DUBLIN, Calif., April 19, 2011 /PRNewswire/ -- Today TRIA Beauty announced the completion of $27 million in equity and $10 million in debt financing. Following its initial closing of $16 million in August 2010, TRIA has secured $21 million in additional financing from existing and new investors Morgan Stanley Alternative Investment Partners and Silicon Valley Bank. The newly secured funds will support the continued growth of the company and global commercialization of its light-based skincare products.
"This new financing allows TRIA to continue its exceptional growth by introducing our existing products to consumers worldwide, while continuing to invest in the development and clinical validation of new light-based treatments that address consumers' most important skincare concerns," said Kevin Appelbaum, CEO of TRIA Beauty. "We remain focused on fulfilling our promise to consumers that TRIA will continue to bring innovative skincare treatments out of the doctor's office and into the home, delivering a level of performance never before available over-the-counter and at an affordable cost."
"TRIA's history of bringing innovative, FDA cleared light-based skin care products to market is truly unique. We are delighted to be bringing the resources of Morgan Stanley AIP to helping Kevin and his team as they continue to deliver great products at great value to customers around the world," said Jamey Sperans, Manager Director, Morgan Stanley.
TRIA Beauty also announced today the addition of two new members to their Board of Directors: Mike Valentino and Ed Unkart. Mike Valentino joins after serving as President and CEO of Xanodyne Pharmaceuticals (NASDAQ: XANO) and, previously, Adams Respiratory Therapeutics, a company which Mike built into a fully integrated specialty pharmaceutical company. Adams completed its initial public offering in July 2005, which was ranked by The Wall Street Journal as the No. 1 Health Care IPO in 2005, and, in December 2007, entered into a definitive agreement to be acquired by Reckitt Benckiser, for approximately $2.3 billion. Ed Unkart joins the TRIA board of directors following successful tenures as Chief Financial Officer at medical device companies including SurgRx, Inc. (acquired by Ethicon Endo-Surgery), Novacept (acquired by Cytyc), and FemRx, Inc (acquired by Johnson & Johnson). Ed will also serve as Chairman of the Audit Committee for TRIA Beauty.
About TRIA Beauty
TRIA Beauty creates at-home light-based skin care products that deliver professional quality results. It revolutionized the hair removal industry with the TRIA Laser Hair Removal System, the first and only FDA-cleared hair removal laser available for home-use. In 2010, TRIA introduced its Skin Clarifying System, combining an FDA-cleared blue light treatment for mild to moderate inflammatory acne with a proprietary cleanser and serum for overall complexion improvement. To learn more visit TRIA at: www.triabeauty.com
Contact: Megan Driscoll
SOURCE TRIA Beauty