Deal Further Diversifies Runway’s Life Sciences Portfolio with Recession-Resilient Business Targeting Rapidly Growing Medical Aesthetics Market
WOODSIDE, Calif., April 5, 2022 /PRNewswire/ — Trail Growth Capital LLC (“Runway”), a leading provider of business growth loans backed by venture capitalists and not looking for an alternative to raising equity, today announced the closing a senior secured term loan of $25 million for Revelle Aesthetics, Inc. (“Revelle”), a developer of new medical devices for women’s most troublesome aesthetic needs. With an initial focus on smart cellulite treatment, Revelle’s expertise lies in developing precision technologies that deliver meaningful results for women and reliable treatments for aesthetic practitioners.
The capital will be used to support Revelle’s manufacturing, operations and marketing of Avéli™, the first product launched by Revelle for cellulite reduction in a single in-office procedure. In particular, the funds will support strong sales and marketing campaigns to launch Avéli and raise consumer awareness and demand for Revelle’s cellulite-disrupting technology in medical aesthetics, a highly competitive but recession-resistant market.
“Revelle Aesthetics is a growing company led by a highly experienced team with an FDA cleared device and compelling clinical data that has truly stood out in the market,” said Igor DaCruz, Managing Director, Life Sciences, Runway Growth Capital. “Revelle presents a unique and attractive partnership for Runway, as it is a ‘cash pay’ business targeting a very large global cellulite treatment market. We are delighted to be able to provide the capital that will support the commercial launch of Revelle’s current and future products. »
After a record year of venture capital investments, more and more life sciences companies are looking for debt to supplement their capital raises. Properly structured, flexible and manageable venture capital debt can help companies like Revelle improve its balance sheet, extend runway and avoid having to forgo additional equity.
“This is Revelle’s first time using debt; we view the use of non-dilutive financing to drive Avéli’s adoption in the cellulite market as a key part of our capital structure while we offering a long-term option,” said Caroline Vanhove, President and CEO of Revelle Aesthetics. “Runway’s expertise in medical aesthetics and life sciences, flexible terms and a seasoned team of investors with a proven track record of working with Revelle Management created the perfect partnership opportunity.”
About Runway Growth Capital LLC
Runway Growth Capital LLC is the investment advisor to investment funds, including Runway Growth Finance Corp. (Nasdaq: RWAY), a business development company, and other private funds, which are lenders of growth capital to companies seeking an alternative to raising equity. Led by an industry veteran David Sprengthese funds provide senior term loans $10 million for $75 million fast-growing companies based in United States and Canada. For more information about Runway Growth Capital LLC and its platform, please visit our website at www.runwaygrowth.com.
Statements included in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and do not constitute are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements due to a number of factors, including those described from time to time in Runway Growth’s filings with the Securities and Exchange Commission. Runway Growth assumes no obligation to update any forward-looking statements made herein. All forward-looking statements speak only as of the date of this press release.
About Revelle Aesthetics
Revelle Aesthetics is a Silicon Valley-based medical technology company focused on innovative smart solutions that address the root causes of women’s most troublesome aesthetic issues. The company is committed to developing precision technologies that deliver meaningful results for women and reliable results for physicians. Revelle Aesthetics’ first device, Avéli™, is FDA cleared for the temporary reduction in the appearance of cellulite in the buttocks and thigh areas of adult women, as evidenced by clinical data demonstrating benefits for three month of observation. Founded in 2018 and based in Mountain View, CaliforniaRevelle Aesthetics is a private company backed by leading venture capital firms New Corporate Associates and KCK Medtech. For more information, visit www.RevelleAesthetics.com.
Avéli™ is indicated for the temporary reduction in the appearance of cellulite in the buttocks and thigh areas of adult women, as supported by clinical data demonstrating benefit over three months of observation. The most commonly reported side effects were mild pain within the first 24 hours and bruising and tenderness that usually subsided within 30 days. Most patients resumed their normal activities within a day of the procedure. As with any medical procedure, there are associated risks. Consult your doctor for complete safety information. For more information, visit www.myAveli.com.
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SOURCE Runway Growth Capital LLC