STRATA Skin Sciences announces the transition of its CFO
HORSHAM, Pa., Oct. 04, 2021 (GLOBE NEWSWIRE) – STRATA Skin Sciences, Inc. (NASDAQ: SSKN), a medical technology company dedicated to the development, commercialization and commercialization of innovative products for the treatment of medical conditions dermatologists, today announced that Mr. Christopher Lesovitz, current Controller of STRATA, has been appointed Chief Financial Officer. He succeeds Matthew Hill, who has decided to leave as of October 15, 2021 to pursue a new opportunity. Mr. Lesovitz will assume the role of CFO effective October 16.
Since July 11, 2021, Mr. Lesovitz has been the Company’s controller. Previously, he headed the finance department of Encore Dermatology, Inc., a fully integrated dermatology company. Prior to that, Mr. Lesovitz held various financial positions at Iroko Pharmaceuticals, LLC, a pharmaceutical company specializing in pain management, as Assistant Controller and Senior Accountant. Mr. Lesovitz received his Bachelor of Science in Accounting from Villanova University in 2004. In addition, Mr. Lesovitz is a Chartered Accountant (CPA) in the Commonwealth of Pennsylvania.
Bob Moccia, CEO of STRATA, said: “Chris has already become a full member of our finance team and I look forward to working closely alongside him as he assumes his new role as CFO. Having previously worked with Chris at Encore Dermatology, where he successfully led the finance organization, we were delighted to add him to the STRATA team. His recent experience with the Company throughout our last profit cycle, as well as in the field of dermatology, will prove invaluable as we continue to grow our footprint and create value for our stakeholders. “
Mr. Moccia added, “With Chris’s promotion imminent, the company will immediately launch a search for a new controller. “
“On behalf of the STRATA team, I would like to thank Matt for his nearly three and a half years with the Company and his many contributions, including completing our most recent funding, announced today, as well as his decisive role in our recent acquisition of the American dermatology activities of Ra Medical Systems. We wish Matt the best of luck in his future endeavors, ”concluded Moccia.
In an 8-K filed today, STRATA announced that it has entered into an $ 8 million financing with MidCap Financial Trust (“MidCap”). Under the terms of the agreement, the Company has entered into a credit and security agreement with MidCap. The mid-cap credit agreement provides for a senior secured term loan facility of $ 8.0 million, the total amount of which was drawn by the Company on September 30, 2021. Borrowings under the credit agreement mid-cap bear interest at an annual rate equal to LIBOR (with a LIBOR floor rate of 0.50%) plus 7.50%.
In connection with the completion of the MidCap credit agreement, STRATA paid $ 7.275 million, plus interest due, on its loan with Israel Discount Bank of New York (“IDBNY”) and in settlement of the assignment and pledge of term deposit with IDBNY. The Company also paid $ 500,000, plus interest, in meeting its obligations under its US Small Business Administration loan under its Economic Disaster Lending Assistance Program.
About STRATA Skin Sciences, Inc.
STRATA Skin Sciences is a dermatology medical technology company dedicated to the development, commercialization and commercialization of innovative products for the treatment of dermatological conditions. Its products include XTRAC® and now Pharos® excimer lasers and VTRAC® lamp systems used in the treatment of psoriasis, vitiligo and various other skin conditions.
The company’s proprietary XTRAC and newly acquired Pharos excimer lasers deliver a highly targeted therapeutic beam of UVB light to treat psoriasis, vitiligo, eczema, atopic dermatitis and leukoderma, diseases that affect more than 31 million patients in the United States alone.
STRATA’s unique business model leverages targeted direct-to-consumer (DTC) advertising to generate awareness and uses its in-house call center and insurance advocacy teams to increase the volume of partner dermatology clinics. Society.
This press release includes “forward-looking statements” within the meaning of the Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, the plans, objectives, expectations and intentions of the company and may contain words such as “Will”, “” may ”,“ seeks ”and“ expects ”, which suggest future events or trends. These statements, the Company’s ability to generate the growth of its core business, the Company’s ability to develop social media marketing campaigns and the Company’s ability to build a leading franchise in dermatology and aesthetics. , are based on the Company’s current expectations and are inherently subject to significant uncertainties and changes in circumstances. Actual results may differ materially from the Company’s expectations due to financial, economic, business, competitive, market, regulatory, adverse market conditions or supply chain disruptions resulting from the coronavirus and political factors or conditions. affecting the Company and the medical device industry in general, future responses and effects of the COVID-19 pandemic and its variants, including the distribution and efficacy of COVID-19 vaccines, as well as the risks and More specific uncertainties set out in the Company’s SEC reports on Forms 10-Q and 10-K. In view of these uncertainties, some or all of these forward-looking statements may prove to be incorrect or unreliable. The statements contained in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company assumes no obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release. The Company urges investors to carefully review its SEC disclosures available on www.sec.gov and www.strataskinsciences.com.