STRATA Skin Sciences, Inc. Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

STRATA Skin Sciences, Inc. (NASDAQ: SSKN) announced the grant of equity-based awards to Robert Moccia, who has commenced his role as CEO and President. Effective March 1, 2021, Moccia received stock options to purchase 1,632,590 shares at a strike price of $1.73, vesting over three years. This decision supports the company's strategic goal to enhance its leadership in dermatology, particularly through its innovative treatment solutions like the XTRAC® excimer laser, which serves millions of patients with various skin conditions.

Positive

• Robert Moccia's appointment as CEO may drive strategic growth.
• Equity awards align management incentives with company performance.
• The XTRAC® technology addresses a significant market of over 31 million patients.

Negative

• None.

HORSHAM, Pa., March 01, 2021 (GLOBE NEWSWIRE) -- 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) 937-5404
ir@strataskin.com

 

FAQ

What were the stock options granted to Robert Moccia at STRATA Skin Sciences?

Robert Moccia was granted stock options to purchase 1,632,590 shares at a strike price of $1.73, vesting over three years.

When did Robert Moccia start as CEO of STRATA Skin Sciences?

Robert Moccia commenced his role as Chief Executive Officer on March 1, 2021.

How does STRATA Skin Sciences support its dermatology partners?

STRATA Skin Sciences utilizes targeted Direct to Consumer (DTC) advertising and an in-house call center to support its dermatology partners.

What is the XTRAC® excimer laser used for?

The XTRAC® excimer laser is used to treat psoriasis, vitiligo, eczema, atopic dermatitis, and leukoderma.

What is the significance of the 31 million patient market for STRATA Skin Sciences?

This market represents a substantial opportunity for STRATA Skin Sciences to expand its customer base and increase revenues.