MOSCOW--(BUSINESS WIRE)--In January 2013 Photonics, with investments from Maxwell Biotech Venture Fund and RVC Seed Fund, made the first domestic sale of the laser system stLase to the global market under the brand name Alta®. The company's development partner, Dental Photonics Inc., is engaged in the commercialization of the product in the global market and has placed over a dozen laser systems beginning in March 2012 in the United States and in Japan as of July 2012. They also plan on selling in South Korea upon approval from the local regulator (KFDA).
"Photonics recent sales are very important news for our fund. StLase has become the first world-class innovative product developed with the participation of Maxwell Biotech Venture Fund, to enter both global and the Russian markets and is already being used to treat patients in the United States, Russia and Japan. We are confident that through the coordinated efforts of our international team that successfully completed the development and sale preparation of stLase, this device will hold a strong position in the competitive market of dental laser equipment,” said Dmitry Popov, Managing Partner of Maxwell Biotech Venture Fund.
"We are excited about commencement of commercial sales in the Russian Federation. This laser system features best-in class medical technology created over several years of intense collaboration with our Russian partners. The product’s unprecedented precision, speed, safety and ease of use have been enthusiastically received by top key opinion leaders in the U.S. We are pleased with the continued adoption of our products by top Russian clinicians and look forward to working with our international partners to establish a leading position in the medical laser instruments market,” said Alexander Vybornov, Dental Photonics’ CEO.
Alexey Teleshev, CEO of RVC Seed Fund added: "Photonics is a unique illustration of the global competitiveness of Russian technologies, developed in partnership with international experts. At the moment, the project has reached a major milestone and has started generating revenue as a result of the first sales in Russia and abroad."
StLase (Alta®) — is a compact laser system designed for various procedures and treatments on the soft tissues. The system consists of the main console, equipped with a 7-inch interactive touch screen, and the applicable modules that can be attached to the side of the console. Advantages of the new laser system include its compactness, multi-function capabilities, ergonomics, and the relatively low cost. The device can also be used in cardiovascular surgery, surgery in obstetrics and gynecology, ENT, proctology as well as other medical fields.
In late 2012, the developed design won two prestigious international awards: iF Product Design Award in 2013 and 2012 Good DesignTM.
Photonics is a innovative company founded in 2010 and financed by Maxwell Biotech Venture Fund and RVC Seed Fund. Photonics is a participant in the Technology Platform "Medicine of the Future" and a resident of Biomedical Cluster at Skolkovo Innovation Center. The main goal of Photonics is to develop and bring to the Russian market innovative laser technologies for soft and hard tissue surgery. The development partner of Photonics is an American company Dental Photonics Inc.
About Dental Photonics, Inc.
Dental Photonics, Inc. is a leading researcher and developer of cutting-edge light-based technologies for dental and medical markets. With development centers near Boston, Massachusetts and in St. Petersburg, Russia, the Company’s team of world-class North American and international scientists and clinicians have created a robust pipeline of innovative photonics products supported by the portfolio of over 20 issued and pending patents. Dental Photonics’ novel TOP® Surgery, Automatic Power Control (APC™), and SureStep™ tip initiation technologies mark the first milestone in a series of groundbreaking developments aimed at providing novel and enhanced instruments to the dental practitioner.
About Maxwell Biotech Venture Fund
Maxwell Biotech Venture Fund (MBVF) is one of the first Russian funds dedicated to investments in the life science sector and was formed with the participation of RVC. MBVF relies on an experienced international team of managers and financial and industry experts and has offices in Moscow and Boston. MBVF is investing in product development companies specializing in a broad range of therapeutic areas or medical devices categories. To date, MBVF has invested in OncoMax (oncology), NeuroMax (CNS), MetaMax (oncology & metabolic diseases), Infectex (infectious diseases), CardioNova (cardiovascular diseases), Hepatera (liver diseases), Osteros Biomedica (cancer-induced bone diseases), Eleventa (inflammatory respiratory diseases) and Photonics (novel lasers for medicine and dentistry). Products in these companies originated either from Russian scientists or were licensed from international biopharma companies. All the portfolio companies are residents at Skolkovo Innovation Center.
About RVC Seed Fund
RVC Seed Fund, Ltd was established on 22nd of October 2009 in furtherance of the RVC Strategy. Seed Fund founding members are RVC (99%) and Foundation for Assistance to Small Innovative Enterprises (1%). The Seed Fund is focused on investing into Russian innovative companies with high growth potential on Russian and foreign technology markets. The Seed Fund activities are assisted by Venture Partners and Initiators, who have access to scientific, material, technical and financial resources which are essential for Venture Partners’ activities. The Seed Fund Investment Policy (strategy) is to invest Seed Fund capital in securities and shares in authorized capitals of Russian seed stage innovative enterprises.
RVC is a government fund of funds and a development institute of the Russian Federation; since 2006 it has been one of Russia’s key tools in building its own national innovation economy. RVC invests government capital through VC funds that it creates in partnership with private investors. RVC has backed 12 funds (including two funds outside Russia) with a total capitalization of RUB 26 billion (about US$860 million), its share amounting to RUB 16 billion (about US$530 million). As of November 2012, RVC-backed funds hold a portfolio of 126 companies, with invested capital totaling RUB 10.8 billion (about US$350 million).