STRATA Skin Sciences, Inc. Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
March 01 2021 - 5:35PM
STRATA Skin Sciences, Inc. (NASDAQ: SSKN) (the “Company”) a
medical technology company in dermatology and plastic surgery
dedicated to developing, commercializing, and marketing innovative
products for the treatment of dermatologic conditions, today
announced that, as previously reported on its Form 8-K filed on
March 1, 2021, effective as of the close of trading on March
1, 2021, the Company granted equity-based awards, in accordance
with Nasdaq Listing Rule 5635(c)(4), to Robert Moccia as an
inducement, material to Mr. Moccia entering into an employment
agreement with the Company and commencing employment as its Chief
Executive Officer and President. Mr. Moccia received an
equity-based award of a stock option to purchase
1,632,590 shares of the Company’s common stock, with a strike
price of $1.73 per share, vesting over a three year period, with
544,198 options vesting on the first anniversary of the date of
grant and 136,049 options vesting every three months thereafter,
provided in general that Mr. Moccia remains in the Company’s employ
through each applicable vesting date and subject to the terms and
conditions of the applicable award agreement.
About STRATA Skin Sciences, Inc.
(www.strataskinsciences.com) STRATA
Skin Sciences is a medical technology company in Dermatology and
Plastic Surgery dedicated to developing, commercializing and
marketing innovative products for the treatment of dermatologic
conditions. Its products include the XTRAC® excimer laser and
VTRAC® lamp systems utilized in the treatment of psoriasis,
vitiligo and various other skin conditions.
The Company’s proprietary XTRAC® excimer laser delivers a highly
targeted therapeutic beam of UVB light to treat psoriasis,
vitiligo, eczema, atopic dermatitis and leukoderma, diseases which
impact over 31 million patients in the United States alone. The
technology is covered by multiple patents, including exclusive
rights for patents for the delivery of treatment to vitiligo
patients.
STRATA’s unique business model leverages targeted Direct to
Consumer (DTC) advertising to generate awareness and utilizes its
in-house call center and insurance advocacy teams to increase
volume for the Company’s partner dermatology clinics.
The XTRAC business has used this proven DTC model to grow its
domestic dermatology partner network to over 832 clinics, with a
worldwide installed base of over 2,300 devices. The Company is able
to offer 90% of DTC patients an introduction to physicians
prescribing a reimbursable solution, using XTRAC, within a 10-mile
radius of their house. The Company is a leader in dermatology
in-clinic business generation for its partners.
The Company has now introduced its Home by XTRAC™ business,
leveraging in-house resources; including DTC advertising, in-house
call center and its insurance reimbursement team to provide an
at-home, insurance-reimbursed treatment option for patients with
certain skin diseases that do not qualify for in-office
treatments.
Investor Relations Contact:Leigh Salvo(415)
937-5404ir@strataskin.com
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