ANDREAS PRINZ

In recent years, Croma has become an important player in the industry. What were the major developments in 2022?

You may be aware that we added a botulinum toxin to our already broad portfolio last year. It was the missing puzzle piece that propelled us into the top player segment. We started with the roll-out in our European core markets. This phase is complete – and we will now launch in further markets.

Croma is an Austrian family company. Remind us, how did the family business get started?

We did not start in a garage — but in a pharmacy at the heart of Vienna. My parents, both pharmacists, founded Croma in 1976. Since our foundation, we have been striving for innovation; first we in-licensed innovative products, later we started on the R&D of our own products. We kicked off our HA syringe production in a tiny, five square-metre clean room in that pharmacy. Our roots actually lie in ophthalmology and orthopaedics. About 25 years ago we launched our first ophthalmological hyaluronic acid products. It was only in 2009 that we started moving into dermatological aesthetics. We completely shifted our focus to minimally invasive aesthetics in 2014 and built our complete portfolio.

Can you elaborate — what is a complete portfolio for you?

For us, a complete portfolio means covering all relevant minimally invasive aesthetic medicine segments: toxin, a broad range of HA fillers, PDO threads and biostimulators. Here, we currently have platelet-rich plasma and PN (polynucleotide) injectables. We are further complementing this with our own skincare line.

What do you personally see as an important trend in our industry?

There is a clear trend towards more holistic treatments, smartly combining different products and techniques to achieve the ultimate result. To support these holistic treatments, we want to offer our customers all the products required in their practice for their full face approach from one trusted source. That is why we have built one of the most comprehensive portfolios in the industry in recent years.

And what’s next in the pipeline?

Our R&D teams are working on nextgeneration biopolymers and composites. We have a disruptive, proprietary technology supporting our nextgeneration HA fillers. This will result in a plethora of new products. We will move from ‘face only’ products to products for the body as well.

You surprised the industry right before Christmas last year when you announced that you are combining with a SPAC. Can you tell us more about that?

We are and will remain a successful Austrian family business. The launch of our botulinum toxin was an inflection point for us as a company. It paved the way for a major growth step. Our clear goal is to become a much stronger global player, joining the ranks of the top three. To give us this impetus, we needed a strong partner.

Who are the proponents behind this SPAC?

Our partner is EHC, European Healthcare Acquisition & Growth Company, a strategic investor. It is comprised of former German top pharma industry leaders, who were at the helm of Merck, Qiagen or Gerresheimer, to name a few. They believe in our business model and prospects. As you mentioned, EHC is a SPAC and trades on the Euronext in Amsterdam.

You mentioned that Croma will remain an Austrian family business. How so, if the plan is to go public?

My family will hold a significant majority of the future combined company and we will continue to pilot Croma. My colleague and company CFO Peter Haidenek and I will be the two members of the management board of the resultant combined company. And, of course, we will keep our headquarters and manufacturing site right where we are today.

I heard you opened a new manufacturing site?

We opened our new and now fully automated HA syringe manufacturing plant close to Vienna in 2018. Today, we are a leading manufacturer of premiumquality HA syringes. We have transferred the high standards for ophthalmology and orthopaedics to HA for aesthetic use. We are currently producing 7 to 8 million syringes per year.

And if the transaction is successful — where will Croma be heading?

We will invest in our sales team and sales execution, ramping up our support for our customers in our markets. We will expand geographically, which has always been a priority for us. Today we have 13 subsidiaries in Europe and Brazil and 60 distribution partners. That is not the end of it. We will also drive innovation, and we will strengthen our clinical program to bring our innovations to the market faster.

You mentioned ramping up the support for your customers. What makes Croma special with regard to customer support in your opinion?

We are a growth company. Being that ourselves, we care for the long-term success of our customers. We want to support them in their business and their growth. We value partnership with our customers. They can count on personal support. We try to be available 24/7 and to act fast, with flexibility and solutionorientation – which is not a given in our industry.