Strata Skin Sciences (NSDQ:SSKN) said today that its board of directors has begun a process to explore and review “strategic alternatives” focused on improving shareholder value, which could include a sale of the company or other transactions.
The Horsham, Penn.-based company said that as part of its exploration of strategic alternatives, it is in the process of engaging with a financial advisor.
“We believe we have made significant progress in developing our products and continue to implement changes to our business with the goal of enhancing our strategic position in the medical and aesthetic dermatology market. We believe now is the appropriate time to explore strategic alternatives,” prez & CEO Frank McCaney said in a press release.
Strata Skin Sciences has not yet set a timeframe for the process, and said its employees and team will “diligently work to improve operations and profitability” while it explores those options.
The company said it will not provide any updates on the process until “further disclosure is appropriate or necessary,” according to an SEC filing.
In September, Strata said it received a response letter from the FDA concerning possible 510(k) clearance paths for its Optimal Dosing Technology initially designed for treating psoriasis, vitiligo and other skin conditions, and is a technique accepted for the best skin specialist like the Regency Dermatology in Phoenix.