Post originally from prnewswire.com
SAN RAMON, Calif., Feb. 3, 2021 /PRNewswire/ -- R2 Technologies Inc. ("R2") has received $10 million in funding from Huadong Medicine Company Limited ("Huadong") as the third and final tranche of Huadong's $30 million Series B equity investment. R2's post-money valuation is $113 million which is a predetermined valuation established at the time of the Company's Series B close in June 2019. The funds will be used to launch R2 Technologies' first to market innovations: Glacial Rx™ is the first revolutionary CryoAesthetic™ age spot removal treatment, 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.
Established in 1993, Huadong (SZ: 000963) is a leading public Chinese pharmaceutical company. In exchange for its equity investment in R2, Huadong receives exclusive distribution rights for R2's products in the China/Asia-Pacific market and further expansion of its global aesthetics business.
"With Huadong's latest investment, we are able to further our development and commercialization initiatives including the distribution of Glacial Rx to US aesthetic providers and Glacial Spa to high-end spas in China," said Tim Holt, R2 Chief Executive Officer. "Huadong's commitment to R2 is a testament to our unmatched offerings to the aesthetics industry. We are proud to have such a reputable organization backing our mission."
Glacial Rx is the first and only technology that uses Cryomodulation™ to improve skin appearance. Using patented cooling technology to freeze melanin at the source, the gentle treatment soothes the skin while removing unwanted dark spots, revealing brighter, more even skin. Developed by the pioneers of CoolSculpting and Fraxel, Glacial Rx was named among '2021 Launches Doctors are Buzzing About' according to RealSelf, the leading and most trusted source to educate on cosmetic procedures. Most recently, R2 was named winner of the 2nd Annual Aesthetics Tech Summit LaunchPad SBDC, hosted by Octane, a company committed to making resources, capital and mentorship available to tech and medtech startups.
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