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Soliton, Inc. (Nasdaq: SOLY), a medical device company, reported its third quarter 2020 financial results on November 12, 2020. The company appointed Brad Hauser as CEO and made significant R&D progress, preparing for the commercial launch of its RAP device for tattoo removal and cellulite reduction. Operating expenses decreased to $3.7 million, while the net loss narrowed to $3.6 million or ($0.17) per share. Cash reserves increased to $34.8 million, sufficient to support operations through Q3 2022. The company aims for an initial product launch in early 2021.
Soliton, Inc. (Nasdaq: SOLY) announced the appointment of Brad A. Hauser as President and CEO, effective immediately. Hauser brings extensive experience from his tenure at Allergan Aesthetics and is expected to enhance the company's commercialization efforts for its proprietary RAP device. Co-Founder Christopher Capelli transitions to Vice Chairman while continuing R&D leadership. The company is focused on launching its FDA-cleared device aimed at faster tattoo removal and a non-invasive solution for cellulite, currently pending clearance.
Soliton, Inc. (Nasdaq: SOLY) will announce its Q3 2020 financial results on November 12, 2020, prior to U.S. market opening. The company will host a conference call at 8:30 a.m. ET to discuss these results, followed by a Q&A session. Soliton is focused on bringing its Rapid Acoustic Pulse (RAP) device to market, currently cleared for tattoo removal. The company aims to enhance affordability and profitability in tattoo removal compared to conventional methods. A replay of the conference call will be available until November 19, 2020.
Soliton, Inc. (Nasdaq: SOLY) announced the appointment of Dr. Michael S. Kaminer to its Board of Directors. A prominent figure in dermatology, Dr. Kaminer has over 20 years of experience and has previously served as the principal investigator for Soliton's tattoo removal trial. His expertise is expected to enhance the company’s strategic direction as it prepares to launch its Rapid Acoustic Pulse (RAP) technology, aimed initially at tattoo removal, with potential future applications in cellulite treatment. This addition is anticipated to provide valuable insights and strengthen leadership.
Soliton, Inc. (Nasdaq: SOLY) appointed Niquette Hunt to its Board of Directors, a move expected to bolster its commercialization efforts. Ms. Hunt, currently the President and CEO of Candesant Biomedical, has over 25 years of experience in the medical device and aesthetics sectors. She previously played a key role in taking Revance Therapeutics public, raising over $250 million. Hunt's expertise in product launches and market strategies is anticipated to enhance Soliton's growth, particularly with its innovative Rapid Acoustic Pulse technology aimed at tattoo removal and potential cellulite treatment.
Soliton, Inc. (Nasdaq: SOLY) announced its acceptance to present pivotal cellulite data at the Virtual American Society for Dermatologic Surgery (ASDS) 2020 Annual Meeting, scheduled for October 9-11, 2020. The online poster presentation will feature findings from a multi-center pivotal trial titled "Improvement in the Appearance of Cellulite Depressions and Skin Laxity Resulting from a Single Treatment with Acoustic Subcision". Soliton's technology licensed from MD Anderson aims to enhance treatments for conditions like unwanted tattoos and cellulite.
Soliton, Inc. (Nasdaq: SOLY) has appointed Lippe Taylor Group as its public relations and customer engagement agency to facilitate the launch of its Rapid Acoustic Pulse (RAP) device. This partnership aims to enhance brand loyalty among practitioners and patients in the aesthetics sector. The RAP device, designed for tattoo removal using acoustic shockwaves, is set for U.S. commercialization in early 2021. CEO Christopher Capelli expressed confidence that Lippe Taylor's industry expertise will be crucial for achieving market expectations.
Soliton, Inc. (Nasdaq: SOLY) has appointed Greater Than One Group as its integrated marketing agency to enhance the brand visibility of its Rapid Acoustic Pulse (RAP) device. This collaboration aims to strategize multi-channel marketing efforts as the company approaches the U.S. commercialization of the RAP device in the first half of 2021. CEO Christopher Capelli expressed enthusiasm about the partnership, expecting it to bolster brand recognition in the aesthetic sector. The RAP device is intended to facilitate tattoo removal, with additional capabilities for cellulite treatment still under investigation.
Soliton, Inc. (Nasdaq: SOLY) announced its participation in the Virtual Oppenheimer Fall Healthcare Life Sciences & MedTech Summit on September 21, 2020, at 1:40 p.m. ET. The company focuses on innovative medical devices, specifically its FDA cleared Rapid Acoustic Pulse (RAP) device for tattoo removal, using patented technology licensed from MD Anderson. The device aims to reduce costs for patients and improve profitability for practitioners. The company is also exploring potential applications for cellulite treatment, though the device is not yet cleared for this use.
Soliton, Inc. (Nasdaq: SOLY) announced a distribution agreement with Aesthetic Solutions, Inc. to launch its Rapid Acoustic Pulse (RAP) device for tattoo removal and cellulite reduction. The U.S. commercialization is set for early 2021, pending FDA clearance for cellulite. Aesthetic Solutions will target high-volume physician practices for distribution and servicing of the RAP device until Soliton's own sales force is established. The device aims to lower tattoo removal costs and improve profitability for practitioners compared to existing methods.
