Soliton Initiates New Tooling Production Process for Improved Cartridge in RAP Device
HOUSTON, Aug. 26, 2020 /PRNewswire/ -- Soliton, Inc., (Nasdaq: SOLY) ("Soliton" or the "Company"), a medical device company with a novel and proprietary aesthetic platform technology, today announced the company has initiated the tooling production for the improved cartridge in its RAP device. The company has issued orders for all of the tooling components, which will allow for production at scale of the new cartridge design. The new tooling is expected to be complete by mid-September.
As previously announced, the new cartridge in the RAP device includes improved features providing ease of use and a more user-friendly experience. The improved device features automatically inserting and ejecting cartridges, a system to detect counterfeit cartridges, and a method of automatic adjustment of the electrode resulting in longer cartridge life.
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"This is a critical initial step for the Company to be able to have the product manufactured at scale and should provide for the availability of the improved product for our upcoming launch," said Christopher Capelli, MD, founder, President and CEO of Soliton. "Furthermore, this investment is a key element that we believe will provide the opportunity to improve our margins through cost reduction. We believe that our revised launch plan, and the improved design and function of our product, will enable us to come to market at an optimal time, with an optimal device."
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 the 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 completed a clinical study using the 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
This press release includes 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 statements involve risks and uncertainties. Forward-looking statements in this press release include, without limitation, the ability to complete the manufacturing of the tooling, the potential for the tooling to generate cost savings, and the ability of the Company to scale up production quantities. 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, actual results or outcomes may prove to be materially different from the expectations 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,'' "would," ''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 in our filings with the Securities and Exchange Commission ("SEC"), including under the heading " Risk Factors" in the Form 10-K for year ended December 31, 2019 filed with the SEC and as updated in our Form 10-Q filings and in our other 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.
Released August 26, 2020