Suneva Medical Raises $35 Million in Funding
Polaris Partners and HealthCare Royalty Partners Lead the Capital Raise
in Support of Company's Growth Initiatives
SAN DIEGO, CA -- January 9, 2014 -- Suneva Medical, Inc., a privately-held aesthetics company, announced that it has recently raised $35 million in debt and equity capital. The new capital was structured to be comprised of a growth-capital term loan, a working capital facility, and a Series B equity round financing of $20 million.
Polaris Partners led the Series B round, with an affiliate of HealthCare Royalty Partners ("HC Royalty") providing the growth-capital term loan and also participating in the Series B round. Other existing investors participated in the Series B round, and the working capital facility was provided by Comerica Bank.
The Series B financing includes up-front and product-related milestone investments, and Brian Chee, Managing Partner at Polaris Partners, has joined the Suneva Medical Board of Directors.
"The proven track record of Suneva's management team, coupled with its product distribution partnerships and product portfolio, create a compelling future for the company," said Todd Davis, Founding Managing Director at HC Royalty and Suneva Board Member. "We are pleased to welcome Brian Chee as a director of the company, and look forward to working with him in assisting the company in pursuit of its vision to be a standout innovator in the aesthetics market."
Nicholas L. Teti, Jr., Chairman and Chief Executive Officer of Suneva Medical, added: "In a short time, we have put Suneva on the path toward success by growing the core business, investing in innovative product research, and working strategically with the right partners. This funding is a vote of confidence in the Suneva team and strategy, giving us the financial platform upon which to execute our vision to build a profitable and dynamic aesthetics company."
For more information on Suneva Medical, visit www.sunevamedical.com.
About HealthCare Royalty Partners
HealthCare Royalty Partners is a global healthcare investment firm that provides financing solutions to healthcare companies and royalty owners with interests in approved pharmaceutical and medical device products. The firm's senior investment team has participated in nearly 50 royalty financings valued at over $2 billion over the past decade. For more information, visit www.healthcareroyalty.com.
About Polaris Partners
Polaris Partners is a $3.5B diversified investment firm, focused in Healthcare and Technology. The firm partners with entrepreneurs to bring disruptive ideas to life. Polaris makes investments across all company lifecycle stages and has offices in Boston, San Francisco, and Dublin, Ireland. For more information, visit www.polarispartners.com.
About Comerica Bank
Comerica Incorporated 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 company currently markets ArteFill® in the US, Korea, and Singapore; ReFissa® and Regenica® Skincare in the U.S. and Bellafill® in Canada. For more information, visit www.sunevamedical.com.
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