HC2 Holdings, Inc. (“HC2”) (NYSE: HCHC), a diversified holding
company, announced today that R2 Dermatology, a privately-held
portfolio company within HC2’s Pansend Life Sciences (“Pansend”)
subsidiary has entered into a strategic partnership agreement with
Huadong Medicine Company Limited (“Huadong”) (SZ: 000963). In
exchange for an equity investment in R2, Huadong (U.S. dollar
equivalent $6 billion market cap) will receive exclusive
distribution rights for R2 Dermatology’s products in the
China/Asia-Pacific market. R2 Dermatology has developed
medical devices for the treatment of aesthetic and medical skin
conditions.
“We are excited that R2 has entered into a
strategic partnership with Huadong Medicine, one of the leading
pharmaceutical companies in China,” said David A. Present, M.D.,
Founder and General Partner of Pansend.
“We believe Huadong is an ideal strategic
partner as we prepare to commercialize our unique and breakthrough
skin lightening and skin-tone evening products utilizing ‘cold
technology’ in China, and focus on capturing a significant portion
of the $20 billion skin lightening products global market,” added
Cherine Eldumiati Plumaker, Founder and General Partner of
Pansend.
“This agreement with a company such as Huadong
is testament to the value of R2, its product lineup and to David
and Cherine’s ability to nurture and develop Pansend’s portfolio
companies, further building incremental, long-term value for HC2
and its shareholders,” said Philip Falcone, Chairman, President and
Chief Executive Officer of HC2.
Pansend and Blossom Innovations founded R2
Dermatology in 2014. R2 Dermatology licensed IP and
technology created by scientists R. Rox Anderson, M.D., Director of
the Wellman Center of Photomedicine at Massachusetts General
Hospital in Boston, a teaching affiliate of Harvard Medical School;
Dieter Manstein, M.D., Ph.D., of the Cutaneous Biology Research
Center in the Department of Dermatology at Massachusetts General
Hospital; and Henry H.L. Chan, M.D., Ph.D., Honorary Clinical
Professor, Department of Medicine, The University of Hong Kong and
the Visiting Scientist of the Wellman Center for Photomedicine,
Massachusetts General Hospital. Pansend is led by David A. Present
M.D., Founder and General Partner, and Cherine Eldumiati Plumaker,
Founder and General Partner.
About HC2
HC2 Holdings, Inc. is a publicly traded
(NYSE:HCHC) diversified holding company, which seeks opportunities
to acquire and grow businesses that can generate long-term
sustainable free cash flow and attractive returns in order to
maximize value for all stakeholders. HC2 has a diverse array
of operating subsidiaries across eight reportable segments,
including Construction, Marine Services, Energy, Life Sciences,
Broadcasting, Insurance, Telecommunications, and Other. HC2’s
largest operating subsidiaries include DBM Global Inc., a family of
companies providing fully integrated structural and steel
construction services, and Global Marine Systems Limited, a leading
provider of engineering and underwater services on submarine
cables. Founded in 1994, HC2 is headquartered in New York, New
York. Learn more about HC2 and its portfolio companies at
www.hc2.com.
About Pansend Life Sciences
Pansend Life Sciences, LLC is the life sciences
subsidiary of HC2 Holdings, Inc., focused on the development of
innovative healthcare technologies and products. Pansend’s
portfolio companies include R2 Dermatology, which is developing
medical devices for the treatment of aesthetic and medical skin
conditions and has received FDA approval for its initial device;
MediBeacon, whose proprietary platform technology is the foundation
of its development of a non-invasive real-time monitoring
system for the evaluation of kidney function; Triple Ring, a
leading edge research, engineering and development firm which
specializes in regulated medical devices, in vitro diagnostics
& life sciences tools as well as imaging, and industrial
applications; and Genovel Orthopedics, which is developing novel
partial and total knee replacements for the treatment of
osteoarthritis of the knee.
In 2018, Pansend’s portfolio company BeneVir was
acquired by Janssen Biotech, Inc. (Johnson & Johnson).
About R2 Dermatology
R2 Dermatology is a portfolio company within
Pansend Life Sciences, Ltd., a subsidiary of HC2 Holdings, Inc.
Located in San Ramon, California and founded in late 2014, R2
Dermatology is developing medical devices for the treatment of
aesthetic and medical skin conditions, including a skin lightening
and skin-tone evening product utilizing “cold technology”. R2
Dermatology has received market clearance from the U.S. Food and
Drug Administration for its second generation device, the R2 Dermal
Cooling System, a cryosurgical instrument intended for use in
dermatologic procedures for the removal of benign lesions of the
skin, based on exclusive licensing rights to a novel technology
invented by Blossom Innovations and Massachusetts General Hospital,
teaching affiliate of Harvard Medical School. Learn more
about R2 Dermatology at www.r2derm.com.
Cautionary Statement Regarding
Forward-Looking Statements
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995: This press release
contains, and certain oral statements made by our representatives
from time to time may contain, forward-looking statements.
Generally, forward-looking statements include information
describing actions, events, results, strategies and expectations
and are generally identifiable by use of the words “believes,”
“expects,” “intends,” “anticipates,” “plans,” “seeks,” “estimates,”
“projects,” “may,” “will,” “could,” “might,” or “continues” or
similar expressions. The forward-looking statements in this press
release include, without limitation, any statements regarding our
expectations regarding building shareholder value and future cash
flow and invested assets. Such statements are based on the
beliefs and assumptions of HC2's management and the management of
HC2's subsidiaries and portfolio companies. The Company believes
these judgments are reasonable, but you should understand that
these statements are not guarantees of performance or results, and
the Company’s actual results could differ materially from those
expressed or implied in the forward-looking statements due to a
variety of important factors, both positive and negative, that may
be revised or supplemented in subsequent statements and reports
filed with the Securities and Exchange Commission (“SEC”),
including in our reports on Forms 10-K, 10-Q, and 8-K. Such
important factors include, without limitation, issues related to
the restatement of our financial statements; the fact that we have
historically identified material weaknesses in our internal control
over financial reporting, and any inability to remediate future
material weaknesses; capital market conditions, including the
ability of HC2 and HC2's subsidiaries to raise capital; the ability
of HC2's subsidiaries and portfolio companies to generate
sufficient net income and cash flows to make upstream cash
distributions; volatility in the trading price of HC2 common stock;
the ability of HC2 and its subsidiaries and portfolio companies to
identify any suitable future acquisition or disposition
opportunities; our ability to realize efficiencies, cost savings,
income and margin improvements, growth, economies of scale and
other anticipated benefits of strategic transactions; difficulties
related to the integration of financial reporting of acquired or
target businesses; difficulties completing pending and future
acquisitions and dispositions; effects of litigation,
indemnification claims, and other contingent liabilities; changes
in regulations and tax laws; and risks that may affect the
performance of the operating subsidiaries and portfolio companies
of HC2. Although HC2 believes its expectations and
assumptions regarding its future operating performance are
reasonable, there can be no assurance that the expectations
reflected herein will be achieved. These risks and other
important factors discussed under the caption “Risk Factors” in our
most recent Annual Report on Form 10-K filed with the SEC, and our
other reports filed with the SEC could cause actual results to
differ materially from those indicated by the forward-looking
statements made in this press release.
You should not place undue reliance on
forward-looking statements. All forward-looking statements
attributable to HC2 or persons acting on its behalf are expressly
qualified in their entirety by the foregoing cautionary statements.
All such statements speak only as of the date made, and unless
legally required, HC2 undertakes no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.
Contact:
Investor RelationsGarrett
Edsonir@hc2.com (212) 235-2691
HC2 (NYSE:HCHC)
Historical Stock Chart
From Mar 2024 to Apr 2024
HC2 (NYSE:HCHC)
Historical Stock Chart
From Apr 2023 to Apr 2024