VATE News & Events

INNOVATE announced that MediBeacon, in which INNOVATE owns a 44.7% equity interest, has received approval from the U.S. Food and Drug Administration, FDA, for the next generation MediBeacon TGFRTM System including the latest TGFRTM Reusable Sensor. The TGFR System enables kidney function assessment at the point of care by measuring the clearance rate of Lumitrace, a non-radioactive, non-iodinated fluorescent GFR agent. The TGFR Reusable Sensor placed on the skin measures the change in Lumitrace fluorescence intensity as a function of time.

INNOVATE announced that MediBeacon, a medical technology company specializing in the advancement of fluorescent tracer agents and their transdermal detection, and an equity method investment of INNOVATE, has received approval from the National Medical Products Administration for Lumitrace injection, a non-radioactive, non-iodinated fluorescent GFR agent. Lumitrace will be sold as an integral component of the Transdermal GFR System in China.

INNOVATE announced that R2 Technologies achieved a second-quarter 2025 revenue increase of 88% over the same quarter in 2024. This strong performance underscores R2's accelerating momentum in the global aesthetics market. R2's global system sales surged 125% over the same quarter in 2024, fueled by demand in North America and expansion across Europe, South America, and Asia. Specifically, outside of North America for the six months ending June 30, 2025, demand grew 768% compared to the same period in 2024. Combined with steady growth in North America, the Company believes these gains reinforce Glacial Skin's reputation as a category-defining solution in aesthetic wellness.

INNOVATE Corp. intends to enter into a series of indebtedness refinancing transactions that will extend the Company's debt maturities. The refinancing transactions include privately negotiated exchanges of certain of the Company's convertible senior notes, an exchange offer and consent solicitation with respect to the Company's senior secured notes, agreements in principle to extend the Company's 2020 revolving credit agreement, an agreement in principle to amend and extend the Continental General Insurance Company note, an agreement in principle to extend the Spectrum Notes, and an agreement in principle to amend and extend the R2 Technologies note.