HC2 Holdings Portfolio Company R2 Technologies Receives Final Tranche of $30 Million Investment
February 03 2021 - 8:45AM
HC2 Holdings, Inc. (“HC2” or “the Company”) (NYSE: HCHC) today
announced that R2 Technologies Inc. ("R2"), founded by HC2’s
portfolio company Pansend Life Sciences (“Pansend”), has received
$10 million in funding from Huadong Medicine Company Limited
(“Huadong”), a leading publicly traded Chinese pharmaceutical
company. Huadong’s investment will be used to fund the launch of R2
Technologies’ first-to-market innovations Glacial Rx™ and Glacial
Spa™. In exchange for its equity investment in R2, Huadong receives
exclusive distribution rights for R2’s products in the China and
selected Asia-Pacific markets.
Glacial Rx is the first CryoAesthetic™ age spot removal
treatment that is FDA-cleared to remove benign lesions and
temporarily reduce pain, swelling and inflammation, and Glacial Spa
is a unique cooling experience that brightens and evens skin tone.
R2 will commence the distribution of Glacial Rx to U.S. aesthetic
providers and the distribution of Glacial Spa to high-end spas in
China.
“We appreciate Huadong’s continued investment and believe their
commitment to R2 is a testament to the significant market
opportunity for these revolutionary products,” said Wayne Barr,
Chief Executive Officer of HC2. “Pansend Life Sciences is a key
component of HC2’s business, and we look forward to driving
continued growth in this dynamic and evolving sector.”
Tim Holt, R2 Chief Executive Officer, added, “We are proud to
have the Huadong team’s wealth of knowledge as both an investor and
strategic business partner supporting our mission. We look forward
to our future successes together as we bring Glacial Rx and Glacial
Spa to market.”
This investment constitutes the third and final tranche of
Huadong’s $30 million equity investment at a predetermined
post-money valuation of $113 million for R2, established at the
time of R2’s Series B close in June 2019.
R2 is actively taking orders for aesthetic providers who want to
offer the new Glacial Rx treatment in-office. To learn more about
R2 Technologies and its upcoming launch, visit glacialskin.com and
follow the company on LinkedIn.
About HC2
HC2 Holdings, Inc. (NYSE: HCHC) has a class-leading portfolio of
assets primarily in Infrastructure, Life Sciences, Spectrum and
Insurance. HC2 is headquartered in New York, New York and through
its subsidiaries employs 2,848 people.
About Pansend Life Sciences
Pansend Life Sciences, LLC is the life sciences subsidiary of
HC2 Holdings, Inc., focused on the development of innovative
healthcare technologies and products. Pansend’s portfolio companies
include R2 Technologies, which is developing medical devices for
the treatment of aesthetic and medical skin conditions and has
received FDA approval for its initial device; MediBeacon, whose
proprietary platform technology is the foundation of its
development of a non-invasive real-time monitoring system for the
evaluation of kidney function; Triple Ring, a leading edge
research, engineering and development firm which specializes in
regulated medical devices, in vitro diagnostics & life sciences
tools as well as imaging, and industrial applications; and Genovel
Orthopedics, which is developing novel partial and total knee
replacements for the treatment of osteoarthritis of the knee.
In 2018, Pansend’s portfolio company BeneVir was acquired by
Janssen Biotech, Inc. (Johnson & Johnson) for up to $1.04
billion.
About R2 Technologies
Headquartered in Silicon Valley, R2 Technologies is a world
leader in CryoAesthetic™ medical devices. In 2014, Pansend Life
Sciences, LLC and Blossom Innovations, LLC founded R2 Technologies
and licensed exclusive intellectual property from Massachusetts
General Hospital. In 2019, R2 brought on strategic partner, Huadong
Medicine Co., Ltd. In close collaboration with these partners and
the brand’s scientific founders and world-famous luminaries in
aesthetic medicine, Drs. Rox Anderson, Dieter Manstein, and Henry
Chan, R2 focuses on the development, engineering, clinical
research, and commercialization of groundbreaking technologies for
aesthetic providers and consumers. Since inception, R2 has raised
$62 million in financing led by a world-class team of experts within
the aesthetics industry.
Cautionary Statement Regarding Forward-Looking
Statements
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: This press release contains, and certain oral
statements made by our representatives from time to time may
contain, forward-looking statements regarding building shareholder
value and future cash flow and invested assets. All
forward-looking statements speak only as of the date made, and
unless legally required, HC2 undertakes no obligation to update or
revise publicly any forward-looking statements, whether as a result
of new information, future events or otherwise. These risks and
other important factors discussed under the caption “Risk Factors”
in our most recent Annual Report on Form 10-K filed with the SEC,
and our other reports filed with the SEC could cause actual results
to differ materially from those indicated by the forward-looking
statements made in this press release.
Contacts
Media Contact:ReevemarkPaul Caminiti/Pam
Greene/Luc HerbowyHC2@reevemark.com(212) 433-4600
Investor Contact: FNK IRMatt Chesler,
CFAir@hc2.com(212) 235-2691
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