Chromogenex’s expands into new markets

Bevan & Buckland have helped Chromogenex a leading UK laser technology company access a £1.49 million pound injection to support its rapid growth following a record 149% increase in year-on-year exports.

Bevan & Buckland and Chromogenex

Llanelli-based Chromogenex Technologies Ltd will use £1.2 million structured debt and equity investment from Finance Wales and £490,000 from the Welsh Assembly Government to expand to meet increased demand and develop into emerging new markets.

The increased demand follows the company achieving a number of new regulatory approvals in Brazil, India, Australia, Canada, Korea and the US.
The company’s laser and light technology systems are used in cosmetic treatments, such as hair reduction/removal, skin rejuvenation and liposuction procedures as well as to treat acne and vascular lesions.

  
Chromogenex also plans to bring two exciting new innovative applications to market over the coming months.
“We now export to over 28 countries and we’ve recently achieved a number of new regulatory approvals.  We are proud to have achieved a 149% increase in year-on-year exports,” said Chief Executive, Peter McGuiness.  “This investment will enable us to expand to meet increased demand from new markets as well as to bring two new applications to market in the next two years.”
David Birch, Investment Executive at Finance Wales said: “Chromogenex has built a range of market-leading laser-based systems targeted at a growing market.   Its management team has focused on profitable global growth by developing new technologies and bringing them to market.
Chromogenex’s expansion and the introduction of a number of exciting new products should boost its growth even further.  Finance Wales is pleased to be able to invest in the company to help it achieve its ambitions.”
Chromogenex Technologies has been at the forefront of laser and light technology in the UK since 1985.  In 1994 it developed and patented the world’s first laser for permanent hair reduction. The company also introduced the first patented wrinkle-reduction Nlite laser to receive US Food and Drug Administration (FDA) clearance and 2000 saw it become the first company to receive FDA approval for inflammatory acne vulgaris treatment.
Alison Vickers, Partner at Bevan & Buckland “This was a complicated transaction with a number of tax and financial issues that needed to be resolved to ensure there were no adverse implications for the new management team. We have provided Chromogenex with business, accounts and tax advice for many years, his is a great opportunity for them to develop their product range further and increase their share of the cosmetic laser treatment market.”

Other advisors on the deal were Geldards (legal to Finance Wales) and Berry Smith (legal to Chromogenex Technologies).

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