As part of the agreement, Primaeva founder and CEO Bankim Mehta will join the Syneron management team. Mehta brings broad experience in the medical aesthetic industry. "I am excited to join Lou Scafuri and the Syneron management team that is establishing itself as a leader in aesthetic technology," said Mehta. "Syneron with its expanding distribution network will ensure that the Primaeva technology is rapidly introduced to the broadest possible customer base."
Syneron recently announced its agreement to acquire Candela Corporation. With the acquisition of Primaeva, Syneron continues to develop and broaden its industry-leading portfolio of superior technologies and applications for the aesthetic physician.
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Syneron will acquire Primaeva for $7 million in cash, with potential additional consideration of up to $23 million in cash contingent on the achievement of commercial milestones.
About Primaeva Medical, Inc.
Based in Pleasanton, CA, Primaeva was founded in 2005. The company has developed a patented, minimally invasive technology for aesthetic application. Their development of the company's first product is complete and it is intended to improve aesthetic results by increasing the efficiency and control of sub-dermal RF energy. Previous investors include Frazier Healthcare Ventures, Delphi Ventures and Affinity Capital Management.
About Syneron Medical Ltd.
Syneron Medical Ltd. (NASDAQ/ELOS) manufactures and distributes medical aesthetic devices that are powered by the proprietary, patented elos combined-energy technology of Bi-Polar Radio Frequency and Light. The Company's innovative elos technology provides the foundation for highly effective, safe and cost-effective systems that enable physicians to provide advanced solutions for a broad range of medical-aesthetic applications including hair removal, wrinkle reduction, rejuvenating the skin's appearance through the treatment of superficial benign vascular and pigmented lesions, and the treatment of acne, leg veins and cellulite. Founded in 2000, the corporate, R&D, and manufacturing headquarters for Syneron Medical Ltd. are located in Israel. Syneron has offices and distributors throughout the world, including North American headquarters in Irvine, CA, and Asia-Pacific headquarters in Hong Kong, which provide sales, service and support.
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