Avadim Technologies Raises An Additional $1.2M

2/12/17

By Addison Lalier, NC BIZ News

Avadim Technologies Inc. raised another $1.2 million in equity financing, according to a filing with the Securities and Exchange Commission.

The company filed a Form D, signed by President David Fann, on Feb. 9. The total offering amount represents the price of 285,480 shares at $4.25 per share.

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 $1.2 million in equity financing in January, following $3.2 million in private stock offerings in November. The company continued to raise financing throughout 2016.

The Asheville-based life sciences company is one of the fastest-growing companies in the U.S. and ranked No. 234 on Inc. Magazine’s 2016 Inc. 500 list.

On Jan. 31, Avadim announced Joseph F. Renzulli, II as chief medical officer of the company.

“We are extremely please to have Dr. Renzulli take on the role of CMO of the company. Our organization is expanding rapidly, and with the appointment of a CMO we have reached another milestone for our company,” said CEO Steve Woody in a press release.

Founded in 2007, Avadim sells specialty skin hygiene products to health care providers and consumers. The company plans to offer products in major drugstores such as CVS and Walgreens by the end of 2017.

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