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AdviTech, Inc. Secures $3.4 Million in Financing Commitments

Dépèche transmise le 15 juillet 2009 par Business Wire

AdviTech, Inc. Secures $3.4 Million in Financing Commitments

SAN ANTONIO--(BUSINESS WIRE)--AdviTech, Inc. today announced completion of its initial funding round by securing commitments of $3.4 million, including $2.5 million from the Texas Emerging Technology Fund (“ETF”).

“Texas is the best state in the nation to live, work and do business, and the ETF is helping supercharge our technology environment by bringing Texans’ good ideas and hard work to the marketplace,” Texas Governor Rick Perry said. “This investment demonstrates the range of our state’s diverse industries, and will significantly help those who deal with spatial disorientation, vertigo and motion sickness on a daily basis.”

“Especially during these difficult global economic times, we are very pleased with the financial support provided to AdviTech by the ETF and several local private investors,” AdviTech Chairman and Chief Scientific Officer, Wesley W.O. Krueger M.D. said. “Their respective financial commitments allow us the ability to commence the commercialization of our unique Vertigo and Motion Sickness solving technology.”

Erik L. Andersen, AdviTech’s Chief Executive Officer, further added, “In addition to the large and multiple markets, and having a patented technology for delivering resolution to motion-related balance and orientation disorders, AdviTech has attracted a world-class management team and board to execute its product engineering, design, and go-to-market strategies.”

“The AdviTech Team has been a great group of savvy executives to work with through this funding initiative. They are extremely energetic and have great vision for their technology,” Jim Poage, CEO of SATAI and the South Texas RCIC, remarked. “With their market possibilities and the local resources in the aviation and medical clusters, San Antonio is an ideal location for them to mature their technology and business model.”

AdviTech, Inc. (www.advitech.net)is a leader in physiological-centric solutions to the impairments of Spatial Disorientation, Vertigo and Motion Sickness, commonly experienced in the environments of aviation, vehicular travel, and recreation. With Phase I and Phase II clinical studies completed through grants from The National Institute of Health, and technical research supported by a leading Texas-based university, AdviTech is poised to capture and protect significant markets, while providing a non-invasive, non-drug solution to a highly motion intolerant society.