Suneva Medical Signs Multi-Million Dollar Line of Credit Agreement with Western Technology Investment
Published: Dec 17, 2009
SAN DIEGO, Dec. 17 /PRNewswire/ -- Suneva Medical, a privately-held aesthetic medical device company, today announced that it has signed a multi-million dollar line of credit facility with Western Technology Investment (WTI). The line of credit facility will be used to fund commercial support for Artefill®, the only FDA-approved microsphere-enhanced collagen dermal filler on the market today, as well as to expand Suneva's Aesthetic Market growth objectives.
"Today Suneva Medical entered into a multi-million dollar line of credit deal with WTI with the objective of funding the growth initiatives for both Artefill and Suneva," said Niv Caviar, President and Chief Executive Officer of Suneva Medical. "This additional capital from WTI combined with the financial commitment and support we continue to receive from Cowen Healthcare Royalty Partners, well-positions Suneva as we look ahead to 2010 and our near term goal of profitability. We are pleased to be working with WTI, a premier debt capital provider and a firm that has a successful reputation of supporting growth enterprises to reach their financial goals."
The WTI investment was led by Jay Cohan and David Wanek. "We are happy to be entering into this strategic capital alliance with Suneva," said Jay Cohan, Investment Partner at WTI. "We feel confident that our capital commitment coupled with Cowen's existing and future capital commitment will help accelerate the company's growth trajectory."
Mr. Caviar continued, "With Artefill's outstanding sales growth in the few months since the product's re-launch, we are confident in the traction that we've gained among our targeted group of physicians in the dermatology, plastic and cosmetic surgery markets. With our additional funding, we will continue to promote Artefill to physicians who wish to offer their patients a safe and long-term option versus the temporary fillers currently in the market."
Artefill is the first and only FDA-approved microsphere-enhanced collagen filler for the correction of nasolabial folds, better known as smile lines. Since Artefill was approved in 2006, over 20,000 patients have been treated successfully with very high satisfaction rates. For more information visit www.artefill.com.
About Suneva Medical
Suneva Medical, Inc. is a medical technology company focused on developing, manufacturing and commercializing novel, differentiated aesthetic products for the dermatology, plastic and cosmetic surgery markets. The Company's lead product is Artefill®, the first and only microsphere-enhanced collagen filler for the correction of nasolabial folds, or smile lines. For more information visit www.sunevamedical.com.
About Western Technology Investment
Founded in 1980, Western Technology Investment (WTI) is the world's leading venture debt fund, financing venture-backed companies in the technology, healthcare and cleantech industries. WTI's 12th fund builds upon the firm's successful history, which has included investments in Ablation Frontiers, Brocade, Cerent, Evalve, Facebook, Google, IDEC Pharmaceuticals, Infoseek, IronPort, Juniper Networks, NanoSolar, Postini, Transmeta, and many others. For more information, please visit www.westerntech.com.
Media and PR Contact: Larry Milocco, Sr. Dir Marketing Suneva Medical (858) 550-9999 x7844
Investor Contact: Phil Ranker, VP, CFO Suneva Medical (858) 550-9999 x5648