Funding to Support Further Commercialization of miraDry®
for Sweat Reduction and Innovation of New Products
SANTA CLARA, Calif., June 08, 2016 (GLOBE NEWSWIRE) -- Miramar Labs, Inc. (OTCQB:KTLC), announced today its successful completion of a reverse merger with Miramar Technologies, Inc., the manufacturers of the miraDry® system which delivers microwave energy to non-invasively destroy sweat and odor glands in the underarm. The combined entity will trade on the OTC Markets solely focusing on the business of Miramar and has applied for the ticker symbol “MIRA”.
Miramar also announced today that it has completed a private placement with gross proceeds of approximately $9.0 million from the issuance and sale of 1.8 million shares of its common stock. Proceeds from the private placement will be used to support the ongoing commercialization of the miraDry® system, for the development and clinical studies related to products targeted for new indications, and for general corporate purposes, including working capital. Investors in the private placement included Domain Associates, Morgenthaler Partners, Aisling Capital, RusnanoMedInvest (RMI), Cross Creek Advisors, and Montrose Capital Partners.
“The financing, in connection with Miramar’s alternative public offering, will provide resources necessary to continue our delivery of new innovative applications to treat unmet needs in the aesthetic marketplace,” said Michael Kleine, Miramar’s CEO. "With over 55,000 patients already treated with the miraDry® procedure in over 40 countries, we have firmly established that microwave technology is not only an acceptable treatment option, but it has become the treatment of choice in physician’s offices for the reduction of underarm sweat.”
In connection with the private placement, Miramar has agreed, subject to certain terms and conditions, to file a registration statement under the Securities Act of 1933, as amended, covering the resale of the shares of common stock issued in the reverse merger and the private placement and in connection with the exercise of warrants issued to the placement agents, within 90 days after the closing. The shares of common stock issued or to be issued pursuant to the merger, the private placement and the placement agent warrants have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from the registration requirements.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
About Miramar Labs:
Founded in 2006, Miramar Labs is a global medical device company dedicated to bringing innovative applications to treat unmet needs in the aesthetic marketplace. Supported by rigorous clinical research, Miramar Labs is focused on addressing medical conditions for which there are significant unmet clinical needs. The company’s first priority is the treatment of bothersome underarm sweat, an issue that millions of people deal with daily. The miraDry® procedure has an established safety and efficacy profile with over 55,000 patients treated worldwide. Physicians and patients are encouraged to visit www.miramarlabs.com or www.miradry.com for additional information.
Forward Looking Statements:
This press release contains forward-looking statements. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, references to Miramar’s technologies, anticipated uses of proceeds from the private placement, business and product development plans, physician adoption and market information. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the ability to raise the additional funding needed to continue to pursue Miramar’s business and product development plans, the inherent uncertainties associated with developing new products or technologies, the ability to commercialize the miraDry® system, competition in the industry in which Miramar operates and overall market conditions. These forward-looking statements are made as of the date of this press release, and Miramar assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Investors should review all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents Miramar files with the SEC, available at www.sec.gov.