Tel Aviv, May 26, 2021 - Management of Sofwave Medical opened trading this morning in celebration of its IPO on TASE.
Sofwave Medical is one of the 44 new companies listed on TASE since the beginning of the year, raising an aggregate of NIS 5.1 billion. Sofwave Medical is included in TASE's Biomed Sector, which currently comprises shares of 53 companies with a total market cap of NIS 86 billion.
The company develops non-invasive medical devices for skin rejuvenation, wrinkle reduction and skin tightening. Its breakthrough Ultrasound technology is currently used primarily for skin treatment on the face and the neck. The company primarily targets dermatologists, plastic surgeons and other aesthetic physicians in the United States and some European and Asian territories and is planning to expand its operations to additional international markets. The company obtained FDA clearance for its product in September 2019 and CE mark in 2020.
Since its establishment in early 2015 until May 2017, Sofwave Medical operated as an incubator company under the Alon Medtech Ventures incubator owned by Shimon Eckhouse, an entrepreneur, investor and inventor in medical devices and medical technology and a leader in the field of medical aesthetics in Israel and worldwide, Alon operates within the framework of the Innovation Authority's technology incubators program.
In 2020, the first full year of sales, the revenue of Sofwave Medical amounted to US$ 4.3 million.
The company raised NIS 160 million in a book building IPO to institutional investors, based on a company value of NIS 672 million. The current market cap of the company is NIS 877 million.
On the semi-annual rebalancing, at the closing of trade on August 5, 2021, the shares of the company are expected to join TASE's TA SME-60, TA SME-150, TA Tech-Elite, TA-Global BlueTech, TA-Biomed and TA-Industrials indices.
Dr. Shimon Eckhouse, Co-Founder and Executive Chairman of Sofwave Medical, said: “Sofwave has developed a groundbreaking technology for tightening the skin, reducing wrinkles and rejuvenating the skin. Medical aesthetic technology is one of the fastest growing fields in medicine. Israel has become a global hub for companies in this field and the IPO on TASE creates an opportunity for Israeli investors to benefit from this potential and enable Softwave further growth and enhancement of its position as a global leader in medical aesthetics technology."
Lior Navon, Head of Sales and Market Development at TASE, said: “The Biomed sector is flourishing and growing on TASE. We are proud to see new companies from across all sectors evolve on TASE and believe that, as home of the Israeli economy, TASE is the natural and most suitable venue for the development and growth of pioneering companies, bringing together listed companies and investors looking to benefit from their success. We wish the company management and employees the best of success, for the benefit of the Israeli economy and the Biomed sector."