor Conifer Partners and wish them the best as they continue to build the Company.”
About QOL Medical
QOL Medical acquires FDA approved specialty pharmaceuticals and uses its unique operational and marketing model to ensure more people who suffer from rare diseases or rare events have access to medications that can improve their quality of life. To learn more, contact QOL Medical at 866.469.3773 or visit the website at www.qolmed.com.
About Ballast Point Ventures
Ballast Point Ventures (“BPV”) was founded in 2002 as a joint venture between Raymond James Financial and the principals of South Atlantic Venture Funds. With $200 million in assets under management, BPV provides expansion capital for rapidly growing, privately owned companies in diverse industries, with a particular emphasis on companies located in Florida, the Southeast and Texas. The BPV partners have more than 100 years of combined experience investing in and building high-growth companies in several industries, including health care, communications, business services, technology, financial services and consumer. The Fund seeks to make minority equity investments ranging in size from $3 million to $10 million.
Edgemont Capital Partners, a leading healthcare investment banking firm, acted as exclusive financial advisor to QOL Medical.
At Edgemont Capital Partners
David K. Blume, Managing Director
Phone: 212-867-8935 Fax: 212-214-0911
Luke J. Mitchell, Vice President
Phone: 212-867-8935 Fax: 212-214-0918