PLEASANTON, Calif., July 10 /PRNewswire/ -- SpectraGenics, Inc., a leader in light-based therapeutic beauty products, today announced the completion of a new round of financing led by prominent consumer health care investors. New investors Vivo Ventures and Aisling Capital, along with existing investors, provided $30 million in new funding to support the company's continued growth. The company also announced a change in their name from SpectraGenics to TRIA Beauty to better reflect their corporate mission and future initiatives.
"The timing and size of this funding confirms our confidence in the opportunity to build a new category in the beauty industry anchored by light-based devices that deliver breakthrough skin care benefits to consumers," said Robert Grove, Ph.D., President and CEO of TRIA Beauty. "Clearly, this is one of the most promising areas in the aesthetic industry and represents a game-changing shift in the accessibility of professional procedures and results for the consumer."
TRIA Beauty jump-started the category with the TRIA Personal Laser Hair Removal System, the first hand-held laser for hair removal cleared by the FDA and available for sale directly to consumers in the US market. The TRIA laser is currently sold in the US at select physician offices and will be available this fall at Bergdorf Goodman, Studio at Fred Segal, Bliss catalogs & spas, and at http://www.triabeauty.com.
"We see a tremendous opportunity to build a new kind of beauty company, one based on real science that can truly deliver therapeutic skin care benefits that were previously unavailable outside a physician's office," said Albert Cha, M.D. Ph.D., Managing Partner, Vivo Ventures. "In our opinion, it's the next frontier in skincare."
TRIA Beauty will use the new funding to accelerate the launch of the TRIA Personal Laser Hair Removal System in the United States and continue development of additional product innovations that provide skin care solutions currently not available in the market.
According to Grove, changing the company name and identity to TRIA Beauty was made to strengthen marketing communication and reduce potential confusion by aligning company and brand name, marks and logos worldwide. The transition from SpectraGenics to TRIA Beauty will take place over the summer and be complete in the U.S. by September.
About TRIA Beauty
TRIA Beauty, formerly known as SpectraGenics, is a leader in light-based therapeutic beauty systems that incorporate clinically-proven aesthetic technologies for at-home personal care regimens. In 1993 Robert Grove, Ph.D., and a team of American dermatologists and engineers developed the first diode laser for hair removal utilized by physicians in their medical practices. In 2003, these individuals assembled an internationally renowned team of experts in the field of aesthetic lasers to begin the development of its flagship TRIA device and future innovations in science-driven consumer beauty products.
|SOURCE TRIA Beauty|
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