ASHEVILLE — Avadim Technologies Inc., a skin care manufacturer, has raised $11.7 million according to a filing with the Securities and Exchange Commission.
The money was raised from 38 investors in the form of equity, debt, options, and securities as well as a 12.5 percent senior secured convertible note and common stock purchase warrants, according to the filing.
The Asheville-based company still has $4.1 million left to raise in this offering.
Avadim specializes in manufacturing skin-care products using a proprietary, microbiome-compliant technology. The company produces topical products to help a range of areas from hospital-acquired conditions to muscle cramps.
The company raised $1.3 million in October 2017, totaling over $10 million in funds raised since March of last year, before this $11.7 million.
The company is rumored to go public soon.
Steve Woody, chief executive officer of Avadim, has served in that role since September 2013. Prior to that he was the founder and managing member of Avadim LLC, the predecessor to Avadim.
Woody received a degree in mathematics from University of North Carolina at Asheville in 1989.
Private companies 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.
This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism
