Zeltiq Aesthetics
| Company type | Subsidiary |
|---|---|
| Industry | Cryolipolysis |
| Founded | 2005 |
| Founder | Mitchell Levinson |
| Headquarters | Pleasanton, California , United States |
Key people | Mark J. Foley, President and Chief Executive Officer |
| Products | CoolSculpting Procedure |
| Parent | Allergan plc |
| Website | www |
Zeltiq Aesthetics is a public company based in Pleasanton, California that markets and licenses devices used for cryolipolysis procedures. The company was founded in 2005 and raised $75 million in funding before going public in 2011.
History
Zeltiq was founded in 2005 as Juniper Medical, Inc. by by Mitch Levinson, who had previous led Thermage, a company that sold devices for radio frequency skin tightening.[1][2] The company changed its name to Zeltiq in July 2007.[3]
The company developed medical device to remove fat using a process called cryolipolysis. The device works by pulling a piece of flesh between two paddles, which cool it to below freezing and hold the temperature there for a half hour or so. Afterwards the flesh is frozen and numb; the numbness persists for two to three months.[4] For the clinics that use it, there is a high capital investment, and a room is tied up for a relatively long time.[4] It is intended for body contouring and not general weight loss. As of 2013, clinical trials have found that Cryolipolysis is moderately effective and has mostly mild and temporary side-effects.[5]
Cryolipolysis was invented by Rox Anderson and colleagues[6] and Juniper Medical exclusively licensed patent filings on the invention from Massachusetts General Hospital when Juniper was founded.[2] An early prototype was created to test the method on pigs,[7] and preliminary results from a clinical trial were reported in 2009.[6]
In 2009 Gordie Nye was appointed CEO, replacing Levinson, who remained on the board.[8][9] By this time, CoolSculpting had already been approved by the Food and Drug Administration for cooling skin before dermatological procedures and other uses, but had not yet been approved for killing fat cells.[10] ZELTIQ waited for FDA approval before marketing the device,[11] however a growing number of doctors were using it off-label for "body-sculpting" procedures.[12] By 2010, the company had raised $50 million in financing over three rounds of funding.[13][14] An additional $25 million in funding was raised in June 2010.[15]
The company's CoolSculpting procedure was approved by the Food and Drug Administration for flanks (sides) in September 2010[16] and for stomach fat in 2012.[16] It has also been approved by Health Canada and the European Union.[17] By late 2010 CoolSculpting had been introduced as a body-sculpting procedure in Europe, Asia and Canada.[18] By 2011, Zeltiq was approved to market the procedure in 46 countries.[19]
CoolSculpting became popular in the United States around 2011.[16] In the first half of that year, Zeltiq's revenues grew four-fold to $31.6 million, though it was still operating at a small loss.[1][19] Zeltiq filed for an initial public offering later that year.[1][19] The IPO raised $91 million.[20]
By January 2012, there had been 150,000 CoolSculpting treatments.[21] In 2014, Zeltiq introduced a new model of the CoolSculpting device that didn't use a suction cup and was cleared by the FDA for use on thighs.[22][23]
On February 13, 2017[24], Zeltiq was purchased by Allergan for $2.48 billion.[25]
Zeltiq's revenues come from selling CoolSculpting equipment and from a fee doctors pay for each treatment they perform.[15][19] It is the company's sole product[26] and the main brand used for cryolipolysis.[27][4] The CoolSculpting treatment process involves a fatty area of the body being sucked into a suction cup-type device and cooled.[28][29] Different shapes of suction cup and different programming in the machine are used for different areas of the body.[30] Typically an individual treatment lasts one hour for each part of the body being treated and involves two treatments, eight weeks apart. The number and duration of treatments vary.[16]
References
- ^ a b c Avalos, George (July 13, 2014). "Pleasanton-based Zeltiq files for $115 million IPO". San Jose Mercury News. Archived from the original on March 4, 2016.
- ^ a b "Zeltiq Amendment No. 8 to Form S-1". Zeltiq via SEC Edgar. 18 October 2011.
- ^ ZELTIQ Aesthetics, Inc.; Yahoo Profile, Yahoo, retrieved January 28, 2015
- ^ a b c Kabir Sarbana; Vijay K. Garg (July 1, 2014). Lasers in Dermatological Practice. JP Medical Ltd. p. 356. ISBN 978-93-5152-300-0.
- ^ H. Ray Jalian & Mathew M. Avram (March 2013). "Cryolipolysis: a historical perspective and current clinical practice". Seminars in cutaneous medicine and surgery. 32 (1): 31–34. PMID 24049927.
- ^ a b Jancin, Bruce (April 2009). "Cryolipolysis on Track to Become First Cool Way to Remove Cellulite". Skin & Allergy News. Vol. 40. p. 11.
- ^ Mathew Avram (March 9, 2015). Fat Removal: Invasive and Non-invasive Body Contouring. John Wiley & Sons. pp. 102ff. ISBN 978-1-4443-3428-9.
- ^ Brown, Steven (September 29, 2009). "Zeltiq Aesthetics changes CEOs". San Francisco Business Times. Retrieved January 28, 2015.
- ^ "Diary:Movers and Shakers". Chemistry & Industry. November 9, 2009.
- ^ Weintraub, Karen (March 29, 2010). "Who might be a candidate?". The Boston Globe.
- ^ Louis, Catherine (February 4, 2010). "Zap or Chill? Targeting Fat Without Surgery". The New York Times. p. E.1. Retrieved January 28, 2015.
- ^ Louis, Catherine (June 30, 2010). "Beauty Spots". The New York Times. Retrieved January 28, 2015.
- ^ Martino, Maureen (June 3, 2010). "Zeltiq raises $25M for fat-reduction tech". FierceMedicalDevices. Retrieved September 28, 2014.
- ^ Konish, Lorie (October 2, 2009). "Prism's Nye To Use New CEO Role To Boost Zeltiq's Series D Push". VentureWire.
- ^ a b Gormley, Brian (June 3, 2010). "Zeltiq Snaps Up $25M Series D For Cosmetic Fat Reduction". VentureWire.
- ^ a b c d Stevens, W. G.; Pietrzak, L. K.; Spring, M. A. (2013). "Broad Overview of a Clinical and Commercial Experience With CoolSculpting". Aesthetic Surgery Journal. 33 (6): 835–846. doi:10.1177/1090820X13494757. ISSN 1090-820X.
- ^ Boey, Gerald E.; Wasilenchuk, Jennifer L. (2014). "Enhanced clinical outcome with manual massage following cryolipolysis treatment: A 4-month study of safety and efficacy". Lasers in Surgery and Medicine. 46 (1): 20–26. doi:10.1002/lsm.22209. ISSN 0196-8092. PMC 4265298.
- ^ Lee, Jenny (August 23, 2010). "Lose those love handles". The Vancouver Sun. Retrieved September 28, 2014.
- ^ a b c d Cowan, Lynn (October 10, 2011). "Zeltiq Is Next Week's IPO". Wall Street Journal. Retrieved January 28, 2015.
- ^ Spears, Lee (October 19, 2011). "Zeltiq Aesthetics Raises $91 Million in Initial Public Offering". Bloomberg. Retrieved September 28, 2014.
- ^ Uken, Cindy (January 11, 2012). "Non-invasive procedure popular method to get rid of unwanted 'love handles'". The Billings Gazette. pp. C1. Retrieved September 28, 2014.
- ^ Stahl, Stephanie (May 27, 2014). "Health: Procedure Now Approved To Melt Fat Off Thighs". CBS News. Retrieved October 11, 2014.
- ^ Leuty, Ron (April 14, 2014). "Hot on 'cool' thighs, Zeltiq wins FDA clearance for fat-chilling procedure". BizJournals. Retrieved October 7, 2014.
- ^ "Allergan to Acquire ZELTIQ, Best-in-Class Company in Fast-Growing Body Contouring Segment, for $2.47 Billion". Retrieved 2017-11-01.
- ^ "Meet one of the most important medical entrepreneurs you've never heard of". BostonGlobe.com. Retrieved 2017-11-01.
- ^ Cowan, Lynn (October 19, 2011). "Zeltiq Aesthetics Closes Up 19.2% After IPO". VentureWire.
- ^ Coppola, Gabrielle (September 29, 2014). "Manhattan Analysts Lose Belly Fat". Bloomberg. Retrieved September 28, 2014.
- ^ Fulmer, Melinda (August 16, 2013). "With cosmetic treatments, more men enlist in battle of the bulges". Los Angeles Times. Retrieved October 11, 2014.
- ^ Woolston, Chris (November 8, 2010). "Freezing fat might shrink it". Los Angeles Times. Retrieved September 26, 2014.
- ^ Gordon, Jennifer (February 18, 2013). "Fat-freezing device may bring gradual results". St. Joseph News.