Sientra, Inc. (NASDAQ: SIEN) (“Sientra” or the “Company”), a
medical aesthetics company uniquely focused on plastic surgeons,
today announced it has entered into a definitive agreement to sell
its miraDry business to 1315 Capital, a healthcare growth equity
firm investing in commercial stage companies across medical
devices, healthcare services, and therapeutics. Subject to certain
terms and conditions, the transaction is expected to close within
the next 30 days.
“Sientra’s strategic decision to focus investment on its core
Breast Products business constrained our ability to maximize the
miraDry opportunity given the different business models,” said Ron
Menezes, President and Chief Executive Officer of Sientra. “We are
delighted to have found the best partner in 1315 Capital who has
recognized the untapped potential of the miraDry business and is
committed to serving and growing the current installed base of over
1,600 miraDry systems. The Sientra team will be working
side-by-side with 1315 Capital to ensure a smooth transition for
our existing miraDry customers.”
“The sale of miraDry will enable Sientra to focus on our core
Breast Products business and the plastic surgery channel,”
continued Mr. Menezes. “Our team is more energized than ever to
concentrate on our rapidly growing Breast Products business within
both the augmentation and reconstruction markets by targeting
market share expansion with existing and new accounts and executing
on our development pipeline that will extend or evolve our
offerings. I am confident that Sientra is now in the best position
possible to become a leader of transformative treatments and
technologies focused on progressing the art of plastic
surgery.”
“Our team has been actively evaluating the aesthetics capital
and consumables space for several years as an investment theme, and
we are excited by the demonstrated efficacy and growth potential of
miraDry,” said Adele C. Oliva, Founding Partner of 1315 Capital.
“We look forward to investing behind miraDry and expanding its
reach to help provide relief to patients with sweat concerns all
over the globe.”
“I'd like to thank Sientra for their custodianship of miraDry
and partnership during this transition,” said Arash Khazei, who
will be Chief Executive Officer of the miraDry business. “In
concert with 1315 Capital, we plan to focus on our customers to
help expand miraDry through excellence in service, support,
training, and collaboration.”
About SientraHeadquartered in Santa Barbara,
California, Sientra is a medical aesthetics company uniquely
focused on plastic surgeons. The Company mission is to offer
proprietary innovations and unparalleled partnerships that
radically advance how plastic surgeons think, work and care for
their patients. Sientra has developed a broad portfolio of products
with technologically differentiated characteristics, supported by
independent laboratory testing and strong clinical trial outcomes.
The Company’s Breast Products segment includes its Sientra round
and shaped breast implants, the first fifth generation breast
implants approved by the FDA for sale in the United States, its
ground-breaking Allox2® breast tissue expander with patented
dual-port and integral drain technology, and BIOCORNEUM®, the #1
performing, preferred and recommended scar gel of plastic
surgeons(*).
Sientra uses its investor relations website to publish
important information about the Company, including information that
may be deemed material to investors. Financial and other
information about Sientra is routinely posted and is
accessible on the Company’s investor relations website
at www.sientra.com.
(*) Data on file
About 1315 Capital1315 Capital
is a private investment firm with over $500 million under
management that provides expansion and growth capital to
commercial-stage healthcare services, medical technology, and
specialty therapeutics companies. We target markets where
high-quality management teams can rapidly scale platform companies
into large and important businesses that positively impact
patients, physicians, and the broader healthcare system.
About miraDryThe miraDry system
is the only FDA cleared device to reduce underarm sweat,
odor and permanently reduce hair of all colors. The miraDry
non-invasive procedure is safe and highly efficacious with a proven
commercial and clinical track record. Physicians and patients are
encouraged to visit www.miramarlabs.com or www.miradry.com for
additional information.
Forward-Looking StatementsThis
press release contains “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
based on management’s current assumptions and expectations of
future events and trends, which affect or may affect the Company’s
business, strategy, operations or financial performance, and actual
results may differ materially from those expressed or implied in
such statements due to numerous risks and uncertainties.
Forward-looking statements are made only as of the date of this
release. The words ‘‘believe,’’ ‘‘may,’’ ‘‘might,’’ ‘‘could,’’
‘‘will,’’ ‘‘aim,’’ ‘‘estimate,’’ ‘‘continue, ‘‘anticipate,’’
‘‘intend,’’ ‘‘expect,’’ ‘‘plan,’’ ‘‘position,” or the negative of
those terms, and similar expressions that convey uncertainty of
future events or outcomes are intended to identify estimates,
projections and other forward-looking statements. Forward-looking
statements may include information concerning the closing of the
sale of the miraDry business to 1315 Capital, the Company’s ability
to grow its Breast Products business, the Company’s ability to grow
its Breast Products market share, and the Company’s ability to
execute on its Breast Products development pipeline. Such
statements are subject to risks and uncertainties, including the
scope and duration of the COVID-19 pandemic, the Company’s ability
to recapture delayed procedures resulting from the COVID-19
pandemic, the positive reaction from plastic surgeons and their
patients to Sientra’s Breast Products, the positive reaction from
plastic surgeons and patients to Sientra’s marketing, sales and
educational programs, and the ability to execute on the Company’s
commercial, product development and manufacturing initiatives.
Additional factors that could cause actual results to differ
materially from those contemplated in this press release can be
found in the Risk Factors section of Sientra’s public filings with
the Securities and Exchange Commission. All statements other than
statements of historical fact are forward-looking statements. The
words ‘‘believe,’’ ‘‘may,’’ ‘‘might,’’ ‘‘could,’’ ‘‘will,’’
‘‘aim,’’ ‘‘estimate,’’ ‘‘continue, ‘‘anticipate,’’ ‘‘intend,’’
‘‘expect,’’ ‘‘plan,’’ ‘‘position,” or the negative of those terms,
and similar expressions that convey uncertainty of future events or
outcomes are intended to identify estimates, projections and other
forward-looking statements. You are cautioned not to place undue
reliance on these forward-looking statements, and such estimates,
projections and other forward-looking statements speak only as of
the date they were made, and, except to the extent required by law,
the Company undertakes no obligation to update or review any
estimate, projection or forward-looking statement. Actual results
may differ from those set forth in this press release due to the
risks and uncertainties inherent in the Company’s business.
Investor Relations ContactLeigh
Salvoir@sientra.com
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