Israeli Society of Aesthetic Medicine Softwave Medical Ltd. (TASE: SOFW) received FDA approval for its device based on the use of ultrasound energy to improve the appearance of hair. To obtain approval, Sofwave conducted a clinical trial on 46 patients, 93% of whom reported improvement, with no safety concerns or negative side effects.
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Last week, the company announced that it had received FDA approval for technology to tone and firm muscles using electrical pulses. These approvals join those already received by the company in other areas, including: treatment of acne scars, short-term improvement in the appearance of cellulite, improvement of facial and neck wrinkles, brow lift, lifting of loose tissues under the chin and firming of the skin of the face and neck.
Following the latest two approvals, the company’s share price increased by 1.4% over the past week, giving a market capitalization of NIS 465 million. Over the past year, the company’s stock price has increased by 53%, bucking the general market trend and the biomedical index in particular on the Tel Aviv Stock Exchange.
Softave is a relatively young company, having only started sales last year. In 2022, the turnover amounted to NIS 35 million, and in the first nine months of 2023 it has already recorded a similar turnover. Its operating loss in the first nine months of 2023 was NIS 7.8 million, and the net loss was similar.
Softwave is controlled by co-founder and chairman Dr. Shimon Eckhouse (who owns 24.98%), who is the father of aesthetic medicine in Israel and one of those responsible for Israel being a world leader in the field energy-based aesthetic medicine (laser, IPL, etc.). The company’s significant shareholders are Phoenix Holdings (TASE: PHOE) and several companies linked to Idan Ofer.
Published by Globes, Israel Business News – fr.globes.co.il – December 24, 2023.
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