Candesant Biomedical Announces $35M in Series B Financing to Advance Commercialization of Brella™, the First and Only FDA-cleared 3-Minute SweatControl Patch™
NASHVILLE, Tenn., June 6, 2023 /PRNewswire/ -- Candesant Biomedical, Inc. ("Candesant"), a private medical device company focused on the development and commercialization of non-invasive treatments for hyperhidrosis or excessive sweating, today announced the closing of a Series B financing, raising a total of $35 million to advance the commercialization of Brella, the first-and-only FDA-cleared 3-Minute SweatControl Patch. The financing was led by KCK MedTech, a venture capital firm specializing in medical technologies, along with other investors including Polaris Partners, Astia Fund, and Correlation Ventures.
"We are proud to secure this financing supporting the ongoing commercialization efforts of Brella and its national launch in 2024," said Niquette Hunt, Founder and CEO of Candesant. "With this investment, we look forward to advancing our Brella Early Experience Program later this year with select practices within the U.S. and achieving our mission to help millions of Americans affected physically, emotionally, and financially by excessive underarm sweating."
Brella was cleared by the U.S. Food and Drug Administration (FDA) in April 2023 for the reduction of excessive underarm sweating in adults with primary axillary hyperhidrosis. Brella provides a new in-office approach to sweat control that is fast, non-invasive, needle-free, aluminum-free, comfortable, and affordable, with results lasting three to four months.1
"The market is long overdue for a convenient, efficacious, and affordable option for excessive sweating, and we believe Brella has the potential to set a new standard of care in hyperhidrosis management for both providers and patients," said Karen Long, Senior Managing Director of KCK MedTech. "We are pleased to be supporting Candesant Biomedical as they prepare to launch this exciting new product, Brella."
Providers interested in participating in the Brella Early Experience Program or learning more about launch details can visit Candesant Biomedical. Patients interested in learning more about Brella, including when and where it will be available in their area, can sign up to receive product availability updates at Candesant Biomedical.
About Hyperhidrosis or Excessive Sweating
Approximately 5% of Americans (15.3 million) report having hyperhidrosis,2 and many experts believe these numbers are an underestimation because the condition is underreported and underdiagnosed.2 Indeed, data show most adults with hyperhidrosis have never spoken to a healthcare provider about it. Further, only 18% are actually diagnosed, meaning the vast majority of the population (82%) remains undiagnosed.2 Additionally, the International Hyperhidrosis Society (IHHS) estimates one in three U.S. adults (85.2 million 3,4) are bothered by their excessive underarm sweating.3 Among consumers seeking aesthetic treatments, a recent survey by the American Society for Dermatologic Surgery (ASDS) found 58% stated they are bothered by excessive sweating.5
About Candesant Biomedical Inc.
Candesant Biomedical Inc. is a private medical device company focused on the development and commercialization of non-invasive treatments for hyperhidrosis or excessive sweating. The company's first FDA-cleared product – the Brella SweatControl Patch for the reduction of excessive underarm sweating in adults with primary axillary hyperhidrosis – uses Candesant's novel, patented TAT (targeted alkali thermolysis) technology. The company is also exploring future potential indications, including facial hyperhidrosis, palmar hyperhidrosis, and plantar hyperhidrosis. To learn more about Candesant, visit https://candesant.com.
"Candesant" and the Candesant logo are registered trademarks of Candesant Biomedical Inc. "Brella™", the Brella logo, and "SweatControl Patch™" are trademarks of Candesant Biomedical Inc.
Media Contact
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References
1) For complete prescribing information, see device instructions for use.
2) Doolittle J, Walker P, Mills T, et al. Hyperhidrosis: an update on prevalence and severity in the United States. Arch Dermatol Res 308, 743–749 (2016). https://doi.org/10.1007/s00403-016-1697-9.
3) International Hyperhidrosis Society. IHHS sweat survey reveals many are suffering in silence. Sweat Solutions. September-October 2008: 1-4.
4) Ogunwole SU, Rabe MA, Roberts AW, Caplan Z. Population Under Age 18 Declined Last Decade. August 12, 2021. Available: https://www.census.gov/library/stories/2021/08/united-states-adult-population-grew-faster-than-nations-total-population-from-2010-to-2020.html#:~:text=In%202020%2C%20the%20U.S.%20Census,from%20234.6%20million%20in%202010. Accessed Mar 7, 2023.
5) American Society for Dermatologic Surgery (ASDS). 2021 Consumer Survey on Cosmetic Dermatologic Procedures. Press Release, June 20, 2022. Available: https://www.asds.net/skin-experts/news-room/press-releases/dermatologists-are-the-leading-influencer-for-cosmetic-procedures-and-skin-care-decisions. Accessed Feb 10, 2023.
SOURCE Candesant Biomedical, Inc.
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