Cynosure Inc. (NSDQ:CYNO) officials said the company has won international regulatory approval for two of its cellulite reduction systems, including the SmoothShapes laser liposuction device that sucked $40 million out of now-defunct Elemé Medical Inc.
Elemé Medical Inc. lost nearly $40 million in three years trying to develop and commercialize its SmoothShapes laser cellulite-removal system, which brought in less than $8 million in sales once it hit the market.
In an apparent fire sale, Elemé Medical Inc. has sold off all its assets to larger competitor Cynosure Inc. (NSDQ:CYNO) for just less than half of its annual sales.
Elemé, which manufactures the SmoothShapes laser cellulite removal system, was generating about $5 million in annual sales and had raised more than $25 million from investors since 2008.
Elemé Medical Inc. added $6.6 million to its coffers in a debt offering, according to a regulatory filing.
The Merrimack, N.H.-based cosmetic device maker raised the cash from nine un-named investors, according to the filing.
Five medical device makers based in New England together raised more than $2.5 million in debt and equity sales, according to filings with the Securities and Exchange Commission.
BioBehavioral Diagnostics Co., Cardiosolutions Inc., Echo Therapeutics Inc., Eleme Medical Inc. and Myomo Inc. all sold debt or equity for an average net return of about $500,000 last month: