SAN FRANCISCO, CA -- (MARKET WIRE) -- January 16, 2007 -- Therative today announced it has received clearance from the Food & Drug Administration (FDA) to begin marketing ThermaClear, its innovative hand-held consumer medical device for the treatment of acne. The company also announced it has closed an additional round of expansion financing, bringing total capital raised to over $5 million. Therative will use the funds to help launch ThermaClear into the marketplace. Leading the round were Foundation Capital, RWI Ventures and Band of Angels.
“FDA clearance and the additional funding are two important milestones in our development,” said Peter Scocimara, CEO of Therative. “Acne is a pervasive condition that has been without an effective solution. The FDA has cleared the way for us to bring our device to market and we intend to change the way people treat acne with our unique approach and ground-breaking technology.”
“We are very pleased with the confidence our financial partners have expressed in ThermaClear and the Therative team,” added Scocimara. “This new capital will help us aggressively respond to the needs of the millions of people who suffer from acne.”
Therative was formed with a mission of converting complex medical treatments previously available only through medical professionals into safe and effective products for use by consumers. ThermaClear represents Therative’s first consumer product and is based on proprietary technology similar to laser treatment technology used by dermatologists to treat acne.
Therative’s Series B round came entirely from existing investors, reflecting overwhelming commitment to the ThermaClear product and the Therative team.
“Given the size of the acne treatment market and the fact that Therative’s team has developed a truly unique approach in a highly undifferentiated category, the business opportunity and potential are clear,” said Charles Moldow, a partner of Foundation Capital. “This, along with the quality of the product and the strong team that’s been assembled, made it an easy decision for us to invest further in the company.”
“Therative has adapted a unique technology that previously required a doctor’s office visit and redesigned it for personal and home use,” said Dr. Wally Buch of Band of Angels. “Controlled clinical studies have proven that this new device delivers a significant improvement in the treatment of acne. We are confident that ThermaClear will set a new standard for treating mild-to-moderate acne and we are very excited about the company’s potential.”
“Therative is an exciting young company, built around an innovative platform that can be leveraged into other consumer markets beyond acne. Combined with the outstanding management team that’s in place, we believe the company has a solid and scalable model for developing and marketing innovative medical products for the consumer market,” said Mark Foley, Managing Director of RWI Ventures. “We’ve been impressed by their success to date and with their vision of applying the same innovative platform for the development of additional consumer-based medical treatments.”
About Therative
Therative is a pioneer in developing medical products and solutions for consumers, converting complex medical treatments previously available only through professionals into safe and effective products for use by consumers. The company’s initial consumer brand is ThermaClear, a line of products including a hand-held consumer medical device and set of topical solutions for the treatment of mild-to-moderate acne. Therative is headquartered in Livermore, California with offices in San Francisco, California.
About Band of Angels
The Band of Angels is a formal group of 150 former and current high tech executives and entrepreneurs who provide counsel and capital to startup companies. Companies that receive investment also receive the benefit of contacts and mentorship from the same people who helped build Silicon Valley. To date, the Band has placed $100M into more than 200 early startup companies and seen forty of these profitably acquired and seven more go public on the Nasdaq. Institutional support for portfolio companies is provided by the Band of Angels Fund, L.P., a venture capital fund made up exclusively of institutional limited partners which invests side by side with the Band of Angels. For more information visit: www.bandangels.com
About Foundation Capital
Founded in 1995, Foundation Capital is a venture capital firm committed to supporting entrepreneurs and their companies, targeting innovative opportunities in telecommunications and networking; Internet infrastructure; and enterprise software and on demand services. Foundation Capital funds total more than $1.7 billion. For more information, visit www.foundationcapital.com or contact Tim Turpin (415) 392-8282, tim@outcastpr.com.
About RWI Ventures
RWI Ventures is a Menlo Park, CA-based venture capital firm that focuses on information technology and life science investments. We take a hands-on approach and participate as an active investor, providing strategic advice, financial guidance and extensive contacts. --------------------------------------------------------------------------------
Contact: David Schneider 415-274-7919 Email Contact
