Avadim Technologies Raises $1.24 Million In Private Equity

1/17/17

Avadim Technologies Inc., an Asheville-based life sciences company, raised $1.24 million in equity financing, according to a Securities and Exchange Commission filing.

Avadim Technologies is one of the fastest-growing companies in the U.S., as it was ranked No. 234 on Inc. Magazine’s 2016 Inc. 500 list with three-year sales growth of 1,675 percent.

After several successful quarters and reports of record revenue numbers, it is rumored that the private company is preparing for an initial public offering. Avadim Technologies raised more than $3.2 million in private stock offerings in November.

The company filed a Form D, signed by president David Fann, on Jan. 17. The total offering amount represents the price of 292,782 shares at $4.25 per share issued pursuant to a private placement.

Founded in 2007, Avadim Technologies sells specialty skin hygiene products, such as pH-balanced, no-rinse skin cleansers, to healthcare providers and consumers. The company curreently sells its product line to hospitals across America and medical facilities run by the Department of Defense and Veteran’s Administration, but plans to offer its products in major drug stores such as CVS and Walgreen’s by the end of 2017.

Private companies, such as Avadim Technologies, relying on a Reg D exemption, are not required to register securities offerings with the SEC, but instead they must file a Form D electronically with the SEC after they first sell their securities.

The form can be found here.

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