Chromogenex focused on rapid growth

Chromogenex Technologies Ltd will use a total £1.49 million investment to support its rapid growth following a record 149% increase in year-on-year exports.

Structured investment

Finance Wales invested £1.2 million into the company's expansion, together with a £290,000 injection by the Welsh Assembly Government.

“Chromogenex’s management team has a clear focus on profitable, global growth and Finance Wales is pleased to invest in the company," said David Birch, Investment Executive at Finance Wales.

Gambit Corporate Finance LLP acted as lead adviser to Chromogenex on the transaction and introduced the company’s new Chairman, Roland Denning.

Growth plans

Chromogenex exports to over 28 countries and is targeting emerging markets. It recently achieved new regulatory approvals in Brazil, India, Australia, Canada, Korea and the US.

"This investment will enable us to expand to meet increased demand from new markets as well as to bring two new applications to market in the next two years,” said Chief Executive, Peter McGuinness.

Cosmetic treatment

The Llanelli-based company manufactures and distributes laser and light technology systems for cosmetic treatments. It has a core of well-established products and plans to bring two new applications to market over the coming months.

The company has been at the forefront of laser and light technology in the UK since 1985. In 1994 it developed and patented the world’s first laser for permanent hair reduction. The company also introduced the first patented wrinkle-reduction Nlite laser to receive US Food and Drug Administration (FDA) clearance and 2000 saw it become the first company to receive FDA approval for inflammatory acne vulgaris treatment.