19th December 2014
Chromogenex raises funds from US investor
Carmarthenshire-based Chromogenex Holdings has raised money from a US medical technology investor to execute the next stage in its growth plan.
The Llanelli developer and manufacturer of laser and intense pulse light systems received the funding from Squadron Capital, a US investment vehicle headquartered in Connecticut and funded by a Chicago-based trust.
The transaction provided an exit for Finance Wales Investments which backed the management buyout of Chromogenex in 2011.
Chromogenex’s technology is used for aesthetic, non-invasive procedures for a range of conditions, including vascular and pigmented lesions, psoriasis and acne, as well as permanent hair removal, skin rejuvenation and fat reduction.
It has an established presence in the US, Brazilian, South African and Asian markets, with opportunities to Russia, Germany, India and China.
Chief executive Peter McGuinness said: “We are delighted to have completed this deal and to welcome Squadron on board to create a strong consolidated shareholder base and provide the funding to support our ambitious growth plans for the business. We can now look forward to our next phase of development with confidence.”
Gambit Corporate Finance advised Chromogenex Holdings. Gambit, in partnership with US firm P&M Corporate Finance, originated the transaction and sourced Squadron Capital.