| Advanced Lipo Dissolve company, Fig, ceases operations and plans to file for bankruptcy |
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| Tuesday, 11 December 2007 | |
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Fig had previously raised venture capital of $10 million during the summer, in what was thought to be used for its aggressive expansion program across the United States. Rob Stavis, a managing partner at Bessemer Venture Partners said at the time, "We are very bullish on the opportunity and are 100 percent behind Fig." The company had recently announced plans to introduce Smartlipo at its treatment centers, a technology that involves use of laser energy, directed through a cannula, to break down fatty cells, instead of the use of the chemicals used in conventional liposuction. Smartlipo was approved for treatment by the FDA in November 2006. The privately held company does not disclose its financial performance, but it is thought that each new location opening cost in the region of $1 million. In a statement on the company's website, it advised that patients currently undergoing treatment or who have paid for future treatment will be contacted by the company to examine continuing treatment options or making a refund claim. The center at Costa Mesa, California, which is owned independently of the company, continues to trade normally. |
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