ALPHAEON Corporation, a subsidiary of Strathspey Crown Holdings LLC, and Zelegent, Inc. jointly announced today that the two companies have entered into an exclusive worldwide agreement to bring Zelegent's office-based Elevoplasty technology to board certified sleep specialists. Under the terms of the agreement, which includes product development and commercialization, ALPHAEON became the lead investor in Zelegent's Series A Financing. The amount of the investment was not disclosed.
"We are pleased to gain exclusive worldwide commercialization rights to Zelegent's office-based sleep technology, Elevo™, which may become the simplest and most effective way for patients to find relief from snoring without the drawbacks of today's available therapies," said Bart Bandy, President of ALPHAEON Wellness. "This investment represents our first step into the Ear, Nose, and Throat (ENT) specialty."
"According to the American Academy of Otolarynology, forty-five percent of normal adults snore at least occasionally and 25 percent are habitual snorers," said Dr. Krespi, Chairman of the Board of Zelegent, and Director of the Center for Sleep Disorders, and the NYHNI Professor of Clinical Otolaryngology, Columbia University. "As a physician who deals directly with the impact on snorers and resulting strained relationships, I'm very excited at the prospect of providing a simple, office-based minimally-invasive procedure that will bring relief to millions of people."
"ALPHAEON's success and reach with medical devices used in self-pay procedures, and its social commerce platform ShoutMD®, make it an ideal partner to bring Elevo™ to physicians and patients," said Alexander K. Arrow, MD, Chief Executive Officer of Zelegent. "We believe this agreement will make Elevoplasty available to millions of patients who seek relief from the health and social consequences of snoring. "
The Zelegent Elevo and the Elevoplasty kit are investigational devices only and are not yet for sale in the United States.