Larada Sciences received two commitments for its $585,000 financing round. Investors committed to buy 68% or $400,000 worth of equity on March 11th. $185,000 in additional funding can be raised before March 2015 based on the placement’s structure. The company closed four previous unregistered private placements which raised an estimated $5.1 million.
The company is behind the world’s largest network of lice-removal professionals in 22 countries. Its flagship product, the FDA-cleared AirAllé device, kills head lice and 99.2 percent of their eggs in a single, 30-minute treatment. The company is a spin-out from the University of Utah that was formed in 2006.
The company, headquartered in Salt Lake City UT, is led by Claire Roberts (President and CEO). Larada Sciences elected to keep its revenues undisclosed.
The executive team includes David Rudd.
The board of directors includes Brent Sloan, Greg Schenk and Yuri Pikover.
The company has raised an estimated total of $5.5 million via private unregistered security offerings.
Status: First close
Company: Larada Sciences
Industry: Other Health Care
Amount offered: $585,000
Amount placed: $400,000
First sale: 03-11-2014
Data as of: 03-26-2014