Soliton has appointed Brad Hauser as its new CEO, replacing Dr Chris Capelli, who becomes Chief Science Officer. The company is a medical device start-up that has its head office near Bellaire.
The company uses technology licensed from MD Anderson Cancer Center. Its main device uses rapid pulses of designed acoustic shockwaves to disrupt cellular and subcellular structures. The company believes that the technology can be used for tattoo removal, cellulite reduction and fibrotic scar treatment. As yet, the company has not recorded any revenue.
The company went public in February 2019, raising $11 million at $5 per share. It subsequently raised another $35 million in June at $8.30 per share. The current share price is $7.12.
Mr Hauser has been a non-executive director of the company since June 2018. His day job was the Vice President, R&D and General Manager for CoolSculpting, a technology that reduces fat by non-surgical methods. CoolSculpting was developed by Zeltiq Aesthetics, which was acquired by Allergan for $2.4 billion in 2017.
Mr Hauser will receive a base salary of $475,000. He will also receive a restricted stock grant of 200,000 shares that will vest over four years.
Dr Capelli will maintain his current salary of $450,000 in his new role.