Suneva Medical Inc. recently raised $35 million in debt and equity capital, structured to be comprised of a growth-capital term loan, a working capital facility, and a Series B equity round financing of $20 million.
Based in San Diego and with an office in Santa Barbara, the dermatological aesthetics company said in a Thursday release that Polaris Partners led the Series B round, with an affiliate of HealthCare Royalty Partners providing the growth-capital term loan and also participating in the Series B round. Other existing investors participated in the Series B round, and the working capital facility was provided by Comerica Bank.
The Series B financing includes up-front and product-related milestone investments.
"The proven track record of Suneva's management team, coupled with its product distribution partnerships and product portfolio, create a compelling future for the company," Todd Davis, founding managing director at HC Royalty and Suneva board member, said.
Nicholas L. Teti Jr., chairman and CEO of Suneva Medical, added that in a short time, Suneva has been put on the path toward success by growing the core business, investing in innovative product research, and working strategically with the right partners.
"This funding is a vote of confidence in the Suneva team and strategy, giving us the financial platform upon which to execute our vision to build a profitable and dynamic aesthetics company," Teti said.