Soliton, Inc., Developer of Patented Shockwave Technology, Prices and Launches its Nasdaq Initial Public Offering
November 29 2018 - 7:30AM
The Company’s Shockwave
Technology to Address the Multibillion Dollar Tattoo Removal Market
and Will List on Nasdaq Under the Symbol “SOLY”
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 |
|
602-889-9700 |
|
soly@lythampartners.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 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.
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