A hair-raising concept is doing a good job in the fund-raising department as well. DS Healthcare Group, Inc., a developer of personal care products, has completed its securities purchase agreement with a group of accredited investors for the sale of 1,965,000 shares of the company's common stock, with gross proceeds of $3,144,000. DS Healthcare Group Inc. is a leader in the development and distribution of topical therapies for personal care products, including treatments for hair loss. Its products are sold through a network of independent distributors, salons, pharmacies, online retailers, specialty retailers and select department stores.
DS Healthcare's net revenues for the first nine months of 2013, rose 22% to nearly $10.6 million. Revenue growth was primarily driven by the acquisition of the company's Mexican subsidiary. Net revenues for the third quarter of 2013 rose less than 1% to $3.2 million.
"In the first nine months of 2013 our topline revenues hit a new record. In addition to continuing our marketing and sales efforts for our current product lines, we are expanding our distribution channels both domestically and internationally," stated DS Healthcare President and CEO Daniel Khesin.
Khesin noted that the company filed a patent for its hair loss treatement during the third quarter. Last month, the company launched an OTC oral supplement that is said to combat premature hair thinning and improve healthy hair growth. Sold under the DS Laboratories brand, the product will debut in Mexico this year. The product contains complex peptides and antioxidants to maximize efficacy, according to the company.