ASHEVILLE – Five-year-old Avadim Technologies continues to raise cash.
In a securities filing dated June 15, the skin care manufacturer disclosed that it had raised another $1.5 million in equity from investors spread across 21 states.
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 new funding lifts Avadim to $18.5 million out of a $20 million target. Avadim, which has been rumored as possibly going public, launched the funder in March of 2015.
In April, Avadim said it had raised $11.7 million in another funding round, this one representing a mix of equity, debt, options, and securities as well as a 12.5 percent senior secured convertible note and common stock purchase warrants.
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.
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.
(North Carolina Business News Wire contributed to this report.)
