Medtech Investment Firm Acclemed Leads $17 Million Round for Derma Company Strata
Following the round, Acclemed became Strata's largest shareholder
15:1730.05.18
Israel-based medtech investment firm Accelmed Growth Partners has led a $17 million round for Nasdaq-listed derma company Strata Skin Sciences, the companies announced Tuesday. Following the investment, Accelmed became Strata's largest shareholder, and Accelmed's managing partner Uri Geiger will become Strata's chairman.
Strata CEO Dolev Rafaeli. Photo: PR
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Existing shareholders Broadfin Capital and Sabby Management also participated in the round, as did Dolev Rafaeli, Strata's interim CEO who will now formally step into the role.
Strata CEO Dolev Rafaeli. Photo: PR
Strata develops laser devices for the treatment of skin conditions such as psoriasis and vitiligo. Headquartered in Horsham, Pennsylvania, the company raised a $27.3 million private placement in 2014, as well as senior debt financing. For the fiscal year 2017, Strata reported revenue of $31.5 million and a net loss of $18.8 million, according to Pitchbook data.
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Of the current Investment, Strata stated $3 million will go towards paying a portion of a current loan, and the remaining sum towards growth opportunities for the company, such as product development.
"Our immediate priority is to execute a comprehensive turnaround strategy to restore the growth potential of the business," said Mr. Rafaeli in a statement, adding that the company is currently formulating a strategy to drive revenue growth outside the U.S.
