The new generation of cyber crime is shrewd. Are you protected?

2006-11-29 News Release

Web www.jobwerx.com jobwerx.tradepub.com

Search Jobwerx The Engineering Web

Specialty polymers group raises stake in medical device company

Developer and manufacturer of specialty polymers receives additional shares in medical device company as part of their Series A funding.

A developer and marketer of technology-based polymer products for food, agricultural and licensed partner applications, Landec Corporation, announces that the medical device company, Aesthetic Sciences Corporation, in which Landec holds a minority interest, has completed its Series A financing with Domain Associates, LLC and New Leaf Venture Partners. Aesthetic Sciences Corporation received $3.2 million last week to complete the total of $6.0 million raised for the Series A financing.

Find Information and Suppliers of aesthetic medicine.

Aesthetic Sciences Corporation formed in October 2004 to develop and commercialize breakthrough products in the fields of aesthetic medicine and incontinence, has an exclusive license from Landec Corporation for the worldwide use of Landec's patented materials technology in the fields of aesthetic medicine and incontinence. Landec holds a minority interest in Aesthetic Sciences and will receive royalties on sales by Aesthetic Sciences in the designated fields of use.

Landec entered into an exclusive licensing agreement with Aesthetic Sciences in December 2005. At that time, Landec received an upfront license fee of $250,000 for the exclusive rights to use Landec's materials technology in the fields of aesthetic medicine and incontinence worldwide. During the remainder of its fiscal year ended May 2006, Landec received 2.2 million shares of preferred stock in Aesthetic Sciences, initially valued at $1.3 million, which represents a 19.9% ownership interest in the medical device company. As part of the original agreement, upon completion of a specific milestone by Aesthetic Sciences and completion of the Series A financing, Landec would also receive an additional 800,000 shares while ownership interest would remain at 19.9%.

Landec's polymer products are based on its proprietary polymers which differ from other polymers in that they can be customized to abruptly change their physical characteristics.

Aesthetic Sciences has now met the additional contractual milestone, resulting in Landec receiving an additional 800,000 shares currently valued at $480,000 to be recorded in the second quarter of fiscal year 2007, and Landec's ownership interest remains at 19.9%.

Aesthetic Sciences Chairman and CEO Gary S. Petersmeyer commented, "We greatly appreciate Landec's assistance in meeting this milestone. We are very pleased to have this set of premier investors, along with our technology partner and one of the most experienced teams in our industry, as the foundation for our future growth and product innovations. In particular, with aging baby boomers, we expect facial aesthetic procedures to grow at a double digit annual rate for a number of years."

Gary Steele, Landec's President and CEO added, "We are pleased to see the progress of Aesthetic Sciences using Landec's polymer technology to create better solutions in these two areas of growing demand. The closing of the Series A funding will allow Aesthetic Sciences to continue the development of its breakthrough technology for aesthetic procedures and the treatment of incontinence."

Find information about Landec Corporation.

Read a recent press release about - An international chemicals and pharmaceutical Group launches an environmentally friendly biocide for the eradication of life threatening hospital superbugs.

Polymer Engineer Jobs - Post Employment Opportunity!

E-mail this page to a friend

- Asenapine development program for bipolar disorders

- Certification, Training and Courses from The American Management Association

- Looking for a Study Program?

- All this Months News

- Changing Jobs? View
Homes for Sale Nationwide

 

- Golf Equipment Manufacturer -Buy direct and Save!

- Maybe it's time to check your Home Owners Insurance

Copyright - Unless otherwise stated all contents of this web site are © 1998/2006 JOBWERX.COM. – All Rights Reserved. For permission to reproduce any contents of this web site, please advise our Syndication department: Log onto HELP