A company that makes the skin-care products sold at drugstores across the U.S. has agreed to invest up to $1.5 billion in the health care technology company Vonage.
Vonage, based in Calgary, has about 1,400 employees and is looking for investors.
The Calgary-based company, which also makes the medical device used in hospitals, has said it plans to create up to 1,000 new jobs in the United States.
The investment is part of Vonage’s effort to compete with other health care companies in the growing market for health care-based technology products.
Vonages technology includes a suite of products called CVS SkinCare, which is the industry standard for the care of patients with sun-related skin conditions, and its VIBRAN™ System, which combines its proprietary products with standard care methods to treat sunburn and other skin conditions.
Vonager says the investment will create hundreds of jobs.
“This investment will help us achieve our mission to develop and deliver innovative, cost-effective solutions for the healthcare community,” said Eric Legrand, vice-president of Vonages products and services.
“Vonage is committed to supporting Canadian innovation, and we are excited about the opportunities it presents to the health and safety community.”
Vonage was founded in 2015 by two University of Calgary professors.
Its products are sold at health care clinics across the country.
The company’s technology has been used in more than 150 hospitals, according to the company’s website.
It says its products are the most commonly used skin care products in the U, and the second most commonly available products in Canada.
“We see this investment as the right next step in the company and its strategic focus on growing the market for dermatology care,” said Kevin Vigna, president and CEO of Vonager.
“By working with Vonage and its leadership team, we will continue to drive growth for the Canadian market.”
Vonages chief executive officer, Mike DeBruyn, says the company is focused on growing sales, and expects to be able to meet its investment in the coming years.
He says the money will support the growth of VonAGE’s products in North America and expand the company into new markets.
“The investment is very much in line with our strategy and goals for our company.
This is a very, very good opportunity for us to expand our footprint and make this a reality,” he said in an interview with CBC News.
“Our vision is to create jobs for Canadians, and this is going to allow us to do that.”