Allergan Aesthetics Enters Into Option to Acquire Cypris Medical
IRVINE, Calif., Jan. 12, 2021 /PRNewswire/ -- Today Allergan Aesthetics, an AbbVie company (NYSE: ABBV), announced that it has entered into a warrant agreement with Cypris Medical, a privately held, medical device company based in Chicago. Following the completion of a clinical trial to be initiated in 2021, Allergan Aesthetics will have the right to exercise an option to acquire Cypris Medical, including the company's Xact device. The planned clinical trial will evaluate the safety and effectiveness of Xact in treating midface descent as well as for neck lifts.
Replacing the scalpel, Xact is designed to allow for lifting and suturing of the superficial muscular aponeurotic system (SMAS), the same tissue mobilized in a facelift, but in a minimally-invasive manner. The innovative technology intends to provide patients surgery-like results in the office with little to no downtime.
"As a global leader in aesthetics, we are proud to support the research of an innovative device that complements our iconic portfolio of non-invasive treatment options like Botox Cosmetic and our Juvéderm Collection of Fillers," says Carrie Strom, SVP AbbVie and President, Global Allergan Aesthetics. "We know there is continued unmet need for minimally-invasive procedures for midface descent, and Xact affords us the ability to create a new alternative for our customers so they can continue to offer leading-edge treatments to patients."
"As the market leader in facial aesthetics, Allergan Aesthetics is the ideal partner to lead the advancement and continued development of Xact," says Dan Holton, President and CEO, Cypris Medical. "We share the same vision with respect to product safety, efficacy and data-driven innovation which allow us to offer plastic surgeons and patients new options for aesthetic medicine."
About Allergan Aesthetics
At Allergan Aesthetics, an AbbVie company, we develop, manufacture, and market a portfolio of leading aesthetics brands and products. Our aesthetics portfolio includes facial injectables, body contouring, plastics, skin care, and more. Our goal is to consistently provide our customers with innovation, education, exceptional service, and a commitment to excellence, all with a personal touch. For more information, visit www.AllerganAesthetics.com.
AbbVie's mission is to discover and deliver innovative medicines that solve serious health issues today and address the medical challenges of tomorrow. We strive to have a remarkable impact on people's lives across several key therapeutic areas: immunology, oncology, neuroscience, eye care, virology, women's health and gastroenterology, in addition to products and services across its Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at www.abbvie.com. Follow @abbvie on Twitter, Facebook, Instagram, YouTube and LinkedIn.
Some statements in this news release are, or may be considered, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "project" and similar expressions, among others, generally identify forward-looking statements. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Such risks and uncertainties include, but are not limited to, failure to realize the expected benefits from AbbVie's acquisition of Allergan plc ("Allergan"), failure to promptly and effectively integrate Allergan's businesses, competition from other products, challenges to intellectual property, difficulties inherent in the research and development process, adverse litigation or government action, changes to laws and regulations applicable to our industry and the impact of public health outbreaks, epidemics or pandemics, such as COVID-19. Additional information about the economic, competitive, governmental, technological and other factors that may affect AbbVie's operations is set forth in Item 1A, "Risk Factors," of AbbVie's 2019 Annual Report on Form 10-K, which has been filed with the Securities and Exchange Commission, as updated by its subsequent Quarterly Reports on Form 10-Q. AbbVie undertakes no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.
Investors: Liz Shea, Liz.Shea@AbbVie.com, (847) 935-2211; Media: Krista Gugliotti, Krista.Gugliotti@allergan.com, (949)217-1475