Biomedical product provider Shanghai Haohai Biological Technology agreed yesterday to help provide $32m in series A funding for US-based aesthetic dermatology technology developer Eirion Therapeutics.
Eirion is the creator of a device that uses a nanoemulsion delivery system to create temporary micropores in the skin to make topical neuromodulator treatments less painful and reduce bleeding.
Haohai will also make an $8m upfront payment for the Chinese rights to Eirion’s products, and the overall funding deal will be structured over an 18-month period. It is putting up $31m of the series A capital while an unnamed US-based backer is co-investing $1m.
The company was formed in 2016 by Anterios, a prescription botox product and delivery system developer, when it was acquired by pharmaceutical firm Allergan. Eirion had previously been funded through $11m in convertible note financing that will now be converted to equity.
