BEVERLY HILLS, Calif., Nov. 3, 2010 /PRNewswire/ -- Dr. TATTOFF® Inc., the world's leader in laser tattoo removal announced today that it recently completed the initial closing on its $2 million financing. The company plans to use the proceeds from the fully subscribed financing to open four additional facilities in California and Texas, with plans to have 12 facilities open by the end of 2011 in select major U.S. cities.
In connection with the financing, Dr. Gene Bauer was appointed Chairman of the company's Board of Directors. Dr. Bauer was most recently the President and CMO of Peplin, Inc., a development stage dermatology company that was acquired by LEO Pharma for approximately $280 million. In addition, Dr. Bauer was co-founder and director of Connetics Corp., a dermatology company acquired by Stiefel Laboratories in 2006 for approximately $700 million. Dr. Bauer is Professor Emeritus of Dermatology at the School of Medicine, Stanford University and immediate past VP for the Medical Affairs and Dean of the School of Medicine, Stanford University. Dr. Bauer is a member of numerous academic societies, has published approximately 175 scientific articles and has been honored for his research and academic accomplishments.
The company also named two new directors, Joel Kanter and Gene Burleson, veteran healthcare executives who have collectively founded, operated and sold numerous healthcare companies for multi-billion dollar sums. Mr. Kanter currently serves as President of WindyCity, Inc., a privately held investment firm. Prior to that, he served as the CEO of Walnut Financial Services, Inc., a NASDAQ listed company that provided financing to over 300 companies, including Plax Mouthwash (Oral Research Laboratories), SoniCare Toothbrushes (Optiva Corp.), the largest and only nationwide Preferred Provider Organization (First Health), and many others. Mr. Burleson serves as a director of SunLinkHealth Systems, Inc., an owner and operator of acute care hospitals. Mr. Burleson previously served as the President of American Medical International, one of the largest hospital-management companies in the U.S., and as President and CEO of GranCare, a leading U.S. provider of comprehensive healthcare services for the elderly. Mr. Kanter and Mr. Burleson both served as directors of Prospect Medical Holdings, Inc., a provider of management services to affiliated independent physician associations which was recently acquired by Leonard Green & Partners for $521 million. The addition of Mr. Kanter and Mr. Burleson complement the existing board of CEO John Keefe, a veteran healthcare CEO/CFO of several venture backed companies, and Dr. Will Kirby, widely recognized as one of the world's leading authorities on laser tattoo removal in addition to being one of the most recognized faces on reality television. The company is also actively pursuing leading dermatology professionals who could broaden its knowledge and expand the pursuit of business opportunities to serve on its Dermatology Advisory Board.
Regarding the company's initial closing of its equity financing and new board members, John Keefe, CEO, stated "After a year of unprecedented global economic turmoil and market volatility, we are very excited that we were able to attract and close on this capital. The impact of the capital infusion and the involvement of Dr. Bauer, Mr. Kanter and Mr. Burleson will be tremendous and should put the company in a stronger position as we begin our national expansion."
About Dr. TATTOFF® Inc. - Founded in 2004, Dr. TATTOFF®, Inc. provides safe, minimally invasive and inexpensive laser tattoo and hair removal services in a friendly, non-clinical atmosphere. Dr. TATTOFF® Inc. currently owns and operates three clinics in Southern California and has successfully performed more than 80,000 tattoo removal and hair removal procedures for over 11,000 patients. Having been featured by the New York Times, Los Angeles Times, Us Weekly, In Touch, CNN, ABC, LA Ink, Dr. 90210 and numerous other print, on-air and online media outlets, Dr. TATTOFF® is widely recognized as the world leader in laser tattoo removal. For additional information, please visit our website at www.drtattoff.com.
SOURCE Dr. TATTOFF, Inc
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