Ultrasound medical device company gets $22.5 million in financing
Summary:
Ulthera Inc., a Mesa-based medical-devices company, recently completed a $22.5 million round of financing, with funds coming primarily from the venture-capital firm New Enterprise Associates, headquartered in Baltimore. The investment allows Ulthera to continue pursuing FDA approval of its Ulthera System device, which employs high-frequency ultrasound in cosmetic procedures like face lifts and skin rejuvenation.
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Compiled from media reports
Ulthera Inc., a Mesa-based medical-devices company, completed a $22.5 million round of financing in January, with funds coming primarily from the venture-capital firm New Enterprise Associates (NEA), headquartered in Baltimore. The investment allows Ulthera to continue pursuing Food and Drug Administration approval of its Ulthera System device, which employs ultrasound in cosmetic procedures like face lifts and skin rejuvenation.
NEA, which specializes in medical technology investments, was joined in Ulthera's Series B financing by 3i, a global private-equity and venture-capital firm that led a $5.5 million round of financing for Ulthera in 2005.
"With Ulthera's patented 'See and Treat' approach to cosmetic improvements, patients can receive optimal energy placement and minimal impact to surrounding and intervening skin tissue," said Paul Badawi, a director of 3i.
Ulthera's technology uses ultrasound in two ways: for imaging, providing a practitioner a way to identify targeted tissue beneath a patient's epidermis, and for micro-ablation, where that targeted tissue is destroyed by high-frequency ultrasound. Because the approach does not involve breaking the skin, Ulthera says patients recover quickly and without scarring.
"There is a large, rapidly-growing market for cosmetic procedures, and Ulthera's technology appears to have several distinct advantages over existing energy-based offerings, including greater predictability of results and shorter procedure times," said Chip Linehan, general partner at NEA. Linehan will join Ulthera's board of directors.
In 2005, Ulthera was spun off from Guided Therapy Systems LLC, a Mesa-based technology incubator that concentrates on ultrasound technology. Ulthera was assisted in its pursuit of financing by Arizona State University's Technopolis program, which provided mentoring to the company on forming a business plan and identifying possible funding sources.
For more information:
"Product uses high-frequency energy for ultrasound equipment," Business Journal of Phoenix, 03/07/2008
"New face-lift technology gets $5.5M boost," Business Journal of Phoenix, 12/23/2005