MOORPARK, Calif., July 9, 2024 — Active Membranes, developer of revolutionary, award-winning electrically-conducting membranes used in desalination, has closed its initial round of Seed Funding to further develop its game-changing desalination technology. This investment will facilitate Active’s further corporate growth, technology scale-up, and commercialization, as well as the execution of several extended field pilot tests, all of which are co-funded by various US federal and state government agencies.

The funding round includes investments from Natural Ventures, Echo River Capital, and Pacifica Water Solutions, one of Active Membranes’ co-founders. 

“Active Membranes is innovating the future of fresh water by redefining the technology used in reverse osmosis membrane desalination for both seawater and brackish water applications,” said Arian Edalat, Co-founder and CEO. “This round of funding enables us to further refine our revolutionary technology and accelerate its commercialization. We greatly appreciate the confidence that our investors have placed in us and also recognize that their experience brings a significant value to our company that goes far beyond the infusion of capital,” he added.

“Natural Ventures is thrilled to announce its investment in Active Membranes, a pioneering company in the field of desalination technology. As the global demand for fresh water continues to rise, especially in regions heavily reliant on desalination, the need to reduce both the economic and environmental costs of this vital process becomes increasingly urgent. Active Membranes takes a novel approach to desalination, augmenting membrane technology with unique characteristics that allow for efficient scaling. This investment underscores Natural Ventures’ commitment to supporting innovative solutions that address critical challenges in water resource management and sustainability. We look forward to contributing to Active Membranes’ journey and witnessing its impact on the global water crisis,” stated Dr. Benjamin Tam, Operating Partner, Natural Ventures.

“Active Membranes will be a leader in advancing desalination through its innovative smart membranes. Active’s unique electrically conducting coating will reduce the costs of water desalination among the existing installed base of reverse osmosis plants around the world,” said Peter Yolles, Managing Partner of Echo River Capital. “This will fulfill Echo River’s mission of innovating decentralized water treatment and satisfy our contribution towards SDG 6 – fresh drinking water for all,” he added.

Active Membranes brings a new and entirely different approach to desalination membrane technology. Its membranes utilize the company’s patented technology that incorporates tunable electrical potential into a spiral wound desalination membrane module to make it actively resistant to scaling and fouling during the desalination process.

With their anti-scaling, anti-fouling properties, these membranes require minimal pre-treatment and minimal usage of chemicals and consumables. They also operate at a higher recovery rate and significantly simplify operation. This results in a much lower footprint, lower capital costs, and reduced operating costs. In so doing, Active Membranes transforms desalination into a technology of choice rather than a technology of last resort.

Active membranes also offer another benefit.

“Not only can our membranes be used in large scale desalination projects and in commercial plants; they can also be used in point-of-use/point-of-entry systems in the household or office to produce clean potable water,” said Edalat.

Based in California, Active Membranes has received numerous awards including the prestigious Technology Idol Award, the Global Prize for Innovation in Desalination hosted by the Kingdom of Saudi Arabia, and the More Water Less Concentrate Prize presented by the US Bureau of Reclamation, and is a finalist for the 2024 Earthshot Prize.

SOURCE Active Membranes

Investment aims to fuel long-term growth to meet rising consumer demand for non-alcoholic beer

MILFORD, Conn. and SAN DIEGO, July 9, 2024 — Athletic Brewing Company, America’s largest non-alcoholic brewery, today announced it has closed a $50 million equity financing round led by General Atlantic, a leading global growth investor, with participation from multiple existing investors.

Athletic plans to use the new capital to drive continued long-term growth, including through the recently announced purchase of a third U.S. brewing facility and the ongoing expansion of its world-class non-alcoholic beer at retailers across the globe. With the closing of the transaction, General Atlantic has assumed a seat on the company’s Board of Managers.

