Medical aesthetics devices company Solta Medical Inc. (Nasdaq: SLTM) has acquired AesThera Corporation for $5.25 million in cash and shares, plus possible milestone payments.
Baseline milestone payments could add $750,000 to the price, and additional milestone payments could reach $10 million, if Aesthera achieves $14-21 million revenue in the twelve months beginning April 1, 2010.
California-based AesThera was founded in 2004 by president and CEO Alon Maor and CTO Dr. Robert Anderson, a US aesthetics expert. Maor previously worked at Lumenis. Several other AesThera founders were also previously at the Yokne'am-based laser aesthetics surgical device manufacturer.
According to IVC Online, AesThera raised $20 million from Adams Street Partners, Kleiner Perkins Caufield & Byers, and MedVenture Associates LP. Private investors included former Lumenis CEO Yacha Sutton and directors Thomas Hardy and Zeev Tadmor, a former president of Technion Israel Institute of Technology.
A source close to AesThera told "Globes" that the company had made rapid progress, and even achieved $24 million in sales in 2008, but the economic crisis battered sales of medical aesthetic devices, because treatments are paid out of pocket by consumers, and are not covered by insurance.
AesThera's Isolaz light-based treatment systems are based on proprietary photopneumatic technology to treat various types of acne. The company's business is synergetic with that of Solta Medical.
Published by Globes [online], Israel business news - www.globes-online.com - on March 2, 2010
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