HOUSTON, Nov. 12, 2020 /PRNewswire/ -- Soliton, Inc.,
(Nasdaq: SOLY) ("Soliton" or the "Company"), a medical device
company with a novel and proprietary platform technology, today
reported financial results for the third quarter ended September 30, 2020.
Third Quarter Company Highlights:
- Appointed aesthetic veteran Brad
Hauser as President and CEO in preparation for commercial
product launch
- Added cosmetic dermatology expert Dr. Michael Kaminer and Niquette Hunt, a medical device and aesthetics
industries entrepreneur, to Board of Directors
- Presented pivotal cellulite data at the Virtual American
Society for Dermatologic Surgery (ASDS) 2020 Annual Meeting
- Presented pivotal cellulite and tattoo removal data in two
separate presentations at the Masters in Aesthetics Symposium
- Met significant R&D and operations milestones to progress
towards launch readiness
- Enhanced our commercial team with key strategic marketing
partners and a new distributor
Brad Hauser, Soliton's newly
appointed President and CEO, commented, "I am truly excited to be
joining the Soliton team at such a pivotal time for the Company.
During the third quarter, we executed on several key milestones
which we believe position us optimally for our planned commercial
launch of the RAP device for both tattoo removal and cellulite
reduction, pending FDA clearance on the latter. We are extremely
proud of our progress with our new, innovative handpiece design and
our efforts to successfully transition into manufacturing, recently
completing tooling production for the RAP device. Through key
partnerships with two excellent marketing agencies and a new
distributor, that specializes on high volume tattoo removal
practices, we have bolstered our commercial strategy to enhance
future customer engagement and receptivity. With these achievements
and our current balance sheet, we believe we are well-funded and
well-prepared to execute a successful initial launch in the first
half of 2021."
Third Quarter 2020 Financial Results:
Operating expenses for the third quarter ended September 30, 2020 were $3.7 million, as compared to $4.3 million in the third quarter of 2019. The
decrease was primarily due to lower research and development
expenses as a result of lower expenses for contract engineering and
clinical trial costs.
Net loss for the third quarter ended September 30, 2020 was $3.6 million, or ($0.17) basic and diluted net loss per share,
compared with net loss of $4.3
million, or ($0.27) basic and
diluted net loss per share, for the third quarter of 2019.
Total cash, cash equivalents and restricted cash was
$34.8 million as of September 30, 2020, as compared to $12.1 million as of December 31, 2019. The Company's cash, cash
equivalents and restricted cash on hand is expected to be
sufficient to fund the Company's operations into the third quarter
of 2022.
Conference Call Details:
Management will host a conference call and live webcast to
discuss Soliton's financial results at 8:30
a.m. ET today. A question and answer session will follow
management remarks.
The dial-in numbers for the conference call are (833) 423-0479
for domestic callers and (918) 922-2373 for international
callers. The conference ID is 3493411.
A replay of the call will be available following its completion
through November 19, 2020. To access
the replay, dial (855) 859-2056 for domestic callers and (404)
537-3406 for international callers and use the replay conference ID
3493411.
A live audio webcast of the call and an updated investor
presentation will be available on the Investor Relations page of
the Soliton, Inc. website, https://ir.soliton.com/. A replay of the
webcast will be archived on Soliton's website for 30 days following
the completion of the call.
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About Soliton, Inc.
Soliton, Inc. is a medical device company with a novel and
proprietary platform technology licensed from The University of Texas on behalf of MD Anderson Cancer
Center. The Company's first FDA cleared commercial product will use
rapid pulses of acoustic shockwaves as an accessory to lasers for
the removal of unwanted tattoos. The Company is based in
Houston, Texas, and is actively
engaged in bringing the Rapid Acoustic Pulse ("RAP") device to the
market. The Company believes this "Soliton" method has the
potential to lower tattoo removal costs for patients, while
increasing profitability to practitioners, compared to current
laser removal methods. Soliton has filed a 510(k) application with
the FDA for clearance of its RAP device to improve the appearance
of cellulite and is investigating potential additional capabilities
of the RAP technology. The device is currently cleared in
the United States only for use in
tattoo removal and is not yet cleared for use to address
cellulite.
For more information about the Company, please visit:
http://www.soliton.com
Forward Looking Statements
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 runway for our existing
cash to extend into Q3 2022, our ability to launch our RAP device
in the first half of 2021, our ability to receive FDA clearance for
the cellulite indication and to effectively commercialize our
products, and the ability of the RAP device to successfully treat
cellulite. 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 in our SEC filings,
including under the heading "Item 1A. Risk Factors" in the Form
10-K for year ended December 31, 2019
we filed with the SEC on March 2,
2020 and updated from time to time in our Form 10-Q filings
and in our other public filings with the SEC. 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.
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SOURCE Soliton, Inc.