“We’re thrilled to welcome General Atlantic as a key growth partner at a time when we’re significantly expanding our West Coast capacity to meet increasing demand for Athletic beer,” said Bill Shufelt, Co-Founder and CEO of Athletic. “We are passionate about transforming the way modern adults drink and converting critics into believers. We’re at the start of a long-term trend, and we couldn’t be more excited to have General Atlantic by our side as Athletic begins its next phase of growth.”

Launched in 2018, Athletic developed a proprietary brewing method to make fully fermented non-alcoholic brews that are indistinguishable from their full-strength alcohol counterparts. An industry pioneer, Athletic has grown from one of the smallest breweries in America, producing just 875 barrels in 2018, to a top 20 U.S. brewery that sold over 258,000 barrels in 2023¹.

“Athletic has rapidly become the category-defining brand in non-alcoholic beer, and we are excited to partner with Bill and John as the company continues to grow,” said Andrew Crawford, Managing Director and Global Head of Consumer at General Atlantic. “With a differentiated brewing process, leading taste profile, and loyal customer base, Athletic is poised to take advantage of the expanding global demand for non-alcoholic beer. We intend to leverage our international platform and capabilities across technology, digital marketing, and merchandising to help the business achieve its potential.”

According to recent polling, 41% of Americans are actively trying to moderate their alcohol consumption in 2024, a 7% increase from 2023². Meanwhile, 58% of consumers say that low- and non-alcoholic beer is a good alternative for anyone looking to moderate their alcohol consumption long-term³.

Recently named one of TIME’s “100 Most Influential Companies” of 2024 and selected as one of GQ’s 20 most creative companies in the world, Athletic has revolutionized both the quality and marketing of non-alcoholic beer — making moderation more accessible and creating new occasions for the brewing industry in the process.

“General Atlantic shares Athletic’s excitement for the future of the non-alcoholic beer market. We look forward to working with the Athletic team as they continue to expand their extensive portfolio and lead further innovation in this dynamic category for years to come,” added Harrison DiGia, Vice President at General Atlantic.

Athletic currently operates custom brewing facilities in Milford, Connecticut, and San Diego, California. The investment from General Atlantic, alongside other key investors, closely follows Athletic’s recent acquisition of a second San Diego brewing facility, formerly known as Ballast Point. Over the next 18 months, Athletic is planning a series of renovations and site improvements at the new facility which will include the installation of a new packaging line and enhancements to the brewhouse, cellar, and lab to meet the company’s strict food safety and quality standards. Once operational, Athletic expects to double its U.S. brewing capacity.

Athletic — ranked by the Brewers Association as the 10th largest U.S. craft brewery and 20th largest overall U.S. brewing company⁴ — is America’s number one non-alcoholic beer brand. With dollar sales growing by more than 60%, Athletic currently holds over 19% market share within non-alcoholic beer and is driving 32% of total non-alcoholic beer category growth⁵.

For press inquiries, please contact:
Chris Furnari | [email protected]
Jack Taylor PR | [email protected]
Emily Japlon & Sara Widmann | [email protected]

Additional Assets:
Brand images can be downloaded here

About Athletic Brewing Company

Athletic Brewing Company is the largest and most decorated non-alcoholic brewery in America. Athletic is revolutionizing how modern adults drink by crafting game-changing NA beer that can be consumed anytime and anywhere. Launched in 2018, Athletic is now the number one non-alcoholic beer brand in America¹ and a top 20 U.S. brewing company². Its award-winning brews are available nationwide at over 50,000 retailers and 25,000 on-premise venues. Athletic operates custom breweries in Connecticut and California and donates up to $2 million annually to protecting and restoring outdoor spaces across the globe via its Two For The Trails program. Athletic is proudly a Certified B Corporation™. Learn more and shop at www.athleticbrewing.com.

Follow Athletic Brewing on Facebook, Instagram, LinkedIn, TikTok, X, and YouTube to stay up-to-date on all things Athletic.

About General Atlantic

General Atlantic is a leading global growth investor with more than four decades of experience providing capital and strategic support for over 520 growth companies throughout its history. Established in 1980 to partner with visionary entrepreneurs and deliver lasting impact, the firm combines a collaborative global approach, sector-specific expertise, a long-term investment horizon, and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to scale innovative businesses around the world. General Atlantic has approximately $84 billion in assets under management inclusive of all products as of March 31, 2024, and more than 300 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Miami, Mumbai, Munich, San Francisco, São Paulo, Shanghai, Singapore, Stamford and Tel Aviv. For more information on General Atlantic, please visit: www.generalatlantic.com.

¹ Athletic Brewing Company Internal Records
² NCSolutions Consumer Sentiment Survey
³ Beer Institute & Morning Consult Poll
⁴ Brewers Association Top 50 U.S. Brewing Companies
⁵ NielsenIQ, Total US xAOC + Liq Plus + Conv, CYTD Wks ending 6/15/24.

SOURCE Athletic Brewing Company

KANSAS CITY, Mo., July 8, 2024 — Gymdesk, a leading provider of member management software for fitness and wellness businesses, has raised a $32.5 million growth investment from Five Elms Capital, a leading software investment firm. This investment will fuel Gymdesk’s mission to expand and strengthen its solutions for the fitness industry and widen its customer base across new verticals.

“At Gymdesk, we’ve created an industry-leading product in a market dominated by outdated solutions,” says Eran Galperin, Founder and CEO of Gymdesk. “We’re excited to partner with Five Elms and leverage their resources and expertise to continue growing our company as we take our operations to the next level.”

Since 2016, Gymdesk has empowered gym and studio owners with simplified solutions for complicated operations. By employing people with deep industry knowledge and maintaining close feedback loops with its customers, Gymdesk has invested in innovation to become a clear solution for gym owners. Today, Gymdesk provides 2,000+ gym and studio owners, across 34 countries, with the tools to operate their businesses successfully.

The investment from Five Elms will deepen support for existing and new customers, accelerate product development, and expand market reach. As a result, Gymdesk is poised to set new standards in the gym management industry, delivering unparalleled value to its clients and the broader fitness community.

Austin Gideon, Principal at Five Elms Capital, commented on the investment: “Gymdesk has demonstrated remarkable growth and a strong commitment to empowering gym owners with top-tier management solutions. We are excited to support Eran and the Gymdesk team as they continue to expand their impact in the fitness industry.”

Discretion Capital served as the sole financial advisor to Gymdesk on this transaction.

About Gymdesk

Gymdesk is a premier provider of management software designed to simplify and enhance operations for gyms, martial arts schools, yoga studios, membership clubs, and more. Offering a full business management solution, Gymdesk helps boutique fitness businesses manage their memberships, billing, marketing, and attendance tracking, allowing them to focus on delivering exceptional fitness experiences for their clients.

For more information about Gymdesk, please visit gymdesk.com.

About Five Elms Capital

Five Elms Capital is a global growth equity firm that invests in fast-growing B2B software businesses that users love. Five Elms provides capital and resources to help companies accelerate growth and further cement their role as industry leaders.

Since its inception in 2007, Five Elms has focused exclusively on software investing, building an unmatched network and deep domain expertise. Today, with over $2.4 billion in assets under management and a global team of over 70 investment professionals, Five Elms has invested in more than 65 software platforms globally.

For more information about Five Elms Capital, visit www.fiveelms.com.

SOURCE Five Elms Capital

LOS ANGELES, July 8, 2024 — St. Cloud Capital, LLC, a Los Angeles based private investment firm, is pleased to announce an investment in AIM QSR, LLC (the “Company”), a Miami-based franchisee of a leading Chicken QSR brand alongside AIM Capital. It is an investment out of St. Cloud’s fourth fund, which has committed capital of $236 million.

St. Cloud’s investment was used to help fund the acquisition of 46 Florida-based restaurants and 9 Alabama-based restaurants by the Company.

