NEW YORK, July 21, 2021 (GLOBE NEWSWIRE) -- HC2 Holdings, Inc. ("HC2" or "the Company") (NYSE:HCHC) today announced that it has provided an additional $15 million in Series C funding to R2 Technologies Inc. ("R2") at a post-money valuation of $150 million. The investment was made through HC2's life sciences subsidiary Pansend Life Sciences ("Pansend"), a founding investor in R2.

The funds will be used to expand R2's corporate footprint and to accelerate U.S. commercialization of Glacial Rx™, its first-to-market revolutionary CryoAesthetic™ treatment, which is FDA-cleared to remove benign lesions and temporarily reduce pain, swelling and inflammation. The investment also will fuel global growth and development of R2 Technologies' upcoming innovations that are planned for future rollout.

"Pansend Life Sciences is a key strategic asset that is well positioned to generate value for shareholders, and R2 Technologies' success powerfully demonstrates how Pansend's focus on developing innovative technologies can lead to strong commercial products," said Avie Glazer, Chairman of HC2.

"This investment represents our confidence in the growth potential of R2 as it shifts to a revenue-driving phase following the commercial launch of Glacial Rx earlier this year," said Wayne Barr, HC2's President and CEO. "We are proud to continue to support R2 as it grows and delivers its innovative technologies to an expanding global market."

"It is gratifying to see our founding investor, Pansend, reinvest in the company, and we believe their continued support is a testament to our growth prospects in the U.S. and global markets," said Tim Holt, R2's Chief Executive Officer. "In addition to fueling our commercialization efforts, this investment enables us to expand our presence in Silicon Valley and to establish a satellite office in Miami, which is a top market for medaesthetic treatment providers and plastic surgeons."

In preparation for the unprecedented growth expected in the upcoming year, R2 is accelerating its manufacturing process to meet the current pent-up and future anticipated demand from the professional market. Additionally, the team will be ramping up marketing efforts to further drive education and awareness across both the consumer and professional channels.

R2 is actively taking orders from aesthetic providers who want to offer the new Glacial Rx treatment in-office. To learn more about R2 Technologies, treatment offerings and providers, visit glacialskin.com and follow the company on LinkedIn.

About HC2

HC2 Holdings is being renamed INNOVATE Corp. INNOVATE is a portfolio of best-in-class assets in three key areas of the new economy – infrastructure, life sciences and spectrum. Dedicated to stakeholder capitalism and headquartered in New York City, INNOVATE employs over 4,300 people across its subsidiaries.

About Pansend Life Sciences

Pansend Life Sciences, LLC is the life sciences subsidiary of HC2 Holdings, Inc., focused on the development of innovative healthcare technologies and products. Pansend's portfolio companies include R2 Technologies, which is developing medical devices for the treatment of aesthetic and medical skin conditions and has received FDA approval for its initial device; MediBeacon, whose proprietary platform technology is the foundation of its development of a non-invasive real-time monitoring system for the evaluation of kidney function; Triple Ring, a leading edge research, engineering and development firm which specializes in regulated medical devices, in vitro diagnostics & life sciences tools as well as imaging, and industrial applications; and Genovel Orthopedics, which is developing novel partial and total knee replacements for the treatment of osteoarthritis of the knee.

In 2018, Pansend's portfolio company BeneVir was acquired by Janssen Biotech, Inc. (Johnson & Johnson) for up to $1.04 billion.

About R2 Technologies

Headquartered in Silicon Valley, R2 Technologies is a world leader in CryoAesthetic™ medical devices. In 2014, Pansend Life Sciences, LLC and Blossom Innovations, LLC founded R2 Technologies and licensed exclusive intellectual property from Massachusetts General Hospital. In 2019, R2 brought on strategic partner, Huadong Medicine Co., Ltd. In close collaboration with these partners and the brand's scientiﬁc founders and world-famous luminaries in aesthetic medicine, Drs. Rox Anderson, Dieter Manstein, and Henry Chan, R2 focuses on the development, engineering, clinical research, and commercialization of groundbreaking technologies for aesthetic providers and consumers. Since inception, R2 has raised $62 million in ﬁnancing led by a world-class team of experts within the aesthetics industry.

Contacts

Media Contact:

Reevemark

Paul Caminiti/Pam Greene/Luc Herbowy

HC2@reevemark.com

(212) 433-4600

Investor Contact:

Solebury Trout

Anthony Rozmus

ir@hc2.com

(212) 235-2691

HC2 Holdings Provides $15 Million Series C Investment to Portfolio Company R2 Technologies