Shares of medical device maker Soliton (SOLY) were soaring for a second day in trading Wednesday after the Food and Drug Administration approved its Rapid Acoustic Pulse (RAP) device for tattoo removal.
Shares jumped 47% to $20.90 in trading after jumping more than 148% on Tuesday to close at $14.22.
The device is an accessory for its black ink tattoo removal system for the arms, legs and torso.
"Receiving clearance from the FDA, while inline with our expectations, is nonetheless gratifying and validating, representing a bedrock for the commercialization plan of our RAP technology," said Chris Capelli, president, CEO and co-founder of Soliton. "This clearance to market allows us to begin the transition from R&D to expanded product development and commercialization within the tattoo removal segment."
The device, which has been in development for more than five years and with more than $25 million in investment from Soliton, was awarded "best in show" by the American Society for Laser Medicine and Surgery.
The company said the device safely converts 3,000 volts into finely controlled acoustic shockwaves at a rate of up to 100 pulses per second. The therapy does not cause heat or collateral tissue damage resulting in little potential for bruising, according to Soliton.