PALO ALTO, CA and SAO PAULO, BRAZIL and MEXICO CITY--(Marketwire - October 02, 2012) - ADVANCE Medical, a company formed in 2011 by U.S. and Latin American investors with the goal of becoming the Latin American commercial partner-of-choice for innovative medical technology companies, announced today it has expanded its partnership with ZELTIQ Aesthetics (NASDAQ: ZLTQ), developer of the CoolSculpting® System. Under the terms of the expanded agreement, ADVANCE Medical has increased the exclusivity period of the agreement and added Mexico as an exclusive territory.
ADVANCE Medical also announced the addition of Francisco Demesa as General Manager for Mexico Operations. Francisco comes from AstraZeneca, where he spent 6 years in commercial roles both in the United States as well as in various countries in Latin America. In his most recent role at AstraZeneca, Francisco was Marketing Director for Mexico where he was responsible for all medical brands, including the launches of Nexium® pediatric, Onglyza®, Brilinta® and "Save Women's Heart" initiative. Francisco also headed a number of commercial efforts for AstraZeneca in Argentina, Chile, Venezuela and Colombia. Prior to AstraZeneca, Francisco spent 10 years in sales and marketing for Unilever, BAT and DuPont. He earned his B.S. in Marketing from Tec de Monterrey and his M.B.A. from the Harvard Business School.
"ADVANCE Medical has demonstrated that its model can be quite successful based on the company's performance with CoolSculpting in Brazil," stated Mark Foley, President and Chief Executive Officer of ZELTIQ Aesthetics. "ADVANCE Medical has built in Brazil a large installed base of CoolSculpting Systems and won an award from ZELTIQ at the latest American Academy of Dermatology annual meeting for generating the highest consumable sales per system in the world during 2011. We are pleased to strengthen our relationship as ADVANCE Medical launches CoolSculpting in Mexico."
"The expansion of our collaboration with ZELTIQ is an important step towards our stated strategy of forging closer ties with our partners, and validation that we can enter a highly competitive and relationship-driven market and be quite successful by hiring the best people, building the appropriate infrastructure, and making the right investments," stated Fred Aslan, M.D., founder and Chief Executive Officer of ADVANCE Medical. "With the addition of Francisco Demesa, we are in a strong position to continue our geographical expansion as we strive to become the Latin American partner-of-choice for truly innovative companies."
Formed in 2011, ADVANCE Medical raised a US$6 million Series A financing led by Venrock and Latin American institutional investors and angels to commercialize leading innovative medical technologies in Brazil and other countries in Latin America. The Company specializes in commercializing products that require a more sophisticated sales and marketing approach. ADVANCE Medical employs experienced executives from the pharmaceutical and medical device industries who have experience launching and commercializing products in Latin America. By working closely with the technology originator, ADVANCE Medical is able to gain a more thorough understanding of products and to build a customized commercial strategy and infrastructure on the ground for a launch or further commercial expansion. Brazil and Mexico have the seventh and thirteenth largest nominal GDP (Gross Domestic Product) in the world respectively with a combined population of over 300 million people. Latin America healthcare product imports have been growing at double digit rates, offering attractive markets for companies with innovative products and services.
About ADVANCE Medical
ADVANCE Medical is a commercial-focused company with offices in Palo Alto, Sao Paulo and Mexico City whose mission is to become the partner-of-choice for innovative global medical technology companies looking to commercialize their products in Latin America. The Company specializes in commercializing products that require a more sophisticated sales and marketing approach targeting select physician segments. ADVANCE Medical employs experienced executives from the pharmaceutical and medical device industries who have experience launching and commercializing products in Latin America. The Company's first commercial product is CoolSculpting® by ZELTIQ Aesthetics, the first aesthetic medical device approved by the U.S. Food and Drug Administration (FDA) for the non-invasive reduction of subcutaneous fat utilizing a clinically-proven technique that employs cold to selectively destroy fat cells.