Pansend Life Sciences' Portfolio Company, R2 Dermatology, Enters Into Exclusive China/Asia-Pacific Distribution Agreement
R2 Dermatology Products to be Commercialized and Distributed by Huadong Medicine Company Limited
NEW YORK, June 13, 2019 (GLOBE NEWSWIRE) -- HC2 Holdings, Inc. ("HC2") (NYSE:HCHC), a diversified holding company, announced today that R2 Dermatology, a privately-held portfolio company within HC2's Pansend Life Sciences ("Pansend") subsidiary has entered into a strategic partnership agreement with Huadong Medicine Company Limited ("Huadong") (SZ: 000963). In exchange for an equity investment in R2, Huadong (U.S. dollar equivalent $6 billion market cap) will receive exclusive distribution rights for R2 Dermatology's products in the China/Asia-Pacific market. R2 Dermatology has developed medical devices for the treatment of aesthetic and medical skin conditions.
"We are excited that R2 has entered into a strategic partnership with Huadong Medicine, one of the leading pharmaceutical companies in China," said David A. Present, M.D., Founder and General Partner of Pansend.
"We believe Huadong is an ideal strategic partner as we prepare to commercialize our unique and breakthrough skin lightening and skin-tone evening products utilizing ‘cold technology' in China, and focus on capturing a significant portion of the $20 billion skin lightening products global market," added Cherine Eldumiati Plumaker, Founder and General Partner of Pansend.
"This agreement with a company such as Huadong is testament to the value of R2, its product lineup and to David and Cherine's ability to nurture and develop Pansend's portfolio companies, further building incremental, long-term value for HC2 and its shareholders," said Philip Falcone, Chairman, President and Chief Executive Officer of HC2.
Pansend and Blossom Innovations founded R2 Dermatology in 2014. R2 Dermatology licensed IP and technology created by scientists R. Rox Anderson, M.D., Director of the Wellman Center of Photomedicine at Massachusetts General Hospital in Boston, a teaching affiliate of Harvard Medical School; Dieter Manstein, M.D., Ph.D., of the Cutaneous Biology Research Center in the Department of Dermatology at Massachusetts General Hospital; and Henry H.L. Chan, M.D., Ph.D., Honorary Clinical Professor, Department of Medicine, The University of Hong Kong and the Visiting Scientist of the Wellman Center for Photomedicine, Massachusetts General Hospital. Pansend is led by David A. Present M.D., Founder and General Partner, and Cherine Eldumiati Plumaker, Founder and General Partner.
HC2 Holdings, Inc. is a publicly traded (NYSE:HCHC) diversified holding company, which seeks opportunities to acquire and grow businesses that can generate long-term sustainable free cash flow and attractive returns in order to maximize value for all stakeholders. HC2 has a diverse array of operating subsidiaries across eight reportable segments, including Construction, Marine Services, Energy, Life Sciences, Broadcasting, Insurance, Telecommunications, and Other. HC2's largest operating subsidiaries include DBM Global Inc., a family of companies providing fully integrated structural and steel construction services, and Global Marine Systems Limited, a leading provider of engineering and underwater services on submarine cables. Founded in 1994, HC2 is headquartered in New York, New York. Learn more about HC2 and its portfolio companies at www.hc2.com.
About Pansend Life Sciences
Pansend Life Sciences, LLC is the life sciences subsidiary of HC2 Holdings, Inc., focused on the development of innovative healthcare technologies and products. Pansend's portfolio companies include R2 Dermatology, which is developing medical devices for the treatment of aesthetic and medical skin conditions and has received FDA approval for its initial device; MediBeacon, whose proprietary platform technology is the foundation of its development of a non-invasive real-time monitoring system for the evaluation of kidney function; Triple Ring, a leading edge research, engineering and development firm which specializes in regulated medical devices, in vitro diagnostics & life sciences tools as well as imaging, and industrial applications; and Genovel Orthopedics, which is developing novel partial and total knee replacements for the treatment of osteoarthritis of the knee.
In 2018, Pansend's portfolio company BeneVir was acquired by Janssen Biotech, Inc. (Johnson & Johnson).
About R2 Dermatology
R2 Dermatology is a portfolio company within Pansend Life Sciences, Ltd., a subsidiary of HC2 Holdings, Inc. Located in San Ramon, California and founded in late 2014, R2 Dermatology is developing medical devices for the treatment of aesthetic and medical skin conditions, including a skin lightening and skin-tone evening product utilizing "cold technology". R2 Dermatology has received market clearance from the U.S. Food and Drug Administration for its second generation device, the R2 Dermal Cooling System, a cryosurgical instrument intended for use in dermatologic procedures for the removal of benign lesions of the skin, based on exclusive licensing rights to a novel technology invented by Blossom Innovations and Massachusetts General Hospital, teaching affiliate of Harvard Medical School. Learn more about R2 Dermatology at www.r2derm.com.
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Source: HC2 Holdings, Inc.