Approval from the U.S. Food and Drug Administration (FDA) for a Soliton tattoo removal device has SOLY stock on the rise Wednesday.
Soliton (NASDAQ:SOLY) says that this approval from the FDA will allow it to move out of the R&D segment and into commercialization of its product. The Soliton tattoo removal device works by sending an acoustic pulse into the skin to disperse the ink of a tattoo. The company calls it the Rapid Acoustic Pulse, or RAP, tattoo removal device.
There are several benefits to using the Soliton tattoo removal device over other methods. Among these is the fact that the device is able to remove tattoos without causing much pain. It also doesn’t leave damaging effects, such as bruising.
Another benefit of the Soliton tattoo removal device is how quickly is works. The company says that customers seeking to have tattoos removed can do so in two or three office visits. This is much quicker than the 10 or more office visits that other methods require.
“Taking into consideration that the tattoo removal industry is estimated to grow to approximately $4.8 billion annually by 2023, we are eager to further our commercialization plans and move towards our launch and revenue generation as early the first half of 2020,” Soliton says in a press release.
SOLY stock was up 33% as of noon Wednesday and is up 191% since the start of the year.
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As of this writing, William White did not hold a position in any of the aforementioned securities.
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