STRATA expects to receive regulatory approval in India during December 2023
India has the highest prevalence of vitiligo in the world, at about 8.8%1
HORSHAM, Pa., May 15, 2023 (GLOBE NEWSWIRE) — STRATA Skin Sciences, Inc. (NASDAQ: SSKN), a medical technology company dedicated to developing, commercializing and marketing innovative products for the treatment of dermatologic conditions, today announced it has entered into an exclusive, three-year agreement with Spectra Medical India Pvt Ltd., a distribution company representing medical laser and aesthetic equipment manufacturers, for the distribution of TheraClear®X, VTRAC®, and XTRAC® in India.
“We are excited to expand into the acne, psoriasis, and vitiligo market in India with Spectra Medical,” stated Bob Moccia, Chief Executive Officer of STRATA Skin Sciences. “Led by Ramamoorthy Sundaram, Spectra Medical has over 20 years of experience in the medical distribution industry, and is India’s leading distributor of dermatology medical devices. India presents STRATA with a unique opportunity as there are no excimer laser solutions for phototherapy treatments currently available today. India has the highest prevalence of vitiligo in the world, and over 80% of young adults suffer from acne.2 We believe our products could potentially help to fill a gap in their market for effective, non-pharmaceutical treatment solutions.”
Ramamoorthy Sundaram commented, “Our partnership with STRATA Skin Sciences presents us with the opportunity to be the first supplier and distributor of 308nm lasers. Our mission is to provide India with innovative medical equipment and solutions that meet the unique needs of healthcare and aesthetic professionals, which we believe our partnership with STRATA will help further our reputation as a trusted and respected name in the industry. We are excited to ultimately offer STRATA’s products and help those who suffer from a range of dermatologic conditions.”
About Spectra Medical Pvt Ltd.
Spectra Medical Company is known for embracing and promoting world class brands and high-end technologies that help in creating a healthier, happier and intelligent skin care future. Spectra Medical is grounded on three core pillars: provide innovative products for every skin concern, excellence in customer education and unparalleled customer support. Spectra Medical has successfully introduced the latest and the best technologies in the industry that have been widely trusted and used by thousands of renowned clinics and doctors in India and neighboring countries over the past decades. Spectra Medical’s vision is to improve people’s lives by providing results-oriented skin care solutions that are backed by science for healthy skin of every type.
About STRATA Skin Sciences, Inc.
STRATA Skin Sciences is a medical technology company dedicated to developing, commercializing and marketing innovative products for the in-office treatment of various dermatologic conditions such as psoriasis, vitiligo, and acne. Its products include the XTRAC® excimer laser, VTRAC® lamp systems, and the TheraClear®X Acne Therapy System.
STRATA is proud to offer these exciting technologies in the U.S. through its unique Partnership Program. STRATA’s popular partnership approach includes a fee per treatment cost structure versus an equipment purchase, installation and use of the device, on-site training for practice personnel, service and maintenance of the equipment, dedicated account and customer service associates, and co-op advertising support to help raise awareness and promote the program within the practice.
Safe Harbor
This press release includes “forward-looking statements” within the meaning of the Securities Litigation Reform Act of 1995. These statements include but are not limited to the Company’s plans, objectives, expectations and intentions and may contain words such as “will,” “may,” “seeks,” and “expects,” that suggest future events or trends. These statements, the Company’s ability to launch and sell an acne treatment device and to integrate that device into its product offerings, the Company’s ability to develop, launch and sell products recently acquired or to be developed in the future, the Company’s ability to develop social media marketing campaigns, direct to dermatologist marketing campaigns, and the Company’s ability to build a leading franchise in dermatology and aesthetics, are based on the Company’s current expectations and are inherently subject to significant uncertainties and changes in circumstances. Actual results may differ materially from the Company’s expectations due to financial, economic, business, competitive, market, regulatory (including actions of foreign regulatory agencies),labor supply shortages, or supply chain interruptions resulting from the coronavirus, fiscal, and political factors, responses, or conditions affecting the Company, the medical device industry and our customers and patients in general, as well as more specific risks and uncertainties set forth in the Company’s SEC reports on Forms 10-Q and 10-K. Given such uncertainties, any or all these forward-looking statements may prove to be incorrect or unreliable. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not undertake any obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release. The Company urges investors to carefully review its SEC disclosures available at www.sec.gov and www.strataskinsciences.com.
Investor Contact:
Rich Cockrell
CG Capital
Phone: +1 (404) 736-3838
[email protected]
References:
1Sehgal VN, Srivastava G. Vitiligo: compendium of clinicoepidemiological features. Indian J Dermatol Venerol Lepreol. 2007;73(3):149–56. doi:10.4103/0378-6323.32708
2https://www.prnewswire.com/news-releases/indian-acne-market-report-for-2016-2025-300576955.html#:~:text=Approximately%2080%20percent%20of%20people,growth%20rate)%20of%200.5%20percent.
