SAN RAMON, Calif., April 23, 2020 /PRNewswire/ -- R2 Technologies Inc. ("R2") has received $10 million in funding from Huadong Medicine Company Limited ("Huadong") as part of Huadong's $30 million Series B equity investment in R2. This investment represents the second tranche of Huadong's investment at an approximate post-money valuation of $90 million. These funds will be used to commercialize R2's revolutionary CryoAesthetic technology which promises physicians a new way to lighten, brighten and rejuvenate skin.
Established in 1993, Huadong (SZ: 000963) is a leading public Chinese pharmaceutical company. In exchange for its equity investment in R2, Huadong receives exclusive distribution rights for R2's products in the China/Asia-Pacific market and further expands its global aesthetics business.
"The R2 team appreciates Huadong's ongoing commitment and partnership as we progress toward a successful global product launch. We will be utilizing the funds for several commercialization initiatives including the addition of key executives and staff as well as the launch of our pre-order program this summer," said Tim Holt, Chief Executive Officer at R2 Technologies. "We believe we have developed a breakthrough CryoAesthetic technology that will usher in a new era in aesthetic treatments: a comfortable procedure that yields visible results with no downtime, for an improved patient and provider experience," says Holt.
R2 is already receiving attention at major congresses. On January 30th, 2020 at IMCAS Paris, a prominent international aesthetics conference, Dr. Arisa Ortiz, MD, FAAD, Director of Laser and Cosmetic Dermatology at UC San Diego, presented her clinical experience with R2's pioneering cryo-based procedure in her presentation, "Treatment of Benign Pigmented Lesions Using a Novel, Controlled Skin Cooling System: Preclinical and Clinical Evidence."
"R2 Technologies has created a novel approach to precisely freeze and treat benign lesions with a controlled cryo-based technology that reduces melanin production while maintaining melanocyte viability. This keeps the skin barrier intact, ensuring efficacious treatment without the disadvantages commonly associated with comparable treatments," says Ortiz.
About R2 Technologies: Headquartered in Silicon Valley, R2 Technologies is an aesthetic medical device company dedicated to helping people experience amazing skin. R2 has developed an FDA cleared, breakthrough CryoAesthetic procedure cleared for removal of benign lesions of the skin by precisely controlling time and temperature. In 2014, Pansend Life Sciences, LLC and Blossom Innovations, LLC founded R2 Technologies and licensed exclusive intellectual property from Massachusetts General Hospital ("MGH"), a teaching affiliate of Harvard Medical School. In 2019, R2 closed its Series B "Commercialization" round with its strategic partner, Huadong Medicine Co., Ltd. Working in close collaboration with these partners, in conjunction with our scientiﬁc founders and world-famous luminaries in aesthetic medicine, Drs. Rox Anderson, Dieter Manstein, and Henry Chan, R2 is focused on engineering, clinical research and commercialization of groundbreaking aesthetic technologies. Since its inception, R2 has raised $60M in ﬁnancing led by a world-class team with experience launching successful aesthetic innovations.
R2 Technologies, Inc.
SOURCE R2 Technologies LLC