Palette Life Sciences Announces Completion of $30 Million Equity Financing and Expansion of the Board of Directors
-Funds will be used for expansion of commercial US footprint and acceleration of clinical development of Barrigel®-
SANTA BARBARA, Calif. and STOCKHOLM, Sweden, Oct. 20, 2021 (GLOBE NEWSWIRE) -- Palette Life Sciences, a Swedish domiciled, fully integrated global life sciences company dedicated to improving patient outcomes, announced today that the company has completed a $30 million equity financing during the spring and also expanded its Board of Directors by five members.
“This capital raise allows for Palette Life Sciences’ to continue to expand our commercial presence in the United States and other key markets and bring products like Barrigel® to the global marketplace,” said Per G. Langö, Chief Executive Officer and Board Director of Palette Life Sciences. “We are excited to strengthen our team with the appointment of exceptional leaders. Each will provide significant expertise in their respective functions as we expand our product portfolio and deliver best in class care to our patients worldwide.”
The investment was led by the Swedish privately held investment firm Melker Schörling AB and a global player in the Oncology space. Carnegie Investment Bank acted as financial advisor of the capital raise which was completed earlier this year. Back Bay Life Science Advisors has acted as strategic advisor to Palette Life Sciences.
With the addition of the new members the Palette Life Sciences’ Board of Directors now consists of eight members bringing vast operational expertise to the company through their advisory roles.
New members of the Palette Life Sciences’ Board of Directors include the following:
- Dave R. Amerson (Chairman) is a former Chief Executive Officer of NeoTract and former president of the Teleflex Urology franchise. He currently serves as Chairman of NC8, a ExploraMed company. Mr. Amerson also serves as a board member of Calyxo Medical. In addition, he was global vice president and general manager of Coloplast’s Surgical Urology Division and global vice president of sales and marketing for Mentor’s urology division.
- Newton Aguiar is an independent investor and advisor. Mr. Aguiar is a former managing director at Credit Suisse London office. Previous roles include senior health care advisor at Warburg Pincus LLC and a partner at Avista Capital Partners. Mr. Aguiar has been involved with several successful health care investments and in addition to Palette Life Sciences, he currently sits on the board of OssDsign AB.
- Ted Lamson, PhD is co-founder of NeoTract and co-inventor of UroLift for enlarged prostates. He served as Chief Technical Officer for Clinical and Medical Affairs in Teleflex. He is a Strategic Advisor to ExploraMed and serves on the board of Eximis Surgical and advisor to Calyxo. Dr. Lamson has also held management roles in Medtronic and Pfizer.
- Sam Navarro is the managing partner and founder of Gravitas Healthcare LLC. Among his previous roles, he was senior portfolio manager of the Galleon Group Healthcare Fund, and Global head of Healthcare Investment Banking at ING Barings. Mr. Navarro is also on the Board of Directors of BioSig Technologies.
- Gun Nilsson is CEO of Melker Schorling AB, and former Chief Executive Officer of Gambro Holding AB. Ms. Nilsson also serves as Chairman of the Board of Hexagon AB, and a member of the boards of AAK, Absolent, Hexpol, Bonnier Group AG, Loomis AB and Einar Mattsson. Ms. Nilsson is also Chairman of Swedish Corporate Governance Board and has vast operational experience from several public companies.
The new members will join Palette Life Sciences’ current Directors:
- Per Langö is the Chief Executive Officer and Board Director of Palette Life Sciences. Prior to his current role Mr. Langö was Head of M&A at Nestle Skin Health and vice president of marketing for Galderma’s US aesthetic franchise. Previous roles include vice president of Global marketing for Galderma and various leadership roles at Q-Med AB and Pharmacia Corporation
- Mattias Klintemar is an investment director of Östersjöstiftelsen, an evergreen Swedish Investment group. Mr. Klintemar serves on a number of boards including Oatly and Moberg Pharma.
- Paul De Potocki is a former president and Chief Executive Officer of public companies Diagenic and Aerocrine. He currently serves as Chairman of the Board of Asarina Pharma and is a former board member of Athera Biotechnologies. Mr. De Potocki has also served as global vice president of commercial operations at Biovitrum, FreseniusKabi and Pharmacia & Upjohn.
About Palette Life Sciences
Palette Life Sciences is a fully integrated life sciences company. Palette Life Sciences’ products improve patient outcomes in urology and urogynecology disorders, colorectal conditions, radiotherapy, and interventional oncology procedures. The company’s portfolio of available products includes Deflux®, Barrigel®, Solesta®, and Lidbree™. Palette Life Sciences moves rapidly to leverage novel applications of existing technologies to create breakthrough medical solutions. This focus enables the company to serve those often overlooked by traditional medical companies and improve patient quality of life. Led by experienced healthcare executives, Palette Life Sciences is headquartered in Stockholm, Sweden, with offices in Santa Barbara, California, Dallas, Texas, and Sydney, Australia. Learn more at http://www.palettelifesciences.com.
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