Sofwave receives two FDA approvals

Israeli aesthetic medical company Sofwave Medical Ltd. (TASE: SOFW) has received FDA approval for its device based on ultrasound energy use to improve the appearance of hair. In order to receive approval Sofwave conducted a clinical trial on 46 patients of which 93% reported an improvement of the situation, without safety problems or negative side effects.

Last week, the company announced receiving FDA approval for technology for toning and firming muscles using electrical pulses. These approvals join those already received by the company in other areas, including: treatment of acne scars, short term improvement of the appearance of cellulite, improvement of face and neck wrinkles, eyebrow lifting, lifting of loose tissues under the chin and firming of the skin of the face and neck.

Following the last two approvals, the company’s share price has risen over the last week by 1.4%, giving a market cap of NIS 465 million. Over the past year, the company’s share price has risen by 53%, bucking the general trend in the market and in biomed index in particular on the Tel Aviv Stock Exchange.

Sofwave is a relatively young company, which began sales only last year. In 2022 revenue was NIS 35 million, and in the first nine months of 2023, it has already recorded a similar revenue. Its operating loss in the first nine months of 2023 was NIS 7.8 million, and the net loss was similar.

Sofwave is control by cofounder 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 of energy-based aesthetic medicine (laser, IPL, etc.) ). Significant shareholders in the company are Phoenix Holdings (TASE: PHOE) and several companies related to Idan Ofer.

Published by Globes, Israel business news – en.globes.co.il – on December 24, 2023.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.