Colorescience, known for its mineral-based cosmetics, has announced the close of a $10 million Series A Convertible Preferred Stock Offering from existing investors. In connection with the Offering, the Company reincorporated in Delaware with each outstanding share of Common Stock exchanged for three shares of Series A Convertible Preferred Stock.
The Company further announced additions of two members to its Board of Directors, Josh Baltzell of Split Rock Partners and Howard Palefsky of Montreux Equity Partners.These latest announcements closely follow the appointment of Steve Loomis as Chief Financial Officer last month, as well as the appointments of Mary Fisher as Chief Executive Officer and Ted Ebel as Chief Business Officer in April.
"We are very pleased with the near unanimous investor participation in this financing which wasgreatly over-subscribed, and are looking forward to deploying the capital in a number of domestic and international initiatives that are expected to significantly accelerate growth of the business," stated Mary Fisher, CEO, Colorescience.
The company also recently announced the appointment of Steve P. Loomis, formerly of SkinMedica, as Chief Financial Officer, further expanding Colorescience's executive team.
Loomis is expected to play a key role in Colorescience's continued momentum.
"Steve has an impressive track record of managing aggressive revenue growth, while maintaining balance sheet focus. I'm confident his strong operating background will be a major contributor to our success," said Fisher.