ADVANCE Medical announced the expansion of its partnership with ZELTIQ Aesthetics, increasing the exclusivity period of the agreement and adding Mexico as an exclusive territory. ADVANCE Medical is the developer of the CoolSculpting® System.
“The expansion of our collaboration with ZELTIQ is an important step towards our stated strategy of forging closer ties with our partners, and validation that we can enter a highly competitive and relationship-driven market and be quite successful by hiring the best people, building the appropriate infrastructure, and making the right investments,” stated Fred Aslan, M.D., founder and Chief Executive Officer of ADVANCE Medical. “With the addition of Francisco Demesa, we are in a strong position to continue our geographical expansion as we strive to become the Latin American partner-of-choice for truly innovative companies.”
“ADVANCE Medical has demonstrated that its model can be quite successful based on the company’s performance with CoolSculpting in Brazil,” stated Mark Foley, President and Chief Executive Officer of ZELTIQ Aesthetics. “ADVANCE Medical has built in Brazil a large installed base of CoolSculpting Systems and won an award from ZELTIQ at the latest American Academy of Dermatology annual meeting for generating the highest consumable sales per system in the world during 2011. We are pleased to strengthen our relationship as ADVANCE Medical launches CoolSculpting in Mexico.”
ADVANCE Medical also announced the addition of Francisco Demesa, formerly of AstraZeneca, as General Manager for Mexico Operations. In his most recent role at AstraZeneca, Francisco was Marketing Director for Mexico where he was responsible for all medical brands and also led a number of commercial efforts for AstraZeneca in Argentina, Chile, Venezuela, and Colombia.
ADVANCE Medical was formed in 2011, and raised a US$6 million Series A financing led by Venrock and Latin American institutional investors and angels to commercialize leading medical technologies in Brazil and other countries in Latin America. The goal is to become the Latin American commercial partner-of-choice for innovative medical technology companies. Brazil and Mexico have the seventh and thirteenth largest nominal GDP (Gross Domestic Product) in the world, respectively, with a combined population of over 300 million people. Latin America healthcare product imports have been growing at double digit rates, offering attractive markets for companies with innovative products and services.
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