Biopolymers developer Juvenis Ltd. has raised $1 million from Syneron Medical Ltd. (Nasdaq: ELOS), which may invest an additional $2 million in milestone payments, for a total investment of $3 million, and may in the future even acquire the company.
Juvenis commercializes advanced biopolymer compounds for use in aesthetic tissue augmentation. Its first product under development is Tenergel, a unique dermal filler for use in high-volume aesthetic applications and body contouring procedures. It is an injectable, biodegradable dermal filler with a natural tissue-like feel that is expected to provide safe and long lasting(more than 12 months) results and a low cost of manufacturing.
A 12-month animal study found that the compound was safe and well tolerated, and has similar long lasting integrity compared with commercial dermal filler for body contouring. Juvenis will use Syneron's investment to develop Tenergel towards commercialization.
The product does not the need the removal of fatty tissue before injection. The main uses for the high-volume aesthetic applications are facial and breast reconstruction, a multibillion dollar a year market.
Juventis founder and director Dr. Lior Yankelson said, "In future, the injected fatty tissue may be used to expand other tissues, even hands or feet, because all body tissue appears younger when it is fuller and less wrinkled."
Syneron CEO Louis Scafuri said, "Juvenis has developed a very unique dermal filler technology that provides advantages over the currently approved products and represents an attractive, multibillion-dollar new commercial opportunity for Syneron. We expect that Tenergel will be ideal for high-volume aesthetic applications and body contouring procedures given its tissue-like feel and its slow and natural degradation in the body. In addition, Tenergel is expected to have significant cost advantages over currently approved products and has strong intellectual property protection. We also believe that it can be an excellent product for wrinkles and lip augmentation procedures, further expanding its market opportunity."
Published by Globes [online], Israel business news - www.globes-online.com - on March 25, 2012
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