(Bloomberg) -- Small-cap medical devicemaker Soliton Inc. shares extended their record week after U.S. regulators approved its tattoo removal device on Tuesday.
Houston-based Soliton rode the high of that approval by announcing plans to advance a pivotal study of its device for reducing cellulite. The short-targeted company has seen shares quintuple in the last two sessions to trade as high as $29 on Wednesday compared to Friday’s close of $5.73.
The pivotal cellulite study is set to take place at multiple sites across the country with hopes to begin in the next three months. The company expects to enroll between 45 and 60 patients in the study after a small study of just five patients showed improvement in their cellulite.
Soliton’s first planned commercial product is designed to use rapid pulses of acoustic shockwaves to help remove unwanted tattoos. The ambitions to bring its RAP device to patients for the cellulite indication will require a new application to the Food and Drug Administration.
Bets against the company have remained relatively elevated over the last month with 6.4% of shares available for trading sold short, data compiled by S3 Partners show. The stock is up close to 400% from a mid-February IPO.
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