Israeli aesthetic medicine company Sofwave is planning an initial public offering (IPO) on the Tel Aviv Stock Exchange (TASE), sources inform "Globes."
The company, which was founded in 2015 in Dr. Shimon Eckhouse's Alon Medtech Ventures incubator in Yokneam is developing an ultrasound skin treatment for wrinkles. Sofwave will try to raise several tens of millions of dollars at a company valuation of $200 million, pre-money. The IPO is being led by Barak Capital Underwriters.
Eckhouse founded laser treatment company ESC for the aesthetics and ophthalmology markets, which became Lumenis, and after leaving the company in 1999, he founded cosmetic surgery company Syneron. Lumenis was sold to Baring Private Equity Asia for $1.2 billion in 2019 and Eckhouse sold Syneron to Apax Partners for $400 million in 2017. Both companies continue to operate in Israel under their new ownership.
Even before his exit from Syneron, Eckhouse began investing in medical device companies and among others he invested in heart valve developer Ventor, which was acquired by Medtronic for $325 million. He then set up the Alon Medtech Ventures incubator and usually becomes chairman of the startups he invests in.
Sofwave is one of the only companies in the incubator in the field of aesthetic medicine. The company has developed synchronous ultrasound parallel beam technology, which provides a reduction in fine lines and wrinkles and restoration of smooth skin features, and rebuilds collagen, for all skin types.
Sofwave's product is FDA approved and sales have begun in the US and the company also has the EU CE mark. In 2019, the company raised $8.4 million in a financing round led by the Ofer family's XT HighTech venture capital fund.
Published by Globes, Israel business news - en.globes.co.il - on February 16, 2021
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