STRATA SKIN SCIENCES, INC. (NASDAQ:SSKN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
STRATA SKIN SCIENCES, INC. (NASDAQ:SSKN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On November 21, 2019, the Compensation/Nominating and Governance Committee (“Compensation Committee”) of STRATA Skin Sciences, Inc. (the “Company”) authorized the award of cash bonuses and stock options to its two executive officers: Dr. Dolev Rafaeli, its President and Chief Executive Officer, and Matthew Hill, its Chief Financial Officer. The awards were made in recognition of the efforts made by the executives in successfully managing the restatement of the Company’s 2017 and 2018 financial statements, successfully managing the Company’s efforts to become compliant and current with all of the Company’s reporting obligations with the Securities and Exchange Commission (the “SEC”) and regaining compliance with the Nasdaq Listing Rules, all of which compliance matters have been previously disclosed in the Company’s filings. The cash awards were as follows: (a) Dr. Rafaeli – $120,000; and (b) Mr. Hill – $100,000. The cash bonuses will be paid during the week of November 25, 2019.
The stock option grants were granted immediately after the close of business on the second business day after the Company became current in its filings with the SEC, which was November 22, 2019, and were made under the following terms:
About STRATA SKIN SCIENCES, INC. (NASDAQ:SSKN)
STRATA Skin Sciences, Inc., formerly MELA Sciences, Inc., is a medical technology company. The Company is engaged in developing and commercializing products for the diagnosis and treatment of dermatological disorders. The Company has three segments: Dermatology Recurring Procedures, Dermatology Procedures Equipment and Dermatology Imaging. The XTRAC and VTRAC products are the devices used for the treatment of psoriasis, vitiligo and other skin disorders. The XTRAC system delivers targeted ultraviolet light to affected areas of skin, leading to psoriasis clearing and vitiligo repigmentation, following a series of treatments. The Company’s technology includes XTRAC Excimer Laser, VTRAC Lamp and MelaFind. MelaFind is a non-invasive, point-of-care instrument to aid dermatologists in their decision to biopsy suspicious pigmented lesions, such as melanoma. The Company has approximately two distribution channels for phototherapy treatment equipment.
