Recros Medica Secures $14 Million Series A Funding to Advance Nuvellus® Focal Contouring System for Skin Laxity and Contour Improvement

VCBeat (WeChat ID: vcbeat) learned from foreign media reports that on November 19, 2019 (local time), Recros Medica, a U.S.-based medical aesthetics device company, announced the completion of a $14 million Series A financing round. This round was exclusively invested by Shanghai Haohai Biological Technology Co., Ltd. (Haohai Biotech).

Prior to this, as early as August 27, 2014, Recros Medica had completed a $250,000 seed financing round, followed by two subsequent rounds of venture capital funding in August 2016 and January 2018, respectively. Following the completion of this Series A financing, Recros Medica has raised a total of $36 million in funding.

This round of financing will be used to continue the development of Recros Medica’s Nuvellus® Focal Contouring System, conduct pivotal clinical studies, and obtain FDA approval to commercialize the system in the United States.

In addition, this investment includes Haohai Biological Technology’s right to negotiate for the marketing rights in China of Recros Medica’s Nuvellus® Focal Contouring System under terms mutually agreed upon by both parties.

Recros Medica, established in 2014 and headquartered in San Diego, California, USA, is a medical aesthetics device company in its growth stage. Recros Medica is committed to helping patients reduce skin laxity and improve the contouring of pigmented lesions through its Nuvellus® Focal Contouring system.

Currently, Recros Medica is developing the Nuvellus® platform, which is based on its proprietary rotational fractional resection technology, to facilitate autologous skin transfer and produce a natural alternative to commercial dermal fillers. The Nuvellus® platform offers a novel procedure that enables patients to achieve aesthetic results with a single treatment. In four IRB-approved clinical trials, nearly 100 subjects have been treated, and the company is currently planning a pivotal clinical study.

The investor in this round of financing, Shanghai Haohai Biological Technology Co., Ltd. (“Haohai Biotech”), was founded in 2007 and is a high-tech biopharmaceutical company focused on the research and development, production, and sales of medical biomaterials. The company successfully listed on the Main Board of The Stock Exchange of Hong Kong Limited on April 30, 2015 (Stock Code: 06826.HK). It strategically focuses on rapidly growing therapeutic areas within China’s medical biomaterials market, including ophthalmology, medical aesthetics and wound care, orthopedics, and anti-adhesion and hemostasis.

Currently, the company employs over 200 R&D and technical professionals worldwide. It boasts a National Enterprise Technology Center, a National Postdoctoral Research Station, two national-level R&D platforms, four provincial- and ministerial-level technology and R&D commercialization platforms, and a Shanghai Academician and Expert Workstation. Furthermore, it has established an integrated, collaborative R&D system in China, the United States, and the United Kingdom, initially forming a globally integrated R&D layout spanning both domestic and international markets. In addition, the company’s products and technologies have twice been awarded the Second Prize of the National Science and Technology Progress Award, and it has secured more than 40 invention patents.

Tom Albright, President and Chief Executive Officer of Recros Medica, stated, “We are delighted that Haohai Biological Technology has made this significant investment in Recros Medica, and we are also excited about their potential to market the Nuvellus® Focal Contouring System in China. This investment underscores the potential of Nuvellus® as a novel medical aesthetic treatment with global appeal across many patient types.”

(Compiled by Wang Fang)