Suneva Medical, Inc., a privately-held aesthetics company, announced that it has recently raised $35 million in debt and equity capital. The new capital was structured to be comprised of a growth-capital term loan, a working capital facility, and a Series B equity round financing of $20 million.
Polaris Partners led the Series B round, with an affiliate of HealthCare Royalty Partners ("HC Royalty") providing the growth-capital term loan and also participating in the Series B round. Other existing investors participated in the Series B round, and the working capital facility was provided by Comerica Bank.
The Series B financing includes up-front and product-related milestone investments, and Brian Chee, Managing Partner at Polaris Partners, has joined the Suneva Medical Board of Directors.
"The proven track record of Suneva's management team, coupled with its product distribution partnerships and product portfolio, create a compelling future for the company," said Todd Davis, Founding Managing Director at HC Royalty and Suneva Board Member. "We are pleased to welcome Brian Chee as a director of the company, and look forward to working with him in assisting the company in pursuit of its vision to be a standout innovator in the aesthetics market."
Nicholas L. Teti, Jr., Chairman and Chief Executive Officer of Suneva Medical, added: "In a short time, we have put Suneva on the path toward success by growing the core business, investing in innovative product research, and working strategically with the right partners. This funding is a vote of confidence in the Suneva team and strategy, giving us the financial platform upon which to execute our vision to build a profitable and dynamic aesthetics company."