Botanical Solutions Begins Venture Capital Funding for Nutraceutical Market
NEW YORKThe recently formed Botanical Solutions Inc. signaled the start of its plans to fund the research, development and marketing of nutraceutical, cosmeceutical and medical products.The new Myrtle Beach, S.C.-based partnership led by renowned dermatologist and researcher Robert Bibb, M.D., and including Donald Wizeman, senior vice president; John Gandy, secretary-treasurer; Lee Matzig, vice president; and a group of investors comprised mainly of medical specialists will also support other health-related research and initiatives. The company recently completed funding for its first project and will formally announce the details in the near future.
The formation of Botanical Solutions allows me to bring to fruition a long-standing goal of applying years of experience and clinical research to offer natural health care and medical products that help people lead better, healthier and more productive lives, Bibb said.
The nutraceutical market today surpasses $50 billion dollars annually and is growing at an average rate of 6.5 percent, per year, Gandy added. The $35 billion dollar cosmeceutical market is unquestionably the fastest growing market segment, with an annual growth rate of 8.5 percent.