Strata sews up $17M in new investments, names interim CEO

money
Dermatologic medtech developer Strata Skin Sciences reached a tentative financing deal for $17 million. (Pixabay/qimono)

Strata Skin Sciences, which develops med tech focused on dermatologic conditions, reached a tentative financing deal for $17 million it plans to use for ongoing operations and to pay down debt.

The company makes the XTRAC excimer laser and VTRAC lamp systems used for treating psoriasis, vitiligo and various other skin conditions.

The financing is subject to approval by shareholders at a special meeting expected to be held by the end of June, the company said. The majority of the funds are to be used for ongoing operations with $3 million slated to pay down a loan with MidCap Financial Trust.

FREE DAILY NEWSLETTER

Like this story? Subscribe to FierceBiotech!

Biopharma is a fast-growing world where big ideas come along every day. Our subscribers rely on FierceBiotech as their must-read source for the latest news, analysis and data in the world of biotech and pharma R&D. Sign up today to get biotech news and updates delivered to your inbox and read on the go.

Investors in the deal include Accelmed Growth Partners, Dr. Dolev Rafaeli, Gohan Investments, Broadfin Capital and Sabby Management.

Additionally, Strata announced Rafaeli will assume the role of interim chief executive starting April 10. The current CEO, Frank McCaney, will become the interim CFO.

Rafaeli has more than a quarter century of healthcare experience, having served at a number of companies in various roles that include founding XTRAC, PhotoMedex.

“The company has a portfolio of proven, best-in-class skin science technologies,” Rafaeli said in a statement. “I look forward to helping Strata achieve its goal to become the valued business partner of choice for dermatology practices.”

Suggested Articles

Janssen is planning its first completely virtual clinical trial, using personal smartphones and wearable devices with no in-person site visits.

Sensyne Health aims to bring its AI tools to America, and it’s enlisting IT giant Cognizant and data infrastructure specialist Agorai to help.

Daré Bioscience added a microchip-based implant to its pipeline and reported data from a pre-pivotal study of a hormone-free contraceptive ring.