R2 Technologies Inc. scored $10 million in funding from Huadong Medicine Company Limited to help to commercialize their CryoAesthetic technology, which reduces the appearance of sun damage and uneven skin tone.
The CryoAesthetic procedure is cleared for removal of benign lesions. It was slated to debut at the 2020 American Society for Laser Medicine and Surgery meeting.
The investment is the Second Tranche of Huadong's $30 million Series B equity investment in R2. In exchange for its equity investment in R2, Huadong, a public Chinese pharmaceutical company, receives exclusive distribution rights for R2's products in the China/Asia-Pacific market and further expands its global aesthetics business.
"We will be utilizing the funds for several commercialization initiatives including the addition of key executives and staff as well as the launch of our pre-order program this summer," says Tim Holt, Chief Executive Officer at R2 Technologies, in a news release. "We believe we have developed a breakthrough CryoAesthetic technology that will usher in a new era in aesthetic treatments: a comfortable procedure that yields visible results with no downtime, for an improved patient and provider experience."
"R2 Technologies has created a novel approach to precisely freeze and treat benign lesions with a controlled cryo-based technology that reduces melanin production while maintaining melanocyte viability,” adds Arisa Ortiz, MD, FAAD, Director of Laser and Cosmetic Dermatology at UC San Diego. Dr. Ortiz presented her clinical experience with R2's cryo-based procedure in a presentation at IMCAS Paris. "This keeps the skin barrier intact, ensuring efficacious treatment without the disadvantages commonly associated with comparable treatments."