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The Plastic Surgery Co. to Develop a National Chain of Medically Oriented Skin Care Clinics in Joint Venture With Elizabeth Grady Cos.

Business Editors & Health/Medical Writers

SANTA BARBARA, Calif.--(BW HealthWire)--Feb. 22, 2000

Elizabeth Grady Cos. Is the Largest Chain of Skin Care

Clinics in the United States

Joint Venture to Create a Consumer Pipeline between Skin Care Services and Cosmetic Surgery: Bridging the Gap Between Beauty and Medicine(TM)

The Plastic Surgery Co. (AMEX:PSU) (Web site: www.idealme.com), an emerging, national provider of practice development services and Internet marketing solutions for the plastic surgery market, today unveiled its plan to develop a national chain of medically oriented skin care clinics in a joint venture with the Elizabeth Grady Cos., which owns and operates the largest chain of skin care clinics in the United States.

The Boston-based Elizabeth Grady Cos. had been owned formerly by the Gillette Corp.

Under the plan, the new clinics will offer an expanding menu of technology-driven, nonsurgical cosmetic procedures, such as laser hair removal, microdermabrasion, chemical peels, laser spider vein treatment and Botox(TM) and Collagen(TM) injections along with a comprehensive array of products and cosmetic and wellness services, such facials, deep pore cleansing, aromatherapy and massage.

"This is an extraordinary opportunity to capture the `staggering' increase in demand for skin rejuvenating procedures, which numbered in the multimillions in 1999," said Dennis Condon, president and chief executive officer of The Plastic Surgery Co.

"Through this vehicle, we are establishing a consumer pipeline between entry-level skin care services and our affiliated plastic surgery practices, with the goal of increasing demand for the entire spectrum of skin rejuvenating services and products."

In the agreement between the parties, the Elizabeth Grady Cos. will provide established and profitable operating systems and a recognized brand of skin care products to the development of these medically oriented skin care clinics, which will be linked to The Plastic Surgery Co.'s national network of affiliated board-certified plastic surgery practices.

The company's affiliated plastic surgeons will provide medical supervision and oversight for the clinics. The initial plan calls for the establishment of skin care clinics in the 18 primary markets currently served by the company's affiliates.

"The medically oriented skin care clinic will allow us to capture the youngest segment of the market, which is taking by storm a proactive approach to managing their appearance," said Patricia Altavilla, executive vice president of marketing and business development for The Plastic Surgery Co.

According to a recent industry report, "nearly 1.5 million Americans opted for chemical peels in 1999, up from about 64,000 in 1990." Chemical peels, Botox procedures, fat injection treatments, laser skin resurfacings and microdermabrasions accounted for millions of nonsurgical cosmetic interventions in 1999, with many of these unavailable until the past few years. In fact, microdermabrasion, a very recent technology for skin rejuvenation, accounted for over 400,000 procedures.

"At an average cost of $150 per treatment, this new procedure already represents a $60 million market. As most of these procedures are temporarily corrective, these clients represent a recurring source of revenue," concluded Altavilla.

John Walsh, chief executive officer of the Elizabeth Grady Cos., remarked: "This joint venture gives the Elizabeth Grady Companies access to The Plastic Surgery Company's network of board-certified plastic surgeons and the opportunity to capture a much more substantial segment of the skin care industry.

"Combining our proven skin care clinic business model with The Plastic Surgery Company's affiliated practices and related marketing acumen gives both companies greater leverage in the market. Together, we can create a seamless network of skin care services, body wellness and beauty."

The Elizabeth Grady Cos. was founded in 1975 and has headquarters in Boston. The company currently owns and operates 25 skin care clinics in the United States, which makes it the largest chain of such clinics in this country. It also develops and sells a complete line of skin care products and cosmetics under the brand Elizabeth Grady(TM).

Its operating systems are among the most refined in this rapidly expanding industry, and produce compelling levels of profitability. In addition to its clinic holdings, the company runs a nationally accredited school of aesthetics that provides training in medical aesthetics, nutritional counseling, cosmetic chemistry, and skin care/facial treatment protocols.

The Plastic Surgery Co. is a Santa Barbara-based, leading provider of practice development and Internet marketing services for the rapidly expanding cosmetic surgery industry. The company has business service agreements with an expanding network of board-certified/eligible plastic surgeon affiliates across the United States.

Its practice development/marketing strategies include the "best practices" of its affiliates, management's extensive experience in the industry and a robust consumer-oriented cosmetic surgery online destination. The Plastic Surgery Co. trades on the AMEX under the symbol PSU. For more information about the company see www.idealme.com.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 -- With the exception of historical information, the matters discussed in this news release are forward-looking statements that involve a number of risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of their dates. The actual future results of the company could differ significantly from those statements. Factors that could cause or contribute to such differences, include, but are not limited to, the risks involving: the continuing demand for plastic surgery procedures, the abilty to successfully expand the practices, the ability to secure financing, the loss of key personnel, changes in applicable governmental regulations and the ability to negotiate a signed agreement. For a more detailed description of a discussion of risk factors, see the company's prospectus, dated Dec. 2, 1999, a copy of which can be obtained from the company.
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Date:Feb 22, 2000
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