PRNewswire, March 27, 2006
UltraShape Secures $15 Million in Latest Round of Financing
| Investment to Expand Global Commercialization of the Contour I System
|TEL AVIV, Israel, March 27 /PRNewswire/ -- UltraShape Inc., a privately held company specializing in non-invasive aesthetic medicine, today announced the completion of a $15 million round of funding. Polaris Venture Partners led the round and was joined by previous investor Israel Seed Partners. The company plans to use the proceeds of the financing to expand commercialization of its Contour I system, a non-invasive medical device designed for body contouring.
Founded in 2000, UltraShape has developed proprietary, non-invasive technology for body contouring using focused ultrasound waves. The company's first product, the Contour I system, received the CE mark in 2005 and is currently available for patients in Europe, Asia and Africa. Recently, UltraShape launched its operations in the United Kingdom, France, Italy and North America.
As part of the financing, Brian Chee, general partner from Polaris Venture Partners, will join the company's board of directors. "UltraShape has developed a novel technology and we are excited to help bring it to market," said Chee. "UltraShape's international field of expertise is impressive. We look forward to working with the team."
"We are fortunate to attract new capital from Polaris, a seasoned venture capital investor," said Yoram Eshel, Chief Executive Officer and Co-Founder of UltraShape. "UltraShape will use this capital to expand our product portfolio, penetrate new markets, and expand the infrastructure in our subsidiaries in the United Kingdom, France, Italy and North America."
About Polaris Venture Partners
Established in 1996, with offices in Waltham and Seattle, Polaris has over $3 billion under management. Polaris Venture Partners have helped build numerous market leading companies, including Accordant Health Services, Advanced Inhalation Research, Akamai Technologies, Allaire, Alnylam Pharmaceuticals, American Superconductor, Aspect Medical Systems, Avici Systems, Centra Software, Classifieds2000, deCODE genetics, Exchange.com, Matrics, Microbia, Momenta Pharmaceuticals, Paradigm Genetics, Powersoft, PSCI, SolidWorks and TransForm Pharmaceuticals.
For more information visit www.polarisventures.com
UltraShape is redefining aesthetic medicine by developing, manufacturing, and marketing innovative non-invasive devices for body contouring. Privately held, the company is dedicated to providing healthcare professionals with leading edge solutions that enhance the lives of patients worldwide. The safety and effectiveness of UltraShape's surgery-free solution has been validated clinically and is approved for sale in Europe, Australia, and Africa.
For more information visit www.ultrashape.com