A North Carolina-based life sciences company has raised more than $3.2 million in a private stock offering, according to three seperate filings with the Securities and Exchange Commission.
Avadim Technologies, Inc. filed three Form Ds with the SEC on Nov. 21. The filings listed total offering amounts of $1,541,964, $625,740 and $1,045,500, respectively, with no amount remaining to be sold.
Sixty-three investors were involved in the largest offering, six with the second-largest offering, and 13 with the $1 million offering, Avadim said.
Though Avadim didn’t specify how the company will use proceeds from the offerings, it said the sales represent shares priced at $4.25 each, either issued pursuant to a private placement or granted pursuant to a restricted stock plan.
Avadim manufactures skin hygiene products to healthcare providers, and according to its website the company offers items such as “specialty care packs,” silver bathing systems, body cleansers and pH and hygiene management sprays. Avadim was founded in 2007 in Asheville.
In September, Avadim announced it will launch a major expansion of operations in Buncombe County, building a new 100,000 square foot corporate headquarters to “meet rapid growth and demand of its technology.”
It’s been rumored that executives are preparing the company for an initial public offering, after numerous successful quarters and reports of record revenue numbers.
David Fann, president of Avadim, signed off on the Form Ds on Monday.
Private companies similar to Avadim, which rely on a Reg D exemption, aren’t required to register securities offerings with the SEC, but instead they must file a Form D electronically with the SEC after they sell the securities.
