Global Body Shaping Market Analysis
MERRIMACK, N.H. (PRWEB) October 1, 2007
Further, the Company announced that it has received a $7.5 million venture lending credit facility from Pinnacle Ventures of Palo Alto, Calif. (Of additional note: The Company previously announced just seven months ago that it had raised $15 million in a "Series B" financing led by Portola Valley, Calif.-based Three Arch Partners, a venture capital firm with over $1 billion under management.)
"Our new name underscores a momentous transformation in the evolution of our Company--from development stage to commercialization phase," said Nancy M. Briefs, President and CEO of Eleme Medical. "We are entering the body shaping market at a time when there is a significant opportunity for a cellulite treatment that improves upon existing systems, because women are determined to find a solution for their cellulite. We take great pride in the fact that our claims about SmoothShapes(TM) 100 are based exclusively on the results obtained in rigorous, independent clinical studies of the System. Indeed, the System's underlying technology, Photomology(TM), has a strong scientific underpinning. The growth capital being made available to Eleme through a credit facility with Pinnacle Ventures will assist us in executing key operational imperatives, such as a global product launch."
The body shaping market opportunity for the SmoothShapes 100 pioneering approach to treating subcutaneous fat and cellulite is significant. The emerging body shaping market segment is expected to grow from approximately $4.5 billion (device sales, procedures and fees) in 2006 to approximately $8.1 billion in 2011. (Source: Michael Moretti, "Global Body Shaping Market Analysis", March 2006)
"Given that our objective is to build a premier standalone aesthetics company, we are extremely pleased to welcome these very senior and successful industry veterans, William (Bill) McGrail and Peter D'Errico, to round-out our management team," added Ms. Briefs. " Bill played a prominent role in developing and executing Candela's overall business and product strategy during his 20+ years at the company, while Peter certainly has a proven track record for commercializing breakthrough technology and driving profitable sales and marketing strategies with Aesthera and Lumenis."
Previously, Bill McGrail was employed by Candela Corp. since 1987, where he started as a hardware/software design engineer and, most recently, was Senior Vice President of Operations. Bill played a key role in helping develop and execute Candela's strategy to become a leader in the aesthetic laser market. He holds a bachelor's degree in electrical engineering from the University of Lowell.
Prior to joining Eleme, Peter D'Errico was Vice President of Commercial Operations for Aesthera Corp. since 2004. In addition to Aesthera and Lumenis, he has held various executive management positions at Cytyc, Chiron Diagnostics and CIBA Corning Diagnostics. Peter holds an MBA degree from Harvard University's Graduate School of Business, and a bachelor's degree in industrial engineering from General Motors Institute.
The SmoothShapes 100 System is FDA-cleared and indicated for the temporary reduction in the appearance of cellulite. It is based on pioneering Photomology(TM), an exclusive process that treats cellulite and subcutaneous fat by combining dynamic light and laser energy along with vacuum massage to gently stimulate natural cell processes and modify cell activity, resulting in tighter, smoother looking-skin and slimmer-looking body. In a multicenter, prospective, randomized and controlled clinical study of the SmoothShapes 100 System (Physiological effects of transcutaneous multiwavelength laser light administration") 81% of 74 patients treated showed reduction in subcutaneous fat in the 'treated' versus 'untreated' leg. Equally impressive, 92% of the treated patients felt the SmoothShapes 100 treatment was "comfortable"; 80% would "definitely continue ongoing maintenance treatment; and, 77% would "definitely recommend the procedure to a friend." Targeted markets for the SmoothShapes 100 System include not only core practitioners of aesthetic procedures--plastic surgeons and dermatologists--but also non-core practitioners, such as OB/GYN and primary care specialists, as well as medi-spas, aesthetic clinics and health clubs.
Eleme Medical Inc., headquartered in Merrimack, N.H., is focused on commercializing its first product based on the Company's pioneering Photomology(TM) technology: the SmoothShapes(TM) 100 System for the treatment of cellulite. The Company's name, when spoken phonetically, suggests "lasers, medicine and aesthetics". By applying lasers and other medical technologies for aesthetic purposes in scientifically proven protocols, Eleme reflects its clients' eagerness to improve and preserve their individual appearance.