Suneva Medical, a privately-held aesthetic medical device company, today announced that it has signed a multi-million dollar line of credit facility with Western Technology Investment (WTI). The line of credit facility will be used to fund commercial support for Artefill®, the only FDA-approved microsphere-enhanced collagen dermal filler on the market today, as well as to expand Suneva's Aesthetic Market growth objectives.
"Today Suneva Medical entered into a multi-million dollar line of credit deal with WTI with the objective of funding the growth initiatives for both Artefill and Suneva," said Niv Caviar, President and Chief Executive Officer of Suneva Medical. "This additional capital from WTI combined with the financial commitment and support we continue to receive from Cowen Healthcare Royalty Partners, well-positions Suneva as we look ahead to 2010 and our near term goal of profitability. We are pleased to be working with WTI, a premier debt capital provider and a firm that has a successful reputation of supporting growth enterprises to reach their financial goals."
The WTI investment was led by Jay Cohan and David Wanek. "We are happy to be entering into this strategic capital alliance with Suneva," said Jay Cohan, Investment Partner at WTI. "We feel confident that our capital commitment coupled with Cowen's existing and future capital commitment will help accelerate the company's growth trajectory."
Mr. Caviar continued, "With Artefill's outstanding sales growth in the few months since the product's re-launch, we are confident in the traction that we've gained among our targeted group of physicians in the dermatology, plastic and cosmetic surgery markets. With our additional funding, we will continue to promote Artefill to physicians who wish to offer their patients a safe and long-term option versus the temporary fillers currently in the market."
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