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Padtech to Build Manufacturing Site in New Jersey

The company has secured from investors $5.8 million in funding.

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By: Jamie Matusow

Editor-in-Chief

Padtech AS, a Norwegian based company, has announced that it has secured funding of $5.8 million from private investors and Investinor, a venture capital firm, that is fully owned by Innovation Norway, which is owned by the Norwegian Ministry of Trade and Industry.

“This investment has enabled Padtech AS to move forward and build our first production machine and pursue a manufacturing site of our own in New Jersey to produce Padtech Transmits by the middle of 2010,” says Matthew Grimaldi, president of Padtech AS.

Padtech AS has developed and patented a single use, packaging and dispensing system for actives including liquids, creams, lotions, gels to ointments and powders. Consumers can apply these actives onto their skin, without getting the active on their fingers. The pad is comprised of multi-layers of materials allowing for an area for the user’s fingers to be fully protected in a pocket, the storage layer that allows the active to be filled and stored, the custom layer that comes in contact with the surface and the top sealing layer that allows for the complete protection and shelf life.


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