Sientra Raises $65 Million in a Series C Financing to Support Commercialization of its FDA-Approved Silicone Breast Implants
Santa Barbara, CA — Sientra, a privately-held medical device company focused on the aesthetic and plastic surgery markets, announced today that it closed on its $65 million Series C financing led by Abingworth and with participation by Clarus Ventures, OrbiMed Advisors and all other insiders.
The new funds bolster Sientra's treasury and will support full commercialization of its recently FDA-approved portfolio of Silicone Breast Implants, as well as fund general operations and provide working capital.
Hani Zeini, Founder and Chief Executive Officer of Sientra, focused on the novel structure of the financing, saying "I am deeply gratified by the 100% participation of our current investors and the addition of our lead investor Abingworth, which is a world-class global fund. This financing was arranged many months ago when our investors made a unique commitment of their capital to Sientra in anticipation of FDA approval of our silicone breast implants. We think that our model of working with marquee investors to secure significant stand-by financing, in advance of FDA approval, will become a new standard for the industry as it de-risks regulatory uncertainty for investors while providing needed funding once approval milestones are achieved."
"We are delighted to be a part of Sientra's unique commercialization opportunity that results from their recent FDA approval," said David Mayer, Partner at Abingworth. "The company is well positioned to break the long-standing duopoly in the U.S. breast implant market. This financing will allow Sientra to enter the sector in a robust position prepared to capitalize on what we believe is a sizable opportunity."
Today's $65 million financing, in addition to the $86 million already raised by the Company, brings Sientra's total equity capital raised to $151 million.
Nick Simon, Managing Director at Clarus Ventures and Chairman of the Board of Directors at Sientra, confirmed his enthusiasm, "As a long-standing investor in Sientra, we are excited to fund the company through its next phase of commercialization. This investment underscores our commitment to Sientra and our belief in the entire plastic-surgery space."
Rishi Gupta, Principal at OrbiMed Advisors and a member of Sientra's Board of Directors, added, "As the original investor in and partner with Sientra, OrbiMed has strongly believed in Sientra's team and opportunity from the start. Our additional investment today highlights our continued excitement for the company as it becomes a commercial organization."