Since March, the company has raised $8.6 million and plans to raise an additional $11.4 million within a year.
According to the filing, $182,322 of the proceed will go toward finders’ fees.
Avadim Technologies is a health care company that specializes in treating skincare conditions, using a microbiome-compliant technology platform. In 2016, it was named one of the fastest growing companies in the country, raising over $9 million since August of last year.
It is rumored that the company will go public in the near future.
The company’s CEO is Steve Woody, who has been with the company since September 2013. Previously, he was the founder and managing member of Avadim LLC, the predecessor to the company. Since 1997, Woody has assisted more than 30 companies with regulatory support and strategic planning necessary for their launch of new or modified medical devices.
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.