Shares of Soliton Inc. (SOLY), a Houston, Texas-based medical device company, are gaining almost 20 percent or $2.14 in Monday's morning trade at $13.00 after hitting a new 52-week high of $79.78.
Monday, Soliton said that the U.S. Food and Drug Administration or FDA has cleared its Rapid Acoustic Pulse or RAP for the short-term improvement in the appearance of cellulite. The rapid-pulsed technology harnesses the power of sound for the treatment of cellulite. It breaks apart the fibrous septa bands beneath the skin that cause cellulite to deliver efficacious results in just one treatment of 40 to 60 minutes.
Soliton RAP technology also received 510(k) clearance from the FDA for the removal of tattoos in mid-2019. Soliton said it plans to begin selling the device for both tattoo removal and cellulite treatment in the first half of 2021.
Soliton has traded in a range of $5.69 to $15.50 in the past 52 weeks.
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