Navigation Links
Suneva Medical Signs Multi-Million Dollar Line of Credit Agreement with Western Technology Investment
Date:12/17/2009

SAN DIEGO, Dec. 17 /PRNewswire/ -- 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."

About Artefill

Artefill is the first and only FDA-approved microsphere-enhanced collagen filler for the correction of nasolabial folds, better known as smile lines. Since Artefill was approved in 2006, over 20,000 patients have been treated successfully with very high satisfaction rates. For more information visit www.artefill.com.

About Suneva Medical

Suneva Medical, Inc. is a medical technology company focused on developing, manufacturing and commercializing novel, differentiated aesthetic products for the dermatology, plastic and cosmetic surgery markets. The Company's lead product is Artefill®, the first and only microsphere-enhanced collagen filler for the correction of nasolabial folds, or smile lines. For more information visit www.sunevamedical.com.

About Western Technology Investment

Founded in 1980, Western Technology Investment (WTI) is the world's leading venture debt fund, financing venture-backed companies in the technology, healthcare and cleantech industries. WTI's 12th fund builds upon the firm's successful history, which has included investments in Ablation Frontiers, Brocade, Cerent, Evalve, Facebook, Google, IDEC Pharmaceuticals, Infoseek, IronPort, Juniper Networks, NanoSolar, Postini, Transmeta, and many others. For more information, please visit www.westerntech.com.


    Media and PR Contact:                       Investor Contact:
    Larry Milocco, Sr. Dir Marketing            Phil Ranker, VP, CFO
    Suneva Medical                              Suneva Medical
    (858) 550-9999 x7844                        (858) 550-9999 x5648

SOURCE Suneva Medical


'/>"/>
SOURCE Suneva Medical
Copyright©2009 PR Newswire.
All rights reserved

Related medicine technology :

1. Suneva Medical Announces Corporate Developments Including Appointment of Philip Ranker as Chief Financial Officer
2. First Patient Treated in Clinical Study of Cohera Medicals TissuGlu(R) Surgical Adhesive
3. Greenway Medical Technologies PrimeSuite Wins Three Best in KLAS Awards
4. Researchers Announce Medical Breakthrough with Simple, Inexpensive Blood Test for Colon Cancer
5. Flextronics Completes SloMedical Acquisition
6. Harvard Medical Expert Criticizes PGA Tour, Calls Decision to Suspend Doug Barron for Doping Unreasonable, Unfair and Discriminatory
7. Reportlinker Adds Surgical and Medical Instrument Manufacturing Industry in the U.S. and its International Trade [Q4 2009 Edition]
8. Varian Medical Systems Schedules First Quarter FY2010 News Release and Conference Call
9. Under Johnnies(TM) Proven To Increase Patient Satisfaction by OBP Medical Inc.
10. Perry Baromedical Announces New Cutting Edge Technology With Patient Data Capture Capability
11. Greenway Medical Technologies PrimeSuite 2011 Receives CCHIT 2011 Comprehensive Certification
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/24/2017)... Research and Markets has announced the addition of the "Dry ... offering. ... Dry eye Drugs Price Analysis and Strategies - 2016, provides drug pricing ... answers the following questions: What are the ... they positioned in the Global Dry eye market? What ...
(Date:2/24/2017)... Feb. 23, 2017 The U.S. Food ... PhenoTest BC Kit, performed on the Pheno System. ... that cause bloodstream infections and provide information about ... to (antibiotic sensitivity). The test also reduces the ... important information, which can guide antibiotic treatment recommendations ...
(Date:2/24/2017)... 23, 2017  This report analyzes the worldwide markets ... Products: Intermediates, Analytical, and Others. The ... Pharmaceuticals, and Agrochemicals. The report provides separate comprehensive analytics ... Europe , and Rest of World. Annual ... through 2022. Also, a six-year historic analysis is provided ...
Breaking Medicine Technology:
(Date:2/24/2017)... ... 24, 2017 , ... In the Health Care IT campaign, Robert Herjavec discusses ... not if you will be attacked, but when.” However, he and many others involved ... care. , Improvements in auditing and monitoring have taken security in health care a ...
(Date:2/24/2017)... ... February 24, 2017 , ... Healthcare Associates of McKinney ... Craig Ranch building at 8080 State Highway 121, Suite 210, McKinney, Texas 75070. ... to Highway 121. , As the practice has grown, the need for more space ...
(Date:2/24/2017)... ... February 24, 2017 , ... With ProGlass Prism users ... X . Users have total control over position, rotation, distortion, edge softness, edge blur, ... Final Cut Pro X. , With ProGlass Prism users are given the tools ...
(Date:2/24/2017)... Texas (PRWEB) , ... February 24, 2017 , ... Yisrayl ... that focuses on Bible Prophecy concerning this present generation. Yisrayl makes an astounding ... this current generation. He explains that the Bible details the current times so ...
(Date:2/24/2017)... ... February 24, 2017 , ... Indiana Fiber Network (IFN) President and CEO Kelly ... Dyer started as the Chairman of the Management Committee when IFN was originally ... including the recruitment of investor/owners and development of the business plan. He became ...
Breaking Medicine News(10 mins):