The credit facility consists of a $22.5 million venture loan and a $5 million revolving credit line. SkinMedica will use the financing for general corporate purposes as well as to strengthen its balance sheet.
“GE Healthcare Financial Services worked closely with us to tailor a financing solution that meets our needs for the next stages of our growth plan,” said Mary Fisher, Chief Executive Officer of SkinMedica.
“It is exciting to work with a category leader like SkinMedica as they expand their commercialization efforts,” said Anthony Storino, senior managing director for GE Healthcare Financial Services’ life science finance group. “They have successfully launched several products that have been valued significantly in the market and hold leading market shares.”
For almost two decades, the life science finance team of GE Healthcare Financial Services has worked with more than 500 companies throughout the United States, Canada and Europe. With a dedicated focus on assisting life science companies large and small, from the first venture round to post-IPO, the team has provided over $2.5 billion in financing to the market.
About SkinMedica
SkinMedica is a specialty pharmaceutical company focused on developing, acquiring and commercializing products that treat dermatologic conditions and diseases and improve the appearance of skin. Through their own sales force, they market and sell primarily to dermatologists both prescription pharmaceutical products and physician-dispensed, non-prescription skin care products, which they refer to as cosmeceuticals.
The Company currently markets four pharmaceutical products: Desonate® for the treatment of mild to moderate atopic dermatitis, VANIQA® for the reduction in growth of unwanted facial hair in women, EpiQuin® Micro for the treatment of hyperpigmentation and NeoBenz® Micro for the treatment of acne. SkinMedica’s aesthetic products, including their flagship product TNS Recovery Complex®, are designed to enhance skin appearance, reduce signs of aging and provide other skin care benefits.
SkinMedica’s investors include Domain Associates, Apax Partners, Perseus-Soros Biopharmaceutical Fund, Healthcare Ventures, EuclidSR Partners and Montagu Newhall.
About BlueCrest Capital Finance, L.P.
BlueCrest Capital Finance, L.P., a US based commercial finance company, provides debt financing solutions to development stage companies in a broad range of industry sectors including IT, Communications, Hardware, Software, Semi-Conductor, Electronics, Energy, Medical Device and Life Science. The team, which has been together continuously since 1998, pursues debt transactions in the $1-25 million range and has consummated approximately 900 transactions with total commitments in excess of $1.9 billion.
About
GE Healthcare Financial Services
GE Healthcare Financial Services is the premier provider of capital, financial solutions, and related services for the global healthcare market. With approximately $22 billion in assets, GE Healthcare Financial Services offers a full range of financing capabilities from equipment leasing and real estate financing to working capital lending, vendor programs, and acquisition financing. With a dedicated focus and a deep knowledge of the healthcare industry, GE Healthcare Financial Services collaborates with customers to create tailored financial solutions that help them improve their productivity and profitability. For more information, visit www.gehealthcarefinance.com.
This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and involve significant risks and uncertainties that may cause results to differ materially from those set forth in the statements. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
Contact: Jeanee Snipes GE Healthcare Financial Services 301-634-3210 jeanee.snipes@ge.com or Michelle Scimeca for BlueCrest Capital Finance River Communications 914-686-5599 mscimeca@riverinc.com
Source: GE Healthcare Financial Services
