After starting in college athletics, therapeutic heating company ReGear Life Sciences is turning to long-term care facilities to fuel its “dramatic” growth.
The Pittsburgh-based company’s portable, 4-pound, pain management device, called the ReBound, works by generating heat deep within a patient’s body tissue.
“The product is very effective at reducing pain, and increasing flexibility, mobility and range of motion,” CEO Jeff Swoveland said.
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The company’s revenue is growing “dramatically” thanks to a “rapid expansion” into assisted-living and long-term care facilities. The 3-year-old company is already profitable, Swoveland said.
To help fuel the expansion, the company recently raised $200,000 from its lead investor, Pittsburgh-based Stonewood Capital Management. The six-employee company will use the funding to increase production of its device, Swoveland said.
ReGear has raised about $5 million since its inception, including a $2.5 million Series A round led by Stonewood in 2009.
Last year, ReGear signed as a client Life Care Centers of America, which operates or manages about 220 nursing centers across the country.
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ReGear’s technology was licensed from the U.S. Navy, and its client list includes several military groups, including a Marine Corps base. Other clients include the Atlanta Falcons, Chicago Cubs, Memphis Grizzlies and Florida State University.
Ultimately, ReGear hopes to release a version of the ReBound for home use, which it would sell to people suffering from arthritis, muscle spasms or other types of pain. The company also hopes to expand its geographic sales base to Europe and the Middle East, Swoveland said.