Fernando Amaro, AIM QSR Executive Chairman and AIM Capital Managing Partner, had this to say, “AIM Capital is excited to collaborate with St. Cloud and over 20 families to build a market leading Chicken QSR platform focused on the strategic markets of Florida, Alabama, and Georgia. By partnering with great investors who care about our team members, brands that understand the guest and delivering on operational excellence we aim to deliver an exceptional experience to our guests and above market long-term returns to our investors.”

Ben Hom, Managing Partner of St. Cloud, added, “St. Cloud has had a long-standing relationship with a partner of AIM Capital. We look forward to partnering with the Company on its next stage of growth.”

For more information about the AIM QSR platform and the Company, please visit: www.wearetice.com

About St. Cloud Capital

St. Cloud Capital is a Los Angeles-based private investment firm founded in 2001 that provides debt and equity growth capital to the lower middle market (companies with annual revenues generally between $10 million and $150 million). St. Cloud has managed over $700 million and invested in over 80 portfolio companies. Investments have been made in a wide range of industries and in every layer of the capital structure, including senior secured debt, subordinated debt, and preferred and common stock. St. Cloud typically invests in non-control situations, acting as both a financial and strategic partner to strong emerging managers, management teams and industry entrepreneurs in fulfilling their long-term growth plans. For more information about St. Cloud Capital, please visit: www.stcloudcapital.com

Media Contact: Matt Smith, [email protected]

SOURCE St. Cloud Capital

GRAND JUNCTION, Colo., July 8, 2024 — Pinpoint Search Group, a leading cybersecurity recruitment firm in the U.S., has released the findings of its Q2 2024 cybersecurity funding report. The report reveals a slight increase in the number of transactions compared to Q2 2023 but a significant increase in the total amount of funding raised. The rise in funding year over year is a positive indicator for an industry that has undergone considerable changes over the past year.

In Q2 2024, Pinpoint Search Group’s research team recorded 120 transactions in the cybersecurity vendor space, totaling $3.3 billion across 98 funding rounds and 22 M&A events. This represents approximately a one percent increase in transaction volume from 97 in Q2 2023 and a 71 percent increase in fundraising from the previous year’s $1.9 billion. (Note: The 71 percent year-over-year increase over Q2 2023 is skewed due to the $1 billion raised by Wiz in May 2024; however, even excluding that round, Q2 2024 still saw a 21 percent increase over the previous year.)

“The upward trend in funding year over year is not easily explained,” said Mark Sasson, founder and managing partner at Pinpoint Search Group. “Last year was a challenging year economically, likely contributing to the dip in cybersecurity funding we experienced throughout 2023. Additionally, there has been growing evidence of an industry reset, with investors spreading their funding dollars among new technologies designed to address the IT threat landscape of tomorrow, including AI, crypto, and automation.”

Just like in Q1 2024, early-stage rounds (Seed and Series A) dominated funding volume in Q2 2024, accounting for 55 percent. The growing investor interest in budding companies indicates continued confidence in a new generation of vendors addressing not only current but also future business challenges. For instance, 89 percent of enterprises believe AI-powered threats are just beginning. Foreseeing this trend, investors began spreading their investments among emerging technologies last year. In 2023, Seed-stage rounds accounted for 42 percent of the tracked funding rounds.

While later-stage financing (such as Growth Funding, Series C, D, and E) only represented 13 percent of the total deals in Q2 2024, it accounted for a significant proportion of funding dollars, making up 65 percent of the total funding during that period. The interest from investors in later-stage rounds can be attributed to their ongoing investments in established security vendors. These vendors have adapted to market changes driven by increased demand, with cybersecurity budgets rising 59 percent year over year due to the growing number of breaches and cyber incidents affecting more organizations. Since these later-stage rounds usually indicate companies aiming to expand their product lines and enter new markets, vendors and investors can anticipate a rise in hiring cybersecurity professionals. 

A full copy of Pinpoint Search Group’s Q2 2024 report on cybersecurity funding can be found here. 

About Pinpoint Search Group
Pinpoint Search Group is a leading cybersecurity recruitment firm and specializes in filling vice president, director, and senior individual talent. Pinpoint’s collective experience recruiting hundreds of candidates in all segments of cybersecurity provides the company with the credibility to communicate with, qualify, and place professionals in today’s most competitive area of technology. Pinpoint also produces Cybersecurity M&A and Vendor Funding Reports highlighting M&As and funding in the cybersecurity space monthly, quarterly, and annually.

Media Contact:
Christopher Joseph (CJ) Arlotta
CJ Media Solutions, LLC for Pinpoint Search Group
C: 631-572-3019
[email protected]

SOURCE Pinpoint Search Group

SINGAPORE, July 8, 2024 — To enhance the liquidity and the ecosystem for Bitcoin, HTX Ventures, the global investment arm of the cryptocurrency exchange HTX, has announced a strategic investment in Lombard. Lombard is a restaking protocol poised to catalyze growth across the Web3 ecosystem by transforming Bitcoin from a static store of value into a productive financial asset.

Lombard builds its restaking product on top of the Bitcoin staking protocol Babylon, which allows individuals to use Bitcoin to secure other proof-of-stake networks. Lombard increases liquidity for staked BTC by issuing LBTC, a liquid and yield-bearing representation of BTC. LBTC can move seamlessly across chains and decentralized finance (DeFi) platforms as collateral without compromising security. LBTC will soon be integrated into the most popular DeFi protocols on the Ethereum Mainnet before launching on widely used Layer 2 (L2) chains later this year.

“Liquid restaking is the next revolution for the Bitcoin Ecosystem, and Lombard is the project driving this transformation,” said Edward, Managing Partner at HTX Ventures. “Lombard is rapidly expanding to onboard the LBTC token onto major ecosystems and DeFi protocols. This will enable Bitcoin to be lent, borrowed, and traded, unlocking tremendous utility for Bitcoin holders and revitalizing the BTC ecosystem. HTX Ventures is incredibly excited to partner with Lombard to empower Bitcoin holders and the broader BTC ecosystem.”

“We are delighted to have HTX Ventures for investing in the development of LBTC as a new core primitive. LBTC will unlock a massive amount of net-new capital into the ecosystem and bring new liquidity and users to DeFi protocols and exchange platforms. HTX Ventures shares Lombard’s mission to accelerate on-chain finance and we look forward to building on these synergies to accelerate the growth of LBTC,” said Jacob Phillips, Co-founder, Lombard.

LBTC will soon be accessible to all and supported by all chains and DeFi protocols. Join the LBTC Waitlist for exclusive access to LBTC and rewards for early participation.

About Lombard

Named after the historic Lombard Street in London—a hub of financial activity since the Middle Ages—Lombard symbolizes a place where all participants are connected to opportunity. By adopting the Lombard name, we rebuild its legacy on digital blocks, transforming it into a modern nexus of innovation and connectivity.

Founded in April 2024, Lombard is dedicated to unlocking Bitcoin‘s potential as a dynamic financial tool by connecting it to DeFi. We are a diverse team of DeFi natives, working with technology and infrastructure partners towards a shared, ecosystem-driven mission to collectively onboard Bitcoin to DeFi.

About HTX Ventures

HTX Ventures, the global investment division of HTX, integrates investment, incubation, and research to identify the best and brightest teams worldwide. With a decade-long history as an industry pioneer, HTX Ventures excels at identifying cutting-edge technologies and emerging business models within the sector. To foster growth within the blockchain ecosystem, we provide comprehensive support to projects, including financing, resources, and strategic advice.

HTX Ventures currently backs over 300 projects spanning multiple blockchain sectors, with select high-quality initiatives already trading on the HTX exchange. Furthermore, as one of the most active Fund of Funds (FOF) investors, HTX Ventures collaboratively forges the blockchain ecosystem alongside premier global blockchain funds, including Dragonfly, Bankless Ventures, Gitcoin, Figment, and Animoca. Visit us here.

Contact Details
EE
[email protected]

Company Website
https://www.htx.com/en-us/ventures

SOURCE HTX

• Ascendion announces AI veteran Daryush Laqab as new Chief AI Officer.
• In his new role, Daryush will accelerate Ascendion’s AI capabilities by leading client solutions, platform development, and internal evolution.
• With a proven track record at NVIDIA, JPMorgan Chase & Co., Google, Microsoft, and Twitter, Daryush brings over two decades of cutting-edge technology experience to spearhead Ascendion’s AI-driven initiatives.
• Ascendion’s commitment to Gen AI is reinforced with Daryush leading continuous improvement and innovation of AVA+ and Metal — the company’s AI-powered platforms – to accelerate productivity and innovation.

BASKING RIDGE, N.J., July 8, 2024 — Ascendion, a leading provider of AI-first software engineering services, proudly announces the appointment of Daryush Laqab as Chief AI Officer, effective June 28, 2024. Bringing over two decades of technology leadership, Daryush will drive innovation and operational excellence for all AI-powered initiatives and technologies for clients. In his new role, Daryush will report to CEO Karthik Krishnamurthy.

Throughout his career, Daryush has been a pioneer in integrating advanced technologies into business strategies. Most recently, he served as Director of Product Management for NVIDIA’s Autonomous Vehicles and AI Infrastructure team. He led tooling, platform engineering, validation, and infrastructure, managing thousands of GPUs for hundreds of engineers and machine learning experts.

Previously, Daryush held senior roles in technical engineering and AI product development roles in several world-renowned innovator firms. As the head of engineering and product at JPMorgan Chase & Co., Daryush founded and led the strategy and development of the banking giant’s firm-wide AI/ML platform and ecosystem. In addition, Daryush has led development of multiple game-changing products for Microsoft, Twitter, and Google, where he created Contact Center AI on Google Cloud Platform and other AI products.

Ascendion takes an “all in” strategic business transformation approach with Gen AI. Software engineering clients are offered immediate value from talented developers using their proprietary Ascendion AVA+ platform, which delivers productivity, transparency, quality, and velocity from Gen AI. Innovation is further accelerated by connecting ideal candidates to specific programs with their Metal platform.

“Throughout his career, Daryush has been at the cutting edge of delivering AI-fueled value and service to clients,” said Karthik Krishnamurthy, CEO, Ascendion. “Today, business and technology leaders in every sector must now resolve challenges related to trust, velocity, and capital needed for the next wave of innovation. We’re already taking GenAI the last mile for clients with our people and our platforms, and now Daryush will help us deliver even more value, innovation, and better technology – key elements of our ‘Engineering to the Power of AI.'”

Ascendion’s AI platforms deliver higher levels of transparency, up to 50% higher developer productivity, software quality, and up to 45% higher development velocity. The company is widely regarded as an innovative leader in Gen AI services. Ascendion was named a Market Leader among global service providers in the recently released HFS Horizons: Generative Enterprise™ Services report

“The ecosystem of powerful processors, cloud platforms, connectivity, and Gen AI-based tools and models like ChatGPT, Gemini, Claude, Mistral, and others is maturing rapidly. This new ‘stack’ is poised to disrupt nearly every industry, but Gen AI needs to be taken the last mile to change how we work,” said Daryush. “This vision has captured all our imaginations, but in order to make the future of work a reality, we need to evolve how data is used and how software is engineered. With thousands of Gen AI-trained engineers, powerful data capabilities, and a platform-first strategy, Ascendion is uniquely positioned to re-imagine how work gets done using modern AI technology. I couldn’t be more excited about joining the team to help bring this vision to life.”

About Ascendion
Ascendion is a leading provider of AI-first software engineering services. With a focus on applied AI, software engineering, cloud, data, experience design, and talent transformation, Ascendion accelerates innovation for Global 2000 clients. Ascendion is headquartered in New Jersey and has 30 offices across the U.S., India, and Mexico. Ascendion is a leader in digital engineering services, dedicated to providing innovative solutions that empower businesses.

SOURCE Ascendion

Grant helps improve nursing home resident quality of life by amplifying the voice of residents and direct care staff

WASHINGTON, July 8, 2024 — The Moving Forward Nursing Home Quality Coalition received a $1.69 million grant from The John A. Hartford Foundation (JAHF) to continue its work to improve nursing home resident quality of life and to support staff for the next three years.

The Coalition is a network of 1,600+ nursing home residents, care partners, staff, advocates, and others who are developing, testing, and promoting policies and practices to address common challenges in nursing homes. The challenges were outlined in the National Academies of Sciences, Engineering and Medicine’s 2022 report, The National Imperative to Improve Nursing Home Quality.

“Any effort to improve the quality of nursing home care must empower residents within their communities,” said Margaret Barajas, Pennsylvania Long-Term Care Ombudsman and Moving Forward Coalition Steering Committee Member. “With this grant, we can coordinate resources, scale partnerships, and effectively create nursing homes that foster a culture of resident engagement.”

The Coalition has spurred improvements in nursing home quality, including collaboration with the federal Geriatrics Workforce Enhancement Program to include a focus on developing apprenticeships for direct care workers; brought attention to the Department of Housing and Urban Development’s role in financing nursing home quality improvement; and worked with Michigan’s state survey agency to train nursing home surveyors on person-centered care.

 Over the next three years, the Coalition plans to:

• Develop and test a certified nursing assistant apprenticeship program to build and strengthen the nursing home workforce;
• Provide nursing home staff with tools and a process to identify and prioritize “what matters” most to residents;
• Empower residents to create and strengthen a Resident Council that advocates for change and improvements within their nursing home; and
• Convene stakeholders, experts, and policymakers to identify the most promising paths forward for nursing home quality improvement.

“New practices and policies that enhance nursing home care are taking root thanks to the Moving Forward Coalition, and that benefits everyone,” said Terry Fulmer, PhD, RN, FAAN, president of JAHF. “The Coalition’s work shows that a broad set of partners from both the public and private sectors can work together to improve nursing home care and create a sustainable platform for driving change.”

The Moving Forward Nursing Home Quality Coalition is funded by JAHF and draws on leadership from LeadingAge, the Institute for Healthcare Improvement, and other national organizations and advisors.

About the Moving Forward Nursing Home Quality Coalition
The Moving Forward Coalition is a diverse group of individuals and organizations that came together in July 2022 to prioritize recommendations from the 2022 National Academies report on nursing home quality. The Coalition’s purpose is to develop and promote action plans to address those priorities in partnership with national, state, and local organizations, including professional associations, nursing home providers, clinicians, researchers, advocates, long-term care Ombudsmen, Quality Innovation Network-Quality Improvement Organizations, and others. The Coalition is funded by The John A. Hartford Foundation, a national philanthropy dedicated to improving the care of older adults. More than 2,000 people have signed up as Coalition participants at movingforwardcoalition.org.

CONTACT: Gisela Rosende, [email protected], (786) 239-8679

SOURCE The Moving Forward Coalition

GUILDFORD, United Kingdom and DURHAM, N.C., July 8, 2024 — MedPharm, a global topical and transdermal Contract Development and Manufacturing Organization (CDMO) and Ampersand Capital Partners portfolio company, announced today a merger with Tergus Pharma, a Great Point Partners portfolio company. The combined organization will operate under the MedPharm name, establishing a leading, end-to-end CDMO with robust scientific, clinical trial manufacturing and commercial production capabilities. As part of this transaction, Tergus Pharma CEO Michael Kane has been appointed CEO of MedPharm while Patrick Walsh will continue to serve as Executive Chairman of MedPharm.

The merged business is well-positioned as a global leader in delivering a full suite of drug development and manufacturing services to innovators of all sizes focused on advancing topical and transepithelial pharmaceuticals. The strategic combination of Tergus and MedPharm’s capabilities enables commercial production and serialization to existing formulation development, in vitro testing and clinical manufacturing within one integrated organization. Expanded capabilities will also include the development and manufacture of hormone-based and highly potent drugs at the Company’s GMP manufacturing facility in Durham, NC.

Michael Kane commented, “This strategic partnership is an exciting opportunity to deliver extensive pharmaceutical product development resources fueled by a robust team of scientific experts while leveraging our cutting-edge topical GMP facility to seamlessly meet our customers’ commercial production needs. With locations in both the United Kingdom and the United States, we are well positioned to provide exceptional support to our existing and prospective pharmaceutical clients.”

MedPharm Executive Chairman Patrick Walsh added “Pharma clients have been seeking a reliable, integrated service offering for their ophthalmic, topical and transdermal development and manufacturing projects. This merger creates an immediate option with two organizations already well-positioned in the industry.”

Tergus lead investor Great Point Partners will retain a significant minority ownership stake in the newly combined MedPharm, while private equity firms Ampersand Capital Partners and Bourne Partners Strategic Capital assume majority ownership.

About MedPharm
MedPharm is an end-to-end contract service provider of topical and transepithelial products supporting early phase research, formulation development and in vitro testing services in addition to both clinical and commercial manufacturing. For more than 25 years, MedPharm has specialized in reducing risk through its unique, industry-leading in vitro testing and research biology models. Well-established as the global leader in product development for dermal/transdermal, lung and nasal, mucosal membrane, ungual, otic and ophthalmic delivery, MedPharm has locations in the United Kingdom and United States, including a new 97,000 sq. ft. state-of-the-art facility in Durham, NC and is recognized globally for its regulatory and technical expertise. For more information, visit: medpharm.com or follow us on LinkedIn.

About Ampersand Capital Partners
Founded in 1988, Ampersand Capital Partners is a middle market private equity firm with $3 billion of assets under management dedicated to growth-oriented investments in the healthcare sector. With offices in Boston, MA and Amsterdam, Netherlands, Ampersand leverages a unique blend of private equity and operating experience to build value and drive long-term performance alongside its portfolio company management teams. Ampersand has helped build numerous market-leading companies across each of the firm’s core healthcare sectors. For additional information, visit ampersandcapital.com or follow us on LinkedIn.

About Bourne Partners Strategic Capital (“BPSC”)
Headquartered in Charlotte, N.C., Bourne Partners Strategic Capital is a private equity and growth equity investment firm focused exclusively on the pharmaceutical, pharma services and consumer healthcare sectors (10 current portfolio companies).  As owners and operators with over 20 years of experience, BPSC has investment, strategic and operational experience in companies ranging from $5M to $3B in equity value and seeks to align and partner with management teams and other owners in these sectors to grow their business. BPSC is a related company of Bourne Partners, which offers investment banking and advisory services in the same key focus areas  For more information, please visit Bourne Partners Strategic Capital.

About Great Point Partners
Great Point Partners, founded in 2003 and based in Greenwich, CT, manages over $1.9B of capital in its private funds and public life sciences equity strategy (BioMedical Value Fund). The private equity funds invest across all sectors of the health care industry with a particular emphasis on biopharmaceutical services and supplies, alternate site care, medical device contract manufacturing and information technology enabled businesses. The firm pursues a proactive and proprietary approach to sourcing investments and tuck-in acquisitions for its portfolio companies. For additional information, visit gppfunds.com or follow us on LinkedIn.

SOURCE MedPharm