SAN DIEGO, CA – November 19, 2019 – Recros Medica, Inc. today announced the closing of a $14 million Series A preferred stock financing. Recros is an aesthetic company focused on developing medical devices to reduce skin laxity and improve focal contouring via its Nuvellus® Focal Contouring system. The Nuvellus® platform, based on the Company’s proprietary rotational fractional resection technology, may offer a novel procedure that produces results from a single treatment. Nearly 100 subjects have been treated in 4 IRB-approved clinical trials, the Company is currently planning a pivotal clinical study. The company is also developing Nuvellus® to facilitate autologous dermal transfer, as a natural alternative to commercial dermal fillers.
This Series A preferred stock financing was completed with Haohai Healthcare Holdings Co., Limited of Shanghai, China as the sole investor. Haohai is a rapidly growing leading pharmaceutical and medical device company in China with a significant focus in medical aesthetics. Included with this investment is the right for Haohai to negotiate for China market rights for the Nuvellus® Focal Contouring system on mutually agreeable terms. With this investment, Recros Medica has now raised a total of $36 million. These funds will be used to continue the development of the Nuvellus® Focal Contouring system, conduct a pivotal clinical study and achieve FDA clearance to commercialize the system in the U.S.
“We are pleased to work with Haohai on this significant investment in Recros Medica; we are also excited about their potential to market the Nuvellus® Focal Contouring system in China. This investment underscores the potential of Nuvellus® as a novel medical aesthetic treatment with global appeal in many patient types,” stated Tom Albright, president and CEO of Recros Medica.