The Company’s Shockwave Technology to Address the Multibillion Dollar Tattoo Removal Market and Will List on Nasdaq Under the Symbol “SOLY”
HOUSTON, Nov. 29, 2018 (GLOBE NEWSWIRE) -- Soliton, Inc., (NASDAQ: SOLY) (“Soliton” or the “Company”), a pre-revenue stage medical device company with a novel and proprietary platform technology licensed from The University of Texas on behalf of the MD Anderson Cancer Center (“MD Anderson”), today announced the pricing and launch of its initial public offering (“IPO”) in which Soliton seeks to raise up to $15 million.
In connection with the offering, the Company will issue up to 3,000,000 shares of common stock at a purchase price to IPO subscribers of $5.00 per share. The Company expects to close the offering on or before December 31, 2018.
The Nasdaq Stock Market (“Nasdaq”) has conditionally approved the listing of the Company’s stock on the Nasdaq Capital Market under the symbol “SOLY.”
Soliton’s patented Rapid Acoustic Pulse (“RAP”) device uses acoustic shockwaves that, in clinical trials, accelerated the speed of tattoo removal when used with lasers, delivering results in as little as 2 to 3 treatments versus the 10 to 12 average with the current standard of care lasers alone.
In addition to tattoo removal, Soliton discovered other capabilities of the technology during preclinical testing. Among them, the company observed that their RAP has the potential to improve skin laxity as well as the appearance of cellulite by creating mechanical stress at the cellular level and inducing significant collagen growth.
Soliton also discovered that their patented shockwave technology may have the potential to blast apart fat cells which could make today’s most popular fat reduction technologies more effective. To that end, the Soliton RAP is already in a collaborative trial with a multibillion-dollar, global aesthetics company to test RAP’s ability to accelerate that company’s own fat reduction technology. This clinical trial is early stage and intended as a proof-of-concept and there is no assurance that the trial will have a successful outcome.
The Company intends to use the net proceeds of this offering primarily to develop and commercialize the Rapid Acoustic Pulse (“RAP”) device; conduct clinical trials for new indications; to pay license fees and fund research and development; and for general working capital.
Boustead Securities, LLC (“Boustead”) is serving as lead underwriter for this offering.
The shares of common stock described above are being offered only pursuant to an offering circular (File No. 024-10854), which was qualified on November 27, 2018. The offering circular may be found at the following location:
https://www.sec.gov/Archives/edgar/data/1548187/000162827918000315/soliton253g2.htm, or through Boustead via the website, www.flashfunders.com/soliton or by contacting Boustead at 6 Venture, Suite 265, Irvine, CA 92618 USA, tel. +1 949 502 4408 or by email at Offerings@Boustead1828.com.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Soliton, Inc.
Soliton, Inc. is a pre-revenue stage medical device company with a novel and proprietary platform technology licensed from MD Anderson. The Company’s first commercial product uses rapid pulses of designed acoustic shockwaves to dramatically accelerate the removal of unwanted tattoos. The Company is based in Houston, Texas, and is actively engaged in bringing this device to the market. The Company expects to file for premarket clearance with the U.S. Food and Drug Administration ("FDA") for its first device in the first quarter of 2019 and expects to receive clearance to market the device in mid 2019. This initial filing is limited to the Company’s device used in conjunction with the 1064 nm Q-switched laser to enable effective multiple pass laser treatments in a single office session to accelerate removal of black tattoos on the arms, legs and torso in Fitzpatrick Skin Type I-III individuals. While the Company believes its technology has many potential applications, the Company has initially focused on the removal of tattoos, where both animal and human studies have shown promising results. The current standard of care for tattoo removal is to use a Q-switched (pulsed) laser to ablate the tattoo ink particles into pieces small enough for the body’s natural processes to remove them. Unfortunately, this current method is highly inefficient, requiring up to 10 or more office visits to achieve acceptable results. A clinical trial has demonstrated that using the Company’s RAP device, in conjunction with a Q-switched laser, has the potential to produce similar results in just 2 to 3 office visits. The Company believes this “Soliton” method can not only dramatically accelerate tattoo removal, but also has the potential to lower removal cost for patients, while increasing profitability to practitioners, and to reduce the potential for unwanted side effects from current laser removal methods.
For more information about the Company, please visit: http://www.soliton.com
|CONTACT:||Joe Dorame, Joe Diaz & Robert Blum|
|Lytham Partners, LLC|
Some of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Forward-looking statements in this press release include, without limitation, the ability of Soliton RAP to accelerate tattoo fading, fat removal and/or cellulite reduction and the ability of Soliton to complete an IPO. These statements relate to future events, future expectations, plans and prospects. Although Soliton believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. Soliton has attempted to identify forward-looking statements by terminology including ''believes,'' ''estimates,'' ''anticipates,'' ''expects,'' ''plans,'' ''projects,'' ''intends,'' ''potential,'' ''may,'' ''could,'' ''might,'' ''will,'' ''should,'' ''approximately'' or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including those discussed under the heading "Risk Factors" and elsewhere in our offering circular. Any forward-looking statements contained in this release speak only as of its date. Soliton undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.