Ulthera Announces $10.5 Million in Series C Venture Capital Funding
MESA, Ariz., Feb. 8, 2011 /PRNewswire/ -- Ulthera, Inc., developer of the Ulthera® System, the first-ever ultrasound device approved by the FDA for aesthetics, announced today the recent completion of $10.5 million in Series C venture funding. The funding was led by New Enterprise Associates (NEA) with participation by funds managed by Apposite Capital LLP.
"Ulthera's growth has been truly impressive, especially since receiving FDA clearance in late 2009," said Justin Klein, MD, Principal at New Enterprise Associates and Ulthera board member. "NEA looks to invest in companies that bring highly differentiated technologies to meet the needs of medical professionals and consumers, and we are enthusiastic about Ulthera's future prospects. We believe Ulthera's versatile technology platform and its data-driven approach to clinical development set it apart as a franchise opportunity in aesthetic medicine."
"The ongoing support of New Enterprise Associates and Apposite Capital LLP will allow us to continue to develop our platform technology," said Matthew E. Likens, President and CEO of Ulthera. "We look forward to building upon our first year of global commercial success by expanding our platform technology into a multitude of aesthetic and medical applications."
The funding will be used to aggressively develop new clinical applications, continue investing in Ulthera's product development and expand the organization to prepare for significant growth in the months and years ahead.
The Ulthera® System is the first-ever ultrasound device approved for aesthetics, and combines time-honored ultrasound imaging with focused ultrasound therapy to provide reliable lifting and toning of the skin noninvasively. It is the first and only energy-based device cleared by the FDA for use as a non-invasive face and neck treatment with a specific indication for eyebrow lift. While it draws upon the same reliable ultrasound principles that physicians and patients have trusted for decades, it also represents the first time cosmetic physicians are able to visualize the sub-epidermal tissue and treat targeted depths of tissue without cutting the skin. When the ultrasonic energy is delivered, the tissue is not affected until the sound waves reach the focal point, thereby leaving the surface of the skin undisturbed. The concentrated energy contracts the tissue and initiates a collagen rebuilding process. As the network of collagen fibers rebuilds over a period of weeks and months, patients experience a gradual firming and lifting of skin. Ultherapy treatments average 45 minutes for a full face and neck treatment, and less time if a more limited area is treated.
The Ulthera System has been available in Europe and Asia since 2008 through a network of distributors outside the U.S. Within the U.S. the company has taken a measured approach to installing systems around the U.S. since late 2009, with its direct sales and marketing organization focused on plastic surgeons, facial plastic surgeons and dermatologists. Ultherapy is now available at over 150 aesthetic practices domestically and nearly 500 globally with over 20,000 treatments provided worldwide. Coverage of Ultherapy on national television segments like The View, The Doctors, and Rachael Ray has raised awareness among millions of consumers, fueling demand for the treatment worldwide.
Ulthera, Inc. develops and markets medical technology that leverages the proven power and safety of ultrasound for rejuvenation of the skin and its support structures. Founded in 2004, it is a privately-held company based in Mesa, Arizona. For more information, visit www.ulthera.com.
New Enterprise Associates, Inc. (NEA) is a leading venture capital and growth equity firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies.
With approximately $11 billion in committed capital, NEA invests in information technology, healthcare and energy technology companies at all stages in a company's lifecycle, from seed stage through IPO. Since the firm's founding in 1978, NEA's experienced management team has invested in over 650 companies, of which more than 165 have gone public and more than 265 have been acquired.
In the U.S., NEA has two offices in the Washington, D.C. metropolitan area and one in Menlo Park, California. In addition, New Enterprise Associates (India) Pvt. Ltd. has offices in Bangalore and Mumbai, India and New Enterprise Associates (Beijing), Ltd. has offices in Beijing and Shanghai, China. For additional information, visit www.nea.com.
About Apposite Capital
Apposite Capital is an independent investment firm focused exclusively on Healthcare. The firm invests in private companies involved in Healthcare Services and Life Sciences on a primary basis, as well as acquiring and managing direct Healthcare assets in the secondary market.
Apposite has an in-depth sector knowledge covering all aspects of the healthcare industry globally, with a unique unrivalled reach to Japan. The investment team combines complementary entrepreneurial, private equity and investment banking skills.
Apposite has built a high quality primary portfolio of companies in the US and Europe. The firm invests in seasoned management with a clear vision and is committed to adding value to its portfolio companies. Apposite balances its investments across all stages of company development, providing venture, development and growth financings as well as buyout capital. Apposite typically invests as a lead investor and has a representation at the Board of Directors.
Created in 2006, Apposite is headquartered in London, UK and has a presence in San Francisco, CA, USA. For more information, visit www.appositecapital.com.