Ra Medical Systems Inc announces the sale of its Pharos dermatology business to STRATA Skin Sciences for $3.7 million in cash. The Pharos excimer laser is FDA-cleared for the treatment of psoriasis, vitiligo, atopic dermatitis and leukoderma.
“We believe this transaction is in the best interest of Ra Medical and our shareholders as we intend to maximize value with a strategy that continues to focus on the large and growing PAD market.
“Our plan is to focus all of our resources on the achievement of value-creating milestones associated with our next-generation DABRA catheter products and the completion of our clinical study to obtain an FDA atherectomy indication. The transaction provides immediate cash proceeds to further these initiatives and allows us to reduce our future cash burn.
“STRATA is focused on the therapeutic dermatology market with a commitment to individuals with chronic skin conditions. We have valued our relationships with dermatology customers over the years and are confident they will continue to receive the same high degree of customer service and support going forward,” he concluded.
–Will McGuire, Ra Medical Systems CEO
[Source(s): Ra Medical Systems Inc, Business Wire]