WAYNE, Pa.--(BUSINESS WIRE)--To augment its deal team and complement its continued focus on healthcare IT, Safeguard Scientifics, Inc. (NYSE:SFE) today announced that Albert “Al” Wiegman will be joining the Company. Mr. Wiegman brings more than 15 years of venture capital experience to Safeguard, having directly participated in 30 early- and growth-stage transactions across the technology and healthcare sectors. Mr. Wiegman will report to Safeguard’s President and CEO, Stephen T. Zarrilli, and will be a senior member of Safeguard’s deal team. His principal responsibilities will include leading new capital deployment opportunities and managing certain of Safeguard’s partner companies.
“Al brings to Safeguard the required domain expertise in healthcare and technology—two sectors in which Safeguard is keenly focused and has been since 2006. We believe that Al’s attributable track record, together with his entrepreneurial insight and his board and operational experience, will prove invaluable for our partner companies, and in turn, Safeguard. We welcome Al to the team,” said Mr. Zarrilli.
Prior to joining Safeguard, Mr. Wiegman was a General Partner at HLM Venture Partners, a leading venture capital firm, with offices in Boston and San Francisco. At HLM, Mr. Wiegman participated in 30 investments and was integrally involved in some notable exits including Madison Dearborn Partners, LLC’s acquisition of Fieldglass, Inc. and Hologic, Inc.’s acquisition of Interlace Medical. Mr. Wiegman was also on the board of directors for other HLM portfolio companies including Soteira Inc., Linkwell Health, Inc., Spinal Kinetics, Inc., and Transcend Medical, Inc.
Mr. Wiegman began his career as a Senior Financial Analyst at Fleet Bank of New York. He received an M.B.A. from Babson College and a B.A in Economics from Hobart College.
In accordance with New York Stock Exchange rules, Safeguard also stated that it will issue to Mr. Wiegman, on September 30, 2013, an inducement award consisting of options to purchase up to 70,000 shares of Safeguard common stock with a per share exercise price equal to the average of the high and low prices of Safeguard common stock on the grant date. Of the options, 17,500 will have an eight-year term and will vest 25% on a time basis; and the remaining 52,500 options will have a 10-year term and will vest based on Safeguard’s performance-based vesting model. The stock options were approved by the Safeguard Board's compensation committee without shareholder approval as an "employee inducement" award under the NYSE's rules.
About Safeguard Scientifics
Founded in 1953 and based in Wayne, Pa., Safeguard Scientifics, Inc. (NYSE:SFE) provides growth capital and operational support to entrepreneurial and innovative healthcare and technology companies in medtech, healthtech, specialty pharmaceuticals, financial technology, digital media, and Enterprise 3.0. For more information, please visit our website at www.safeguard.com.
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Except for the historical information and discussions contained herein, statements contained in this release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Our forward-looking statements are subject to risks and uncertainties. The risks and uncertainties that could cause actual results to differ materially include, among others, the ability to deploy capital into partner companies, managing rapidly changing technologies, limited access to capital, competition, the ability to attract and retain qualified employees, the ability to execute our strategy, the uncertainty of the future performance of Safeguard partner companies, acquisitions and dispositions of Safeguard partner companies, the inability to manage growth, compliance with government regulations and legal liabilities, additional financing requirements, the effect of economic conditions in the business sectors in which Safeguard’s partner companies operate, and other uncertainties described in the Company's filings with the Securities and Exchange Commission. Many of these factors are beyond the Company’s ability to predict or control. As a result of these and other factors, the Company’s past financial performance should not be relied on as an indication of future performance. The Company does not assume any obligation to update any forward-looking statements or other information contained in this news release.