Shares of Soliton Inc. (NASDAQ:SOLY) more than doubled Tuesday after the medical-device company announced federal regulators have cleared its device for tattoo removal.
Called the Rapid Acoustic Pulse, the device is an accessory to Soliton’s Q-Switched laser for black ink tattoo removal on the arms, legs and torso in Fitzpatrick Skin Type I-III individuals.
The company’s stock skyrocketed 149% to $14.29 a share on heavy volume.
Soliton, based in Houston, said it demonstrated to the US Food and Drug Administration that its RAP “shockwave” device can remove tattoos in just 2-3 office visits. In contrast, an independent study of 397 tattoo owners found that the standard laser-only method required 10 or more office visits to achieve acceptable results.
Device produces up to 100 Pulses per second
The device safely converts 3,000 volts at 3,000 amps (9,000,000 watts of power) into finely controlled acoustic shockwaves at a rate of up to 100 Pulses per second, the company said.
The tattoo removal industry is estimated to grow to about $4.8 billion by 2023.
"This clearance to market allows us to begin the transition from R&D to expanded product development and commercialization within the tattoo removal segment,” said CEO Chris Capelli.
The RAP device took five years and $25 million to development, according to Soliton.
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