Medical device company Soliton Inc. SOLY shares are trading higher again after the company announced its decision to move forward with a pivotal trial after positive data from its proof-of-concept trial to reduce cellulite.
What To Know
The FDA approved method for long-term reduction of cellulite is an invasive treatment called Cellfina that produced an average improvement on the same scale of about 2 points.
Soliton's cellulite study is to take place at multiple clinical sites across the country with between 45 and 60 patients to be treated in the study. It will begin within the next three months.
Why It's Important
"The market for non-invasive cellulite treatments is about $1 billion in the U.S., so it is clear that many women who are affected by the condition are interested in finding ways to reduce or eliminate it," said co-founder Walter Klemp in a press release. "The procedure requires no recovery time and avoids the risks that go with even minimally invasive surgery."
Soliton's stock traded higher by 33 percent to $18.93 per share at time of publication Wednesday afternoon. The stock opened Tuesday under $6 per share.
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Photo courtesy of Soliton.
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