RELIANT ANNOUNCES NETWORK OF STRATEGIC AND FINANCIAL RELATIONSHIPS: COMPANY RECEIVES INVESTMENT FROM THREE ARCH PARTNERS AND PINNACLE VENTURES
San Diego, CA - April 2, 2004. Reliant Technologies Inc., the pioneer of an innovative photonic fiber science and ground-breaking laser delivery system, announced today the completion of a significant financing with two of the most successful venture capital companies in the United States. The strategic and financial relationships provide Reliant with relevant clinical and business resources, as well as a new infusion of capital, for support of its commercial launch of the revolutionary Fraxel laser treatment.
Investors include Three Arch Partners, a healthcare venture capital firm with $1.1 billion under management and Pinnacle Ventures, a private venture debt fund focused on providing complementary financing to early-stage startups.
Reliant Technologies develops and manufactures medical devices featuring breakthrough laser technology that stimulates the body to replace aged and photo-damaged skin. Its proprietary Fraxel SR laser will enable clinicians worldwide to provide the positive results of ablative skin resurfacing with the much less invasive biological response and speedy healing of non-ablative cosmetic treatment.
"We are delighted to receive this significant financing from two very prominent investment firms and to have the opportunity to leverage their resources and expertise for our physician customers," said Maynard A. Howe, PhD, Chief Executive Officer of Reliant. "Reliant has created an aggressive platform to shift the skin rejuvenation treatment paradigm to a new standard of care. This latest funding will strengthen our new technology and its successful launch into the marketplace."
William Harrington, MD, partner at Three Arch Partners, commented: "We were attracted to Reliant because its technology delivers effective skin rejuvenation in an entirely new way that delivers laser energy with minimal patient discomfort and virtually no downtime while producing remarkable clinical results. The advances pioneered by Reliant's scientists and engineers appeal to discerning baby boomers and younger patients who want to recapture a youthful appearance without disruption of their active lifestyles. We believe Fraxel laser treatment responds to an unmet need in a growing market, and Reliant is in a unique position to meet that need."
"Reliant has the potential to revolutionize cosmetic laser procedures with a unique and proven technology in a large, growing market," said Ken Pelowski, Managing Director of Pinnacle Ventures. "Our investment, coupled with Three Arch capital, should enable Reliant to market a disruptive anti-aging technology and achieve profitability in the near term."
Reliant's CEO also announced today that Dr. Harrington has joined its Board of Directors. "We are pleased to have Bill join our group as he brings a tremendous depth and breadth of experience to our management team," stated Howe, adding that "Dr. Harrington has a comprehensive understanding of the medical device space as well as the aesthetic marketplace like few professionals I have met."
About Three Arch Partners
Three Arch Partners, based in Portola Valley, CA, was formed in 1993 to help young companies secure capital, assemble management, technical, and regulatory teams, and provide interim operational support. Three Arch has helped create, build and fund more than 50 important new healthcare companies. The fund focuses primarily on opportunities in medical devices and healthcare services.
About Pinnacle Ventures
Pinnacle Ventures is a private venture fund focused on providing debt financing to early-stage start-ups sponsored by top-tier venture capital firms. The fund is backed by blue-chip institutional investors and leading private equity firms. Pinnacle differentiates itself through its venture capital approach to investing and through the diverse experience of its team members. The Company is based in Menlo Park, CA.
Reliant Technologies is dedicated to fulfilling the promise of laser medicine by creating breakthrough laser delivery systems focused on Fraxel laser treatment. Today, Reliant employs a team of 45 professionals in two primary locations, San Diego and Palo Alto, California. It is positioned for growth and prepared to meet the challenge of becoming the new market leader in aesthetic laser medicine and surgery.
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NDTosk Communications for Reliant Technologies