Mar 29 2012
Sientra, a privately-held medical device company focused on the
aesthetic and plastic surgery markets, announced today that it closed on
its $65 million Series C financing led by Abingworth and with
participation by Clarus Ventures, OrbiMed Advisors and all other
insiders.
The new funds bolster Sientra's treasury and will support full
commercialization of its recently FDA-approved portfolio of Silicone
Breast Implants, as well as fund general operations and provide working
capital.
Hani Zeini, Founder and Chief Executive Officer of Sientra, focused on
the novel structure of the financing, saying "I am deeply gratified by
the 100% participation of our current investors and the addition of our
lead investor Abingworth, which is a world-class global fund. This
financing was arranged many months ago when our investors made a unique
commitment of their capital to Sientra in anticipation of FDA approval
of our silicone breast implants. We think that our model of working with
marquee investors to secure significant stand-by financing, in advance
of FDA approval, will become a new standard for the industry as it
de-risks regulatory uncertainty for investors while providing needed
funding once approval milestones are achieved."
"We are delighted to be a part of Sientra's unique commercialization
opportunity that results from their recent FDA approval," said David
Mayer, Partner at Abingworth. "The company is well positioned to break
the long-standing duopoly in the U.S. breast implant market. This
financing will allow Sientra to enter the sector in a robust position
prepared to capitalize on what we believe is a sizable opportunity."
Today's $65 million financing, in addition to the $86 million already
raised by the Company, brings Sientra's total equity capital raised to
$151 million.
Nick Simon, Managing Director at Clarus Ventures and Chairman of the
Board of Directors at Sientra, confirmed his enthusiasm, "As a
long-standing investor in Sientra, we are excited to fund the company
through its next phase of commercialization. This investment underscores
our commitment to Sientra and our belief in the entire plastic-surgery
space."
Rishi Gupta, Principal at OrbiMed Advisors and a member of Sientra's
Board of Directors, added, "As the original investor in and partner with
Sientra, OrbiMed has strongly believed in Sientra's team and opportunity
from the start. Our additional investment today highlights our continued
excitement for the company as it becomes a commercial organization."