YOKNEAM, ISRAEL--(Marketwire - March 20, 2012) - Syneron Medical Ltd. (NASDAQ: ELOS), the leading global aesthetic device company, announced today that it made an equity investment in Juvenis, an Israel-based company focused on commercializing advanced biopolymer compounds for use in aesthetic tissue augmentation. Juvenis' first product under development is Tenergel™, a unique dermal filler initially intended for use in high-volume aesthetic applications and body contouring procedures.
Under terms of the agreement, Syneron made an initial equity investment in Juvenis of $1.0 million in cash, with potential additional development milestone payments totaling $3.0 million. The agreement also includes a call option for Syneron to acquire all of the shares of Juvenis.
Tenergel 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 with Tenergel demonstrated it to have similar long lasting integrity in vivo with minimal degradation when compared to the existing approved dermal filler for body contouring. The study also found Tenergel to be safe and well tolerated. Syneron's equity investment and development milestone payments are to be used by Juvenis to advance the development of Tenergel towards commercialization.
Louis P. Scafuri, Chief Executive Officer of Syneron Medical, said, "Juvenis has developed a very unique dermal filler technology that provides advantages over the currently approved products and represents an attractive, multi-billion-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."
About Syneron Medical Ltd.
Syneron Medical Ltd. (NASDAQ: ELOS) is the leading global aesthetic device company with a comprehensive product portfolio and a global distribution footprint. The Company's technology enables physicians to provide advanced solutions for a broad range of medical-aesthetic applications including body contouring, hair removal, wrinkle reduction, rejuvenation of the skin's appearance through the treatment of superficial benign vascular and pigmented lesions, and the treatment of acne, leg veins and cellulite. The Company sells its products under two distinct brands, Syneron and Candela. Founded in 2000, the corporate, R&D, and manufacturing headquarters for Syneron Medical Ltd. are located in Israel. Syneron also has R&D and manufacturing operations in the US. The Company markets, services and supports its products in 90 countries. It has offices in North America, France, Germany, Italy, Portugal, Spain, UK, Australia, China, Japan, and Hong Kong and distributors worldwide.
Safe Harbor For Forward-Looking Statements
Any statements contained in this document regarding future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Further, any statements that are not statements of historical fact (including statements containing "believes," "anticipates," "plans," "expects," "may," "will," "would," "intends," "estimates" and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including the risk that Tenergel is defectively designed or manufactured or contains defective components, the risk that the cost of manufacturing Tenergel is more expensive than anticipated, the risk that the intellectual property rights of Tenergel are not protected adequately; as well as the risks set forth in Syneron Medical Ltd.'s most recent Annual Report on Form 20-F, and the other factors described in the filings that Syneron Medical Ltd. makes with the SEC from time to time. If one or more of these factors materialize, or if any underlying assumptions prove incorrect, Syneron Medical Ltd.'s actual results, performance or achievements may vary materially from any future results, performance or achievements expressed or implied by these forward-looking statements.
In addition, the statements in this document reflect the expectations and beliefs of Syneron Medical Ltd. as of the date of this document. Syneron Medical Ltd. anticipates that subsequent events and developments will cause its expectations and beliefs to change. However, while Syneron Medical Ltd. may elect to update these forward-looking statements publicly in the future, it specifically disclaims any obligation to do so. The forward-looking statements of Syneron Medical Ltd. do not reflect the potential impact of any future dispositions or strategic transactions that may be undertaken. These forward-looking statements should not be relied upon as representing Syneron Medical Ltd.'s views as of any date after the date of this document.