Sofwave™ Medical Raises $50M and Completes Initial Public Offering on the Tel Aviv Stock Exchange
The Medical Aesthetic company which developed an innovative approach to wrinkle reduction raises $50 million in an initial public offering.
TUSTIN, Calif., June 3, 2021 /PRNewswire/ -- On Wednesday, May 26, 2021, Sofwave™ Medical made its initial public offering (IPO) on the Tel Aviv Stock Exchange (TASE). Sofwave's™, rapid market adoption enabled the listing on the Tel Aviv Stock Exchange. The company managed to raise $50 million at a pre-money valuation of ~$200 million. The IPO was led by Barak Capital Underwriters.
SofwaveTM is an emerging leader of energy-based non-invasive skin treatment aesthetic medical devices. The company is one of the only companies in the field of aesthetic medicine that is listed on TASE. The company has developed Synchronous Ultrasound Parallel Beam Technology SUPERBTM, which provides a reduction in fine lines and wrinkles and restoration of skin features, and revitalizes collagen. Sofwave's product is FDA cleared and has the EU CE mark with sales across the global markets.
Dr. Shimon Eckhouse, CEO, Chairman of the Board of Directors, and Co-Founder of Sofwave™ said: "SofwaveTM has developed groundbreaking technology for non-invasive treatment of fine lines and wrinkle reduction. The field of aesthetic medicine technology is one of the fastest-growing fields in medicine and Israel has become a global center of companies in the field. The IPO on the Tel Aviv Stock Exchange creates an opportunity for global investors to participate in the growth potential of this field and will enable Sofwave™ to continue to grow and establish its position as a world innovation leader in the field."
Louis Scafuri, Chief Executive Officer of Sofwave™ Medical said "Sofwave™ has seen significant adoption globally since its introduction", adding that "the medical aesthetic market is booming, and one of the key reasons for this growth is an increase in the number of patients seeking non-invasive aesthetic procedures. Our revenue traction and solid growth trajectory have attracted the interest of investors who saw our potential, as seen by the recent IPO. We will utilize certain proceeds from the IPO to expand both our commercial efforts as well indications for use of our novel game-changing technology."
ABOUT TEL AVIV STOCK EXCHANGE (TASE)
The Tel Aviv Stock Exchange joins the leading companies in Israel and many stock exchanges in the world operating as public companies. This year the number of companies whose shares traded publicly on TASE stands at 455 companies, of these, 52 are dual listings with international exchanges. TASE capital is managed by institutional investors, which amounted to $585B. For more details about TASE click here.
ABOUT SOFWAVE MEDICAL LTD.
Sofwave Medical Ltd. (TLV: SOFW) has implemented an innovative approach to wrinkle reduction using proprietary breakthrough technology. Synchronous Ultrasound Parallel Beam technology is FDA-cleared to improve facial lines and wrinkles, providing physicians with smart yet simple, effective, and safe aesthetic solutions for their patients.
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