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SpectraGenics Announces $30M in New Funding Changes Company Name to Tria Beauty
Pleasanton,
CA - Jul 10, 2008 - SpectraGenics, Inc., a leader in
light-based therapeutic beauty products, today announced the completion
of a new round of financing led by prominent consumer health care
investors. New investors Vivo Ventures and Aisling Capital, along with
existing investors, provided $30 million in new funding to support the
company’s continued growth. The company also announced a change in their
name from SpectraGenics to TRIA Beauty to better reflect their corporate
mission and future initiatives.
“The timing and size of this funding confirms our confidence in the
opportunity to build a new category in the beauty industry anchored by
light-based devices that deliver breakthrough skin care benefits to consumers,”
said Robert Grove, Ph. D., President and CEO of TRIA Beauty. “Clearly, this is
one of the most promising areas in the aesthetic industry and represents a game-
changing shift in the accessibility of professional procedures and results for
the consumer.”
TRIA Beauty jump-started the category with the TRIA Personal Laser Hair
Removal System, the first hand-held laser for hair removal cleared by the FDA
and available for sale directly to consumers in the US market. The TRIA laser is
currently sold in the US at select physician offices and will be available this
fall at Bergdorf Goodman, Studio at Fred Segal, Bliss catalogs & spas, and at
www.triabeauty.com.
“We see a tremendous opportunity to build a new kind of beauty company, one
based on real science that can truly deliver therapeutic skin care benefits that
were previously unavailable outside a physician’s office,” said Albert Cha, M.D.
Ph.D., Managing Partner, Vivo Ventures. “In our opinion, it’s the next frontier
in skincare.”
TRIA Beauty will use the new funding to accelerate the launch of the TRIA
Personal Laser Hair Removal System in the United States and continue development
of additional product innovations that provide skin care solutions currently not
available in the market.
According to Grove, changing the company name and identity to TRIA Beauty
was made to strengthen marketing communication and reduce potential confusion by
aligning company and brand name, marks and logos worldwide. The transition from
SpectraGenics to TRIA Beauty will take place over the summer and be complete in
the U.S. by September.
About TRIA Beauty
TRIA Beauty, formerly known as SpectraGenics, is a leader in
light-based therapeutic beauty systems that incorporate
clinically-proven aesthetic technologies for at-home personal care
regimens. In 1993 Robert Grove, Ph.D., and a team of American
dermatologists and engineers developed the first diode laser for hair
removal utilized by physicians in their medical practices. In 2003,
these individuals assembled an internationally renowned team of experts
in the field of aesthetic lasers to begin the development of its
flagship TRIA device and future innovations in science-driven consumer
beauty products.
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