Venus Concept Receives Health Canada Authorization to Market Venus Bliss in Canada
19 Novembre 2019 - 10:40PM
Venus Concept Inc. (“Venus Concept” or the “Company”) (NASDAQ:
VERO), a global medical aesthetic technology leader, today
announced that it has received a medical device license issued by
Health Canada to market Venus Bliss™, a medical aesthetic platform
that offers a comprehensive solution to fat reduction and cellulite
reduction, with two technologies in one platform. It is intended
for use in non-invasive lipolysis of the abdomen and flanks in
individuals with a Body Mass Index (BMI) of 30 or less, and is also
indicated for use in temporary skin tightening, circumferential
reduction, and cellulite reduction.
Venus Bliss is a non-invasive medical aesthetic device that
offers a comprehensive solution with two technologies in one
system. The 1064 nm diode laser applicators are used to treat focal
fat in the abdomen and flanks through non-invasive lipolysis,
resulting in fat reduction. To complete the treatment and achieve a
more contoured appearance, the (MP)2 applicator is used to tighten
lax skin and reduce circumference. It uses our proprietary (MP)2
technology which combines Multi-Polar Radio Frequency and Pulsed
Electro Magnetic Fields with advanced VariPulse technology. The
(MP)2 applicator also reduces the appearance of cellulite – another
popular treatment that providers can offer to their patients.
“Fat reduction is one of the fastest growing non-surgical,
non-injectable, procedure categories in the medical aesthetics
industry today,” said Domenic Serafino, Chief Executive Officer and
Director of Venus Concept Inc. “We are excited to introduce our fat
reduction solution for the abdomen and flanks. The Venus Bliss is
comfortable for patients, provides excellent results, and has
little-to-no downtime. The Venus Bliss is expected to be a
preferred solution for providers as there is no disposable cost per
treatment, which makes the profitability per procedure more
compelling for physicians. The Venus Bliss is now cleared for
marketing in both the U.S. and Canada, two important markets in the
North American non-surgical fat reduction market, a market that is
estimated to grow from $430 million in 2017 to more than $1.36
billion by 20251.”
Mr. Serafino continued: “We have announced regulatory clearances
for the Venus Bliss in the U.S. and in Canada in recent months and
we expect the full commercial launches of these innovative
solutions to be important contributors to our multi-year growth
profile. The incremental growth we expect from Venus Bliss,
beginning in 2020, gives us further confidence in our ability to
attractive growth and improving profitability for Venus Concept
going forward. We are also pleased with the significant progress we
have made to enhance our balance sheet and financial condition.
Specifically, the proceeds from the $28 million equity financing
that closed on November 7th allowed us to retire Restoration
Robotics’ existing debt obligations with Solar Capital Ltd. which
has resulted in total debt obligations for the combined company of
approximately $69 million. Our merger transaction also converted
all outstanding convertible debt obligations which resulted in the
combined company having approximately 29.7 million shares of common
stock outstanding, on a post reverse split basis. The outlook for
Venus Concept is very positive and we believe the combined company
is well positioned as a leading player in both the global minimally
invasive/non-invasive medical aesthetics market and the minimally
invasive surgical hair restoration market.”
About Venus Concept
Venus Concept is an innovative global medical aesthetic
technology leader with a broad product portfolio of minimally
invasive and non-invasive medical aesthetic technologies and reach
in over 60 countries and 29 direct markets. Venus Concept focuses
its product sales strategy on a subscription-based business model
in North America and in its well-established direct global markets.
Venus Concept’s product portfolio consists of aesthetic device
platforms, including Venus Versa, Venus Legacy, Venus Velocity,
Venus Fiore, Venus Viva, Venus Freeze Plus, and Venus Bliss. Venus
Concept’s hair restoration division includes NeoGraft, an automated
hair restoration system that facilitates the harvesting of
follicles during a FUE process and the ARTAS® and ARTAS iX™ Robotic
Hair Restoration Systems, which harvest follicular units directly
from the scalp and create recipient implant sites using proprietary
algorithms. Venus Concept has been backed by leading healthcare
industry growth equity investors including EW Healthcare Partners
(formerly Essex Woodlands), HealthQuest Capital, Longitude Capital
Management, and Aperture Venture Partners.
Cautionary Statement Regarding Forward-Looking
Statements
This communication contains “forward-looking” statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. These
statements, as they relate to Venus Concept, including the expected
revenue, operating results and other financial information, involve
risks and uncertainties that may cause results to differ materially
from those set forth in the statements. These statements are based
on current plans, estimates and projections, and therefore, you are
cautioned not to place undue reliance on them. No forward-looking
statement can be guaranteed, and actual results may differ
materially from those projected. Venus Concept undertakes no
obligation to publicly update any forward-looking statement,
whether as a result of new information, future events or otherwise,
except to the extent required by law. Forward-looking statements
are not historical facts, but rather are based on current
expectations, estimates, assumptions and projections about the
business and future financial results of the medical device
industry, and other legal, regulatory and economic developments. We
use words such as “anticipates,” “believes,” “plans,” “expects,”
“projects,” “future,” “intends,” “may,” “should,” “could,”
“estimates,” “predicts,” “potential,” “continue,” “guidance,” and
similar expressions which are intended to identify forward-looking
statements, although not all forward-looking statements contain
these identifying words. Actual results could differ materially
from the results contemplated by these forward-looking statements.
Material factors that could cause actual results to differ
materially from current expectations include, without limitation,
the following: the progress of the commercialization, marketing and
manufacturing capabilities for the combined company’s products; the
number of Venus Concept systems that are sold; the success of the
commercial launch of Venus Bliss; the timing or likelihood of
regulatory filings and approvals for products; the expected
synergies from the merger; and the expected revenue for the
combined company. Venus Concept cannot give any assurances that the
combined company will achieve its expectations. The foregoing list
of factors is not exhaustive. You should carefully consider the
foregoing factors and the other risks and uncertainties that affect
the business of Venus Concept described in the “Risk Factors”
section contained in the Registration Statement on Form S-4 and the
prospectus and definitive proxy statement contained therein for the
merger of Restoration Robotics and Venus and described in the “Risk
Factors” section of Restoration Robotics Annual Report on Form 10-K
for the year ended 2018 filed on March 20, 2019 and as amended on
April 29, 2019, the Restoration Robotics’ Quarterly Report on Form
10-Q for the quarter ended September 30, 2019 filed on November 14,
2019, as well as any reports that Venus Concept may filed with the
SEC in the future. All forward-looking statements included in this
press release are based upon information available to Venus Concept
as of the date hereof, and Venus Concept assumes no obligation to
update or revise such forward-looking statements to reflect events
or circumstances that subsequently occur or of which Venus Concept
hereafter becomes aware.
1 Source: Global Non-invasive Fat Reduction Market Report,
October 2017. Transparency Market Research
Investor Relations Contact:
Westwicke Partners on behalf of Venus Concept
Mike Piccinino, CFA
VenusConceptIR@westwicke.com
For Further Information:
Melissa Kang
Phone: (888) 907-0115, ext. 139
Fax: (855) 905-0115
Email: mkang@venusconcept.com
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