Healthcare Industry News: ultrasound imaging
News Release - January 17, 2008
Ulthera Receives $22.5 Million in Series B RoundFunds support company's commercialization and product development initiatives
MESA, Ariz.--(HSMN NewsFeed)--Ulthera, Inc., a therapeutic ultrasound medical device company serving the aesthetics market, today announced that it has received $22.5 million in a Series B round that was led by New Enterprise Associates (NEA). Existing investor 3i also participated in the round.
“There is a large, rapidly-growing market for cosmetic procedures, and Ulthera’s technology appears to have several distinct advantages over existing energy-based offerings, including greater predictability of results and shorter procedure times,” said Chip Linehan, NEA General Partner, who will join the Ulthera Board of Directors. “NEA is excited to partner with Ulthera’s founders and its strong, experienced management team as the company advances its pipeline of potential products utilizing this innovative technology platform.”
“As Ulthera executes our global product development and commercialization strategy, we welcome the expertise NEA brings to the company and are very pleased to have Chip join our Board,” said Matt Likens, President and CEO of Ulthera. “Clearly the company will benefit from this substantial capital infusion but we will benefit just as much from the support that NEA and our Series A investor, 3i, can provide.”
"The company has developed a micro-ablation device that safely penetrates and treats multiple layers of tissue non-invasively," stated Likens. "Ulthera's technology is the first to combine high frequency ultrasound imaging and therapeutic treatment in a single device. This unique approach enables visualization of target layers of sub-epidermal tissue immediately before the therapeutic level of ultrasonic energy is delivered, allowing physicians to see where they are working below the skin. The epidermal layer of skin is completely spared, while deeper treatment immediately triggers the body's natural healing effect, resulting in a gradual lifting and tightening of skin tissue in and around the face.”
Paul Badawi, a director of 3i, reiterated 3i’s continuing support of Ulthera and its promising technology platform. “With Ulthera’s patented ‘See and Treat’ approach to cosmetic improvements, patients can receive optimal energy placement and minimal impact to surrounding and intervening skin tissue,” said Badawi.
The company received a CE Mark (European Conformity approval) for the Ulthera™ System in 2007 and is expecting FDA clearance to sell products in the U.S. soon. Ulthera will use funds to commercialize its technology globally, conduct additional product development and execute more clinical studies to support expanded use of its platform. Products will be marketed directly to professional dermatologists and plastic surgeons in the U.S. while the company will rely on a network of outstanding distributors internationally.
Ulthera, Inc. develops, sells and markets novel therapeutic ultrasound-based medical devices into the expanding medical aesthetic market. This market is defined by elective procedures for consumers wishing to achieve cosmetic improvement in their appearance. The company is targeting the non-invasive face lift and skin rejuvenation market segment, which will exceed $4 B worldwide in 2010. Ulthera was founded in 2004 and spun-off from Guided Therapy Systems, LLC, a Mesa, Arizona based ultrasonic medical technologies company.
New Enterprise Associates (NEA) is a leading venture capital firm focused on helping entrepreneurs create and build major new enterprises that use technology to improve the way we live, work and play. Since its founding in 1978, the firm has followed the same core principles: supporting its entrepreneurs, providing an excellent return to its limited partners, and practicing its profession with the highest standards and respect. NEA focuses on investments at all stages of a company’s development, from seed stage through IPO. With approximately $8.5 billion in committed capital, NEA’s experienced management team has invested in over 550 companies, of which more than 160 have gone public and more than 230 have been acquired. NEA has U.S. offices in Chevy Chase, Maryland; Menlo Park, California; and Baltimore, Maryland. In addition, New Enterprise Associates (India) Pvt. Ltd. has an office in Bangalore, India and New Enterprise Associates (Beijing) Ltd. has offices in Beijing and Shanghai, China. For additional information, visit www.nea.com.
Established in 1945, 3i is an international leader in private equity and venture capital with assets of $16 billion. 3i invests across Europe, North America and Asia. Our competitive advantage comes from our international network with more than 250 investment professionals in 14 countries, unrivaled sector depth and an extensive portfolio of approximately 750 companies. These underpin the value that we deliver to our portfolio and to our shareholders.
For more information, visit www.3i.com
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