Bioelectric medical device company Pulse Biosciences Inc. (PLSE:NASDAQ), which created and developed the CellFX System powered by Nano-Pulse Stimulation™ (NPS™) technology, yesterday announced that "the first patient in Canada has been treated with the CellFX procedure."
Pulse Biosciences indicated that the first commercial use of its cellular-focused CellFX System in Canada serves to further expand its Controlled Launch program now going on in the U.S. and Europe. The firm noted that "the CellFX System is proven to clear common benign lesions, notably sebaceous hyperplasia, seborrheic keratosis and cutaneous non-genital warts." The company stated that the successful release in Canada through leading skin specialists across the country provides opportunities to expand the clinical and commercial potential of the CellFX System for multiple aesthetic and therapeutic applications utilizing its unique NPS technology.
The company noted that Dr. Sheetal Sapra, co-founder and director of dermatology at the ICLS Dermatology & Plastic Surgery in the greater Toronto and Hamilton areas of Canada, believes that this novel procedure will offer significant promise and benefits for his patients with bothersome skin lesions such as sebaceous hyperplasia, seborrheic keratosis and common non-genital warts.
Dr. Sapra remarked, "I am excited to be the first dermatologist in Canada to offer the CellFX procedure to my patients. I'm constantly seeking new, safer ways to improve the lives and self-confidence of my patients and I'm optimistic that the CellFX procedure will provide significant benefit for clearing an array of lesions."
The company's E.V.P. and General Manager of Dermatology Ed Ebbers stated, "We are pleased that the patient and clinician community in Canada will now have access to the CellFX procedure. Our direct sales team in Canada is prepared to train and initiate our planned commercial launch with leading dermatology specialists in the country's major metropolitan centers…Driven by its differentiated cellular mechanism, the CellFX System has demonstrated the potential to raise the bar in clearing benign lesions."
Pulse Biosciences stated that "the CellFX System is the first-of-its-kind multi-application platform powered by NPS technology to deliver nano-second pulses of electrical energy to non-thermally clear cells while sparing surrounding non-cellular, collagen-rich, healthy tissue." The firm noted that the CellFX procedure employs a cellular-specific and non-thermal mechanism offering a new method of treating common skin lesions that have in the past been difficult to treat using traditional approaches.
In a separate announcement today, Pulse Biosciences reported that "it has entered into a stock purchase agreement with Robert W. Duggan, an experienced life sciences executive and the company's board chairman, for the purchase of 3,048,780 shares of the Pulse Biosciences' common stock." The firm advised the agreed upon price per share was set at $16.40, which was the last reported selling price of the company's common stock on June 30, 2021.
The company indicated that all indebtedness owed to Mr. Duggan under a prior loan agreement between Mr. Duggan and Pulse Biosciences including the principal balance of $41.0 million and accrued and unpaid interest of $0.6 million will be canceled and will be paid via the issuance of the common stock shares in the private placement. The company advised that as part of the total private placement package, Mr. Duggan will also invest an additional $8.4 million of new capital in the firm.
Pulse Biosciences' President and CEO Darrin Uecker commented, "This capital strengthens our balance sheet and enables greater flexibility to drive our top business priorities, the CellFX System Controlled Launch Program and the ongoing product development and initiatives to expand the clinical applications for NPS technology…We appreciate the continued support and leadership from the Chairman of our Board of Directors. The entire team at Pulse Biosciences is excited and committed to deliver the clinically differentiated benefits of Nano-Pulse Stimulation technology to as many patients as possible, starting in aesthetic dermatology."
The company reported that Mr. Duggan presently owns around 46% of its outstanding common stock and with the completion of the private placement his beneficial ownership in the firm will rise to approximately 51%.
Pulse Biosciences is a novel bioelectric medicine company based in Hayward, Calif. The company explained that it has developed a proprietary Nano-Pulse Stimulation (NPS) technology platform "that delivers nano-second pulses of electrical energy to non-thermally clear cells while sparing adjacent non-cellular tissue." The firm claims that the CellFX System harnesses NPS technology to address and improve outcomes for many dermatologic conditions.
Pulse Biosciences began the day with a market capitalization of around $433.9 million with approximately 26.46 million shares outstanding and a short interest of about 5.3%. PLSE shares opened 5% higher today at $17.25 (+$0.85, +5.18%) over yesterday's $16.40 closing price. The stock has traded today between $16.80 and $24.40 per share and closed for trading at $20.82 (+$4.42, +26.95%).
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