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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
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
Media interested in speaking with a Suneva Medical representative should contact
Melody Demel at 619-234-0345 or
About HealthCare Royalty PartnersHealthCare 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
About Polaris PartnersPolaris 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
San Francisco, and
Dublin, Ireland. For more information, visit
www.polarispartners.comAbout Comerica BankComerica 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
Michigan, with select businesses operating in several other states, as well as in
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;
Regenica® Skincare in the U.S. and Bellafill
Canada. For more information, visit
SOURCE Suneva Medical, Inc.