Sientra® Acquires Tissue Expander Portfolio from Specialty Surgical Products, Inc.
Targets the $235M U.S. Breast Reconstruction Market with Portfolio of Premium Breast Tissue Expander Products
- Acquisition of Specialty Surgical Products (SSP) comprehensive tissue expander portfolio
- Includes the recently introduced AlloX2® patented dual port expanders
- Leverages Sientra sales force while adding select SSP independent sales agents to strengthen tissue expander distribution into the hospital channel
Santa Barbara, CA – November 8, 2016 – Sientra, Inc. (NASDAQ: SIEN), a medical aesthetics company, today announced the acquisition of a complete portfolio of premium, differentiated tissue expanders from industry pioneer Specialty Surgical Products, Inc. (SSP). With this acquisition, Sientra adds to its product offering the AlloX2 and Dermaspan™ lines of breast tissue expanders, in addition to the Softspan™ line of extremity expanders.
Jeffrey Nugent, Chairman and Chief Executive Officer of Sientra, said, “This acquisition represents another important step in building the Sientra platform and positioning the business for future growth in the $235 million U.S. tissue expander and gel implant breast reconstruction market as we look to further strengthen our efforts in this area. It is a natural portfolio extension for Sientra and provides a premium expander line to build upon in a market where the standard of care often begins with breast tissue expansion and follows with silicone gel implants.”
Mr. Nugent continued, “In addition, this acquisition will enable us to leverage and expand our sales distribution while broadening our product portfolio with a well-established line of expanders. In the case of the dual port AlloX2, we now have a truly innovative solution designed to address post-surgical seromas and infection with its patented and novel drainage system. With early promising clinical performance and results confirmed by Key Opinion Leaders, we are confident in the value of this product portfolio and look forward to building on these results as we continue to expand the clinical evidence behind these products.”
Sientra will continue to engage SSP’s highest performing independent sales agents who will be dedicated to tissue expanders, while Sientra’s existing PSCs will sell across the entire Sientra product portfolio.
Headquartered in Santa Barbara, California, Sientra is a medical aesthetics company committed to making a difference in patients' lives by enhancing their body image, growing their self-esteem and restoring their confidence. The Company was founded to provide greater choice to board-certified plastic surgeons and patients in need of medical aesthetics products. The Company has developed a broad portfolio of products with technologically differentiated characteristics, supported by independent laboratory testing and strong clinical trial outcomes. The Company sells its breast implants and breast tissue expanders exclusively to board-certified and board-admissible plastic surgeons and tailors its customer service offerings to their specific needs. The Company also offers a range of other aesthetic and specialty products including bioCorneum®, the professional choice in scar management.
About Specialty Surgical Products, Inc.
Specialty Surgical Products offers one of the widest selections of quality tissue expanders as well as associated products, pediatric specialty products and accessories. The Company has developed and sold its patent protected, premium priced Allox2® dual port breast expander and Dermaspan™ and Softspan® tissue expanders to physicians across the United States since 1997. Additional information can be found at http://www.ssp-inc.com.
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 include, but are not limited to, statements regarding the ability of the Company to (i) successfully integrate the acquired SSP products into the Company’s overall product portfolio, (ii) leverage and expand the sales force distribution, including to strengthen distribution into the hospital, and (iii) build the acquired tissue expander business, as well as the Company’s ability to successfully execute and manage the sales strategy with respect to the acquired SSP products. Such statements are subject to risks and uncertainties, including that the Company has limited experience in developing and selling the acquired SSP Products, management’s focus on the Company’s existing business may be diverted in order to focus on integrating the acquired SSP products, and the Company may not be successful in integrating and growing the newly acquired business. 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 most recently filed Quarterly Report on Form 10-Q and its Annual Report on Form 10-K for the year ended December 31, 2015 which Sientra filed with the Securities and Exchange Commission on March 10, 2016. 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,” or the negative of those terms, and similar expressions that convey uncertainty of future events or outcomes are intended to identify forward-looking statements. Estimates 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 or forward-looking statement.
Patrick F. Williams
Sientra, Chief Financial Officer
The Ruth Group
Nick Laudico / Brian Johnston
(646) 536-7030 / (646) 536-7028