Pansend Life Sciences' Portfolio Company, R2 Technologies, Receives Additional $10 Million Equity Investment From Huadong Medicine Company Limited
HC2 Holdings, Inc. (HCHC)
NASDAQ:AMEX Investor Relations:
ir.hc2.com
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Source: GlobeNewswire
NEW YORK, April 23, 2020 (GLOBE NEWSWIRE) -- HC2 Holdings, Inc. (“HC2”) (NYSE: HCHC), a diversified holding company, announced today that R2 Technologies (“R2”), a privately-held portfolio company within HC2’s Pansend Life Sciences (“Pansend”) subsidiary, has received an additional $10 million equity investment from Huadong Medicine Company Limited (“Huadong”) (SZ: 000963), R2’s exclusive distributor in the China/Asia-Pacific market. This represents the second tranche of Huadong’s investment in R2 at an approximate post-money valuation of $90 million. Proceeds from the new equity investment in R2 are being utilized to commercialize R2’s FDA-approved revolutionary CryoAesthetic technology, which promises physicians a new way to treat aesthetic and medical skin conditions. R2 is adding key staff in anticipation of the launch of its pre-order program this summer, as R2 seeks to capture a significant foothold in the $22 billion skin lightening and brightening products global market
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