Houston med-aesthetic company acquired in $550M deal

M&A

Houston-based Soliton, which has created a technology that uses sound to treat cellulite and scars, has been acquired. Photo via soliton.com

A California company has acquired Houston-based Soliton as well as its innovative device that uses sound to eliminate cellulite.

Allergan Aesthetics, an AbbVie company, has announced an agreement to acquire Soliton and its rapid acoustic pulse device RESONICTM, which recently received U.S. Food and Drug Administration clearance for the treatment of cellulite.

The company's team first developed the basis of the tool for tattoo removal and earned FDA clearance for that treatment a few years ago. Christopher Capelli and Walter Klemp co-founded Soliton in 2012.

The acquisition will take Soliton's technology to the next level, says Klemp, who serves as the company's executive chairman.

"Allergan Aesthetics' brand recognition, global footprint, track record and commitment to developing best-in-class aesthetic treatments makes the Company ideally suited to maximize the commercial potential of the RESONICTM rapid acoustic pulse technology," Klemp says in the release.

"I am proud of the passion and accomplishments of the Soliton team and thankful for the ongoing support of our investors which have culminated in this transaction," he continues. "We look forward to working with Allergan Aesthetics to ensure a successful completion of this transaction."

For Carrie Strom, president of Global Allergan Aesthetics and senior vice president at AbbVie, Soliton's solution has a great potential in the market. Soliton's clinical trial data that was submitted to the FDA showed that after a single treatment session, RESONICTM demonstrated significant improvement and strong patient satisfaction with 92.9 percent of subjects agreeing or strongly agreeing their cellulite appeared improved, per the release.

"There is a huge unmet need to address cellulite and effective treatments have been elusive and frustrating for consumers," Strom says in the release. "Soliton's technology offers a new, completely non-invasive approach with clinically-proven results to reduce the appearance of cellulite with no patient downtime.

"The addition of this technology complements Allergan Aesthetics' portfolio of body contouring treatments," she continues. "Health care providers will now have another option to address consumers' aesthetic concerns."

Brad Hauser, CEO of Soliton, previously told InnovationMap that the company's plans for 2021 included focusing on the commercialization of their product and get it into the hands of dermatologists, plastic surgeons, and other medical professionals for 25 key accounts — potentially including ones Houston — with a plan for a national rollout in 2022.

Houston-based Moleculin Biotech now has four different oncology treatment currently in trials. Getty Images

Houston cancer-fighting biotech company introduces its 4th ongoing clinical trial

health report

A Houston-based biotech company has wrapped up enrollment for its most recent clinical trial of its cancer-fighting drug.

Moleculin Biotech Inc. (Nasdaq: MBRX) has launched its fourth ongoing trial — this time focusing on Cutaneous T-Cell Lymphoma, or CTCL, treatment. The company's other three trials include treatment for glioblastoma, an aggressive brain cancer, pancreatic cancer, one of the most virulent killers in oncology, and acute myeloid leukemia, or AML.

To treat these various types of cancers, Moleculin has a several drugs it's in preclinical or clinical trials testing — most biotech companies have only one they focus on. WP1220 is the drug that will be used in this trial for topical CTCL treatment of the cancer's resulting skin lesions.

"We believe there continues to be an unmet need for an improved topical therapy for Stage I-III CTCL skin lesions," says Walter Klemp, Moleculin's chairman and CEO, in a news release, "especially one that may avoid significant unwanted side effects."

WP1220 is what's known as a p-STAT3 inhibitor. STAT3 is a transcription factor that encourages tumor development. Moleculin's technology directly attacks the tumor, but also quiets T Cells, which allows the body's own immune system to fight the cancer itself. Essentially, it works both as chemotherapy and immunotherapy.

"This proof of concept, if successful, could be an important first demonstration of a therapeutic effect in humans from such a p-STAT3 inhibitor," Klemp continues. "We are pleased with how quickly this trial reached full recruitment and we are hopeful to be able to announce results from this trial yet this year."

Klemp founded the company in 2007, and Moleculin went public in 2016. Now, with the company's four clinical trials, Moleculin is even closer to saving lives with its products.

"Notwithstanding the relatively rare nature of CTCL, we believe showing activity with one of our STAT3 inhibitors, within our WP1066 family of molecules, could be an indicator of both the value of p-STAT3 as a target and the potential for our drugs in other cancers where STAT3 is highly activated," Klemp says in the release.

From cryotherapy and NASA-inspired fitness to startup funding and biotech, this week's innovators to know are raising the