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, Jan. 9, 2014
SAN DIEGO, Jan. 9, 2014 /PRNewswire/ --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
For more information on Suneva Medical, visit www.sunevamedical.com.
Media interested in speaking with a Suneva Medical representative should
contact Melody Demel at 619-234-0345 or email@example.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,
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,
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
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
marketsArteFill^® in the US, Korea, and Singapore;ReFissa^®andRegenica®
Skincarein the U.S. and Bellafill^® in Canada. For more information,
SOURCE Suneva Medical, Inc.
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