Runway Growth Capital Announces a Senior Secured Term Loan of $25 Million to Revelle Aesthetics

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Apr 05, 2022, 08:00 ET

Deal Further Diversifies Runway's Life Sciences Portfolio With A Recession Resilient Business Targeting The Rapidly Growing Medical Aesthetics Market

WOODSIDE, Calif., April 5, 2022 /PRNewswire/ -- Runway Growth Capital LLC ("Runway"), a leading provider of growth loans to both venture and non-venture backed companies seeking an alternative to raising equity, today announced the close of a senior secured term loan of $25 million to Revelle Aesthetics, Inc. ("Revelle"), a developer of novel medical devices for women's most bothersome aesthetic needs. With an initial focus on smartly treating cellulite, Revelle's expertise lies in developing precision technologies that deliver meaningful results for women and reliable treatments for aesthetic practitioners.

The capital will be used to support Revelle's manufacturing, operations and commercialization of Avéli™, Revelle's first launched product for the reduction of cellulite in a single, in-office procedure. In particular, the funds will support robust sales and marketing campaigns to launch Avéli and raise consumer awareness and demand for Revelle's disruptive cellulite technology in Medical Aesthetics, a very competitive, yet recession-resilient marketplace.

"Revelle Aesthetics is an exciting growth company led by a highly experienced team with an FDA-cleared device and compelling clinical data that really stood out in the market," said Igor DaCruz, Managing Director, Life Sciences, Runway Growth Capital. "Revelle presents a unique and attractive partnership for Runway, because it is a 'cash pay' business targeting a very large global cellulite treatment market. We are thrilled to be able to provide the capital that will support the commercial launch of Revelle's current and future products."

Coming off a record year of venture investment, more life sciences companies are seeking debt to complement their equity raises. Properly structured, flexible and manageable venture debt can help companies like Revelle enhance its balance sheet, extend runway, and avoid having to give up additional equity.

"This is Revelle's first time using debt; we view the use of non-dilutive financing to drive adoption of Avéli in the cellulite market as a key component of our capital structure while providing us with long-term optionality," said Caroline Van Hove, President & CEO of Revelle Aesthetics. "Runway's expertise in Medical Aesthetics and life sciences, flexible terms, and a team of seasoned investors with a proven track record of working with Revelle Management created the perfect partnership opportunity."

About Runway Growth Capital LLC
Runway Growth Capital LLC is the investment advisor to investment funds, including Runway Growth Finance Corp. (Nasdaq: RWAY), a business development company, and other private funds, which are lenders of growth capital to companies seeking an alternative to raising equity. Led by industry veteran David Spreng, these funds provide senior term loans of $10 million to $75 million to fast-growing companies based in the United States and Canada. For more information on Runway Growth Capital LLC and its platform, please visit our website at www.runwaygrowth.com.

Forward-Looking Statements
Statements included herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition, or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Runway Growth's filings with the Securities and Exchange Commission. Runway Growth undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

About Revelle Aesthetics
Revelle Aesthetics is a Silicon Valley-based medtech company focused on innovating smart solutions that address the root causes of women's most bothersome aesthetic concerns. The company is committed to developing precision technologies that deliver meaningful results for women and reliable outcomes for physicians. Revelle Aesthetics' first device, Avéli™, is FDA-cleared for temporary reduction in the appearance of cellulite in the buttock and thigh areas of adult females as supported by clinical data demonstrating benefits through three months of observation. Founded in 2018 and based in Mountain View, California, Revelle Aesthetics is a privately held company backed by top-tier venture capital firms New Enterprise Associates and KCK Medtech. For more information visit www.RevelleAesthetics.com.

About Avéli™
Avéli™ is indicated for the temporary reduction in the appearance of cellulite in the buttocks and thigh areas of adult females as supported by clinical data demonstrating benefits through three months of observation. The most common side effects reported were mild pain within the first 24 hours and bruising and tenderness to the touch which is typically resolved within 30 days. Most patients returned to normal activities within one day of the procedure. As with any medical procedure, there are associated risks. Consult with your physician for full safety information. For more information, visit www.myAveli.com.

SOURCE Runway Growth Capital LLC