STRATA Skin Sciences, Inc. Announces Successful Renewal of Note Payable

Rhea-AI Summary

STRATA Skin Sciences, Inc. (NASDAQ: SSKN) has renewed its debt through a one-year cash secured loan with Israel Discount Bank of New York at a fixed interest rate of 1.40%, due December 30, 2021. The company focuses on innovative dermatology products, including the XTRAC® excimer laser, used to treat conditions affecting over 35 million patients in the U.S. STRATA has expanded its dermatology partner network to over 813 clinics and maintains a worldwide installed base of over 2,000 devices, employing a direct-to-consumer advertising model.

Positive

• Renewed debt at a lower interest rate of 1.40%, potentially reducing financial costs.
• Strong market position with over 35 million patients impacted by conditions treated by its products.
• Established network of over 813 partner clinics supporting growth.
• Direct-to-consumer advertising model effectively drives awareness and clinic volume.

Negative

• None.

HORSHAM, Pa., Dec. 28, 2020 (GLOBE NEWSWIRE) -- STRATA Skin Sciences, Inc. (NASDAQ: SSKN) (“STRATA” or 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 it has renewed its existing debt with a lower interest one-year cash secured loan facility with Israel Discount Bank of New York, a multinational commercial bank. The new loan is at a fixed interest rate of 1.40% and is due December 30, 2021.

About STRATA Skin Sciences, Inc.
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 35 million patients in the United States alone. The technology is covered by multiple patents, including exclusive rights for patents for the delivery of treatments 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 813 clinics, with a worldwide installed base of over 2,000 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.

Investor Contact

Leigh Salvo
(415) 937-5404
ir@strataskin.com

FAQ

What is the interest rate of STRATA Skin Sciences' new loan?

STRATA Skin Sciences' new loan has a fixed interest rate of 1.40%.

When is the new loan due for STRATA Skin Sciences?

The new loan is due on December 30, 2021.

How many clinics are partnered with STRATA Skin Sciences?

STRATA Skin Sciences has partnered with over 813 clinics.

How many devices does STRATA Skin Sciences have installed worldwide?

STRATA Skin Sciences has over 2,000 devices installed worldwide.

How many patients in the U.S. are affected by conditions treated by STRATA's products?

Over 35 million patients in the U.S. are affected by conditions treated by STRATA's products.