SAN DIEGO, July 29, 2015 /PRNewswire/ -- Suneva Medical,
Inc., an innovative aesthetics leader that markets Bellafill®, the
only dermal filler on the market that is FDA approved for the
correction of facial acne scars, announced the closing of a
$15 million equity investment by
Almirall, Inc., an affiliate of Almirall, S.A, a global
pharmaceutical company primarily focused within the therapeutic
area of medical dermatology. In addition, the company also recently
completed a $20.4 million
growth-capital term loan with an account managed by HealthCare
Royalty Partners, the proceeds of which were used in part to pay
off an existing $10 million
growth-capital term loan. The company also increased the size of an
existing working capital facility with Comerica Bank. This
financing provides a strong foundation for the company's continued
growth and the ongoing launch of Bellafill®, the only FDA approved
dermal filler proven to be safe and effective for the correction of
moderate to severe, atrophic, distensible facial acne scars on the
cheek in patients over the age of 21 years.
"We are enthusiastic about the potential this strategic
relationship with Almirall creates as we continue to grow. We look
forward to the opportunities with Almirall to energize and expand
our business," said Nicholas L. Teti,
Jr., Chairman and Chief Executive Officer at Suneva Medical.
"The Almirall equity investment will accelerate the growth for our
current product portfolio and allow us the flexibility to continue
to build one of the industry's leading, fully integrated aesthetics
companies."
Eduardo Sanchiz, Almirall's Chief
Executive Officer, also commented on the investment: "We are very
pleased to perform this strategic investment in Suneva Medical.
Almirall is looking for attractive business development
opportunities in the dermatology field and this represents our
first investment in the aesthetics area. We have been attracted by
the quality of Suneva's portfolio and its management team. This
partnership will also allow us to further build our understanding
of the performance of the aesthetics dermatology market in the
U.S."
In conjunction with the investment, Almirall will receive one
seat on Suneva Medical's board of directors. In addition to
Almirall, other major equity investors include HealthCare Royalty
Partners and Polaris Ventures.
For more information on Suneva Medical, visit
www.sunevamedical.com.
About Almirall, S.A
Almirall is a global company based
in Barcelona dedicated to
providing valuable medicines through its R&D, agreements and
alliances. Our work covers the whole of the drug value chain. A
consolidated growth allows us to devote our talent and efforts
towards specialty areas and particularly to further grow as a
leading Dermatology player. Our size enables us to be agile and
flexible so that we can accomplish the purpose of taking our
innovative products wherever they are needed. Founded in 1943,
Almirall is listed on the Spanish Stock Exchange (ticker: ALM) and
it has become a source of value creation for society due to its
vision and the commitment of its long-standing major shareholders.
In 2014, its revenues totaled 1,407 million
euros and, with more than 2,100 employees, it has gradually
built up a trusted presence across Europe, as well as in the US and Mexico. For more information please visit
www.almirall.com.
About HealthCare Royalty Partners
HealthCare
Royalty Partners (HCRP) is a global healthcare investment firm
focused on investing primarily in commercial stage healthcare
product assets. HCRP is based in Stamford, Connecticut and manages over
$3 billion in capital. Over the past
decade, HCRP's co-founders have completed more than 60 healthcare
financings totaling more than $2.5
billion of capital. For more information, visit
www.healthcareroyalty.com.
About Comerica Bank
Comerica Incorporated (NYSE: CMA)
is a financial services company headquartered in Dallas, Texas, and strategically aligned by
three business segments: The Business Bank, The Retail Bank, and
Wealth Management. Comerica focuses on relationships, and helping
people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in
Arizona, California, Florida and Michigan, with select businesses operating in
several other states, as well as in Canada and Mexico. To find Comerica on Facebook, please
visit www.facebook.com/ComericaCares. Follow Comerica on Twitter at
@ComericaCares and follow Comerica Chief Economist Robert Dye on Twitter at @Comerica_Econ.
About Suneva Medical, Inc.
Suneva Medical, Inc. is a
privately-held aesthetics company focused on developing,
manufacturing and commercializing novel, differentiated products
for the general dermatology and aesthetic markets. The innovative
aesthetics leader markets Bellafill®, the only dermal filler on the
market that is approved by the U.S. Food and Drug Administration
for the correction of nasolabial folds and moderate to severe,
atrophic, distensible facial acne scars on the cheek in patients
over the age of 21 years. In markets outside the U.S., Bellafill®
is only approved for the correction of nasolabial folds. The
company markets Bellafill® in the U.S. and Canada; ArteFill® in South Korea and Singapore; Regenica® skin care in the U.S. and
Canada; and ReFissa® tretinoin
cream in the U.S. ArteFill® was rebranded to Bellafill® in the U.S.
to reflect the transformational outcomes this unique product can
provide to patients seeking correction of their acne scars and
nasolabial folds. For more information, visit
www.sunevamedical.com.
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SOURCE Suneva Medical, Inc.