Israeli aesthetic medical company SofWave Medical Ltd. has announced the closure of a $8.4 million financing round led by XT Hi-Tech and Dr. Shimon Eckhouse. The Yokneam-based company has developed non-invasive fractional ultrasound technology for skin tightening.
SofWave Medical's fractional ultrasound beam treatment is based on proprietary technology developed by the company over the last four years. This unique technology enables very accurate targeting of layers within the skin (dermis) or deeper layers using an array of ultrasound transducers that cause controlled thermal injury, resulting in tightening of the skin, reduction of wrinkles and better-looking skin.
A 60 patient clinical study performed by SofWave Medical with leading US dermatologists, has shown excellent clinical results with no down-time to patients and an exceptional safety profile. This study was used as part of the 510K FDA submission of the company. Recently the company obtained a CE Mark for the product which will enable commercialization outside of US markets.
SofWave Medical also announced the appointment of Louis Scafuri as the company's CEO. He has a proven track record and extensive experience in building and leading global public and private medical technology companies, among them Syneron Candela, where he held the CEO position and led the merger of the two companies.
Dr. Shimon Eckhouse, co-founder and chairman of SofWave Medical said, "We are very pleased to have Lou as the leader of this exciting company. His experience and expertise will no doubt help build SofWave Medical's business in the global, fast-growing aesthetic medical market. I am very excited to once again work with Lou and to share the vision and enthusiasm we both have for the aesthetic device market" He added, "This financing round of SofWave Medical will enable us to execute aggressively on our plan to build and position the company as a leader in this great market". Scafuri said, "We have an exceptional opportunity to bring to market a whole new modality of simple facial and sub-mental treatments driven by smart and sophisticated science."
Published by Globes, Israel business news - en.globes.co.il - on August 6, 2019
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