Sientra Announces Closing of Previously Announced Sale of miraDry Business to 1315 Capital

Rhea-AI Summary

Sientra, Inc. (NASDAQ: SIEN) has completed the sale of its miraDry business to 1315 Capital. This decision allows Sientra to concentrate on expanding its Breast Products segment. CEO Ron Menezes expressed excitement over the closure, stating that the proceeds from the sale will be invested in growth initiatives. The miraDry system is FDA-cleared for reducing underarm sweat and odor. 1315 Capital aims to enhance the miraDry business, improving service and support for patients globally.

Positive

• Successful sale of miraDry business enables focus on Breast Products segment.
• Proceeds from sale will be invested in growth initiatives to enhance market share.

Negative

• None.

SANTA BARBARA, Calif., June 11, 2021 (GLOBE NEWSWIRE) -- Sientra, Inc. (NASDAQ: SIEN) (“Sientra” or the “Company”), a medical aesthetics company uniquely focused on plastic surgeons, today announced it has closed the previously announced sale of its miraDry business to 1315 Capital, a healthcare growth equity firm investing in commercial stage companies across medical devices, healthcare services, and therapeutics. The transaction was previously described in the Company’s Form 8-K filed on May 11, 2021.

Ron Menezes, President and Chief Executive Officer of Sientra stated: “We are delighted to close our transaction with 1315 Capital. With the sale of the miraDry business, we can now focus on our rapidly growing Breast Products business, and intend to utilize the proceeds from the sale to strategically invest in programs that we believe will grow our market share and advance the art of plastic surgery.”

“We are excited to close this transaction and to invest behind miraDry and expand its reach to help provide relief to patients with sweat concerns in the U.S. and around the globe,” said Adele C. Oliva, Founding Partner of 1315 Capital.  

“Our team is thrilled to continue building upon the miraDry business through excellence in service, support, training, and collaboration,” said Arash Khazei, who is the Chief Executive Officer of the miraDry business.

About Sientra
Headquartered in Santa Barbara, California, Sientra is a medical aesthetics company uniquely focused on plastic surgeons. The Company mission is to offer proprietary innovations and unparalleled partnerships that radically advance how plastic surgeons think, work and care for their patients. Sientra has developed a broad portfolio of products with technologically differentiated characteristics, supported by independent laboratory testing and strong clinical trial outcomes. The Company’s Breast Products segment includes its Sientra round and shaped breast implants, the first fifth generation breast implants approved by the FDA for sale in the United States, its ground-breaking Allox2® breast tissue expander with patented dual-port and integral drain technology, and BIOCORNEUM®, the #1 performing, preferred and recommended scar gel of plastic surgeons(*).

Sientra uses its investor relations website to publish important information about the Company, including information that may be deemed material to investors. Financial and other information about Sientra is routinely posted and is accessible on the Company’s investor relations website at www.sientra.com.

^(*) Data on file

About 1315 Capital
1315 Capital is a private investment firm with over $500 million under management that provides expansion and growth capital to commercial-stage healthcare services, medical technology, and specialty therapeutics companies. We target markets where high-quality management teams can rapidly scale platform companies into large and important businesses that positively impact patients, physicians, and the broader healthcare system.

About miraDry
The miraDry system is the only FDA cleared device to reduce underarm sweat, odor and permanently reduce hair of all colors. The miraDry non-invasive procedure is safe and highly efficacious with a proven commercial and clinical track record. Physicians and patients are encouraged to visit www.miramarlabs.com or www.miradry.com for additional information.

Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, based on management’s current assumptions and expectations of future events and trends, which affect or may affect the Company’s business, strategy, operations or financial performance, and actual results may differ materially from those expressed or implied in such statements due to numerous risks and uncertainties. Forward-looking statements are made only as of the date of this release. The words ‘‘believe,’’ ‘‘may,’’ ‘‘might,’’ ‘‘could,’’ ‘‘will,’’ ‘‘aim,’’ ‘‘estimate,’’ ‘‘continue, ‘‘anticipate,’’ ‘‘intend,’’ ‘‘expect,’’ ‘‘plan,’’ ‘‘position,” or the negative of those terms, and similar expressions that convey uncertainty of future events or outcomes are intended to identify estimates, projections and other forward-looking statements. Forward-looking statements may include information concerning the final proceeds from the sale of the miraDry business, the Company’s utilization of the proceeds from the sale of the miraDry business, the Company’s ability to grow its Breast Products business, the Company’s ability to grow its Breast Products market share, and the Company’s ability to execute on its Breast Products programs and development pipeline. Such statements are subject to risks and uncertainties, including the scope and duration of the COVID-19 pandemic, the Company’s ability to recapture delayed procedures resulting from the COVID-19 pandemic, the positive reaction from plastic surgeons and their patients to Sientra’s Breast Products, the positive reaction from plastic surgeons and patients to Sientra’s marketing, sales and educational programs, and the ability to execute on the Company’s commercial, product development and manufacturing initiatives. Additional factors that could cause actual results to differ materially from those contemplated in this press release can be found in the Risk Factors section of Sientra’s public filings with the Securities and Exchange Commission. All statements other than statements of historical fact are forward-looking statements. The words ‘‘believe,’’ ‘‘may,’’ ‘‘might,’’ ‘‘could,’’ ‘‘will,’’ ‘‘aim,’’ ‘‘estimate,’’ ‘‘continue, ‘‘anticipate,’’ ‘‘intend,’’ ‘‘expect,’’ ‘‘plan,’’ ‘‘position,” or the negative of those terms, and similar expressions that convey uncertainty of future events or outcomes are intended to identify estimates, projections and other forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, and such estimates, projections and other forward-looking statements speak only as of the date they were made, and, except to the extent required by law, the Company undertakes no obligation to update or review any estimate, projection or forward-looking statement. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in the Company’s business.

Investor Relations Contact
Leigh Salvo
ir@sientra.com

FAQ

What was announced by Sientra on June 11, 2021?

Sientra announced the closure of the sale of its miraDry business to 1315 Capital.

How will Sientra utilize the proceeds from the miraDry sale?

Sientra intends to invest the proceeds from the sale to grow its Breast Products business.

What is the miraDry system?

The miraDry system is an FDA-cleared device for reducing underarm sweat and odor.

What does Sientra focus on in its business?

Sientra focuses on medical aesthetics, particularly products for plastic surgeons.

What are the implications of the miraDry sale for SIEN stock?

The sale allows SIEN to focus on its growing Breast Products, potentially enhancing shareholder value.