Asheville-based Avadim Technologies Inc. hopes to raise $20 million and has raised $588,510 from nine investors, according to a filing with the Securities and Exchange Commission.

The company plans to raise $19,411,493 more for a total offering of $20,000,003, which represents the price of 4,705,883 shares at $4.25 per share. Of the offering, 138,473 shares have been issued to-date.

According to the filing, $50,000 of the proceeds will go toward finders’ fees.

The first sale occurred March 15. The company does not intend the offering to last more than one year, and the offering is not being made in connection with a business combination transaction such as a merger, acquisition or exchange offer.

One of the fastest growing private countries in America, Avadim has raised over $10 million in the past eight months. Since late 2016, it has been rumored the company will go public soon. Avadim manufactures skin hygiene products to health care providers.

On March 23, the company announced it is developing a new class of biologic solutions based on pathogenesis-based therapies, also known as “PBTs,” which work to optimize the stratum corner.

David Fann, president of the company, signed the Form D.

Private companies such as Avadim, which rely 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 sell the securities.