​Avadim Technologies Inc., an Asheville-based life sciences company, raised an additional $587,214 in equity financing following more than $3.2 million raised last month in private stock offerings.

It is rumored that the private company is preparing for an initial public offering.

Avadim Technologies filed a Form D, signed by president David Fann, with the Securities and Exchange Commission on Dec. 15.

The total offering amount represents the price of 138,168 shares at $4.25 per share issued pursuant to a private placement.

Avadim sells specialty skin hygiene products, such as pH-balanced, no-rinse skin cleansers, to healthcare providers and consumers. The company plans to offer products in major drug stores such as CVS and Walgreen’s by the end of 2017.

Avadim was founded in 2007 in Asheville.

In September, Avadim announced plans to expand operations in Buncombe County, building a new 100,000 square foot corporate headquarters in Black Mountain Commerce Park and adding 551 jobs. The company plans to invest $25.4 million in the new facility over the next five years.

Private companies similar to Avadim Technologies, which rely on a Reg D exemption, aren’t required to register securities offerings with the SEC, but instead they must file a Form D electronically with the SEC after they sell the securities.

Note: This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism