Soliton (NASDAQ: SOLY), 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, has closed a private placement of 485,250 shares of common stock with certain institutional and accredited investors. According to the update, the shares were each sold at a price of $12.88, with each sold together with a warrant to purchase 1.1 shares of common stock. Each warrant has an exercise price of $12.88 per share, and the warrants are exercisable immediately with a term of five years. Remeditex Ventures, LLC, Soliton’s largest shareholder, led the private placement and had agreed to purchase $2.0 million of the securities in the private placement. Soliton intends to use the offering proceeds for working capital purposes. ROTH Capital Partners acted as the lead placement agent for the offering.
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About Soliton, Inc.
Soliton, Inc. is a medical device company with a novel and proprietary platform technology licensed from MD Anderson. 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 xompany 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 is investigating potential additional capabilities of the RAP technology in preclinical testing, including the potential to assist existing fat reduction technology in the reduction of fat as well as improving the appearance of cellulite by creating mechanical stress at the cellular level and inducing significant collagen growth. For more information, please visit www.Soliton.com.
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