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.
SOURCE Suneva Medical, Inc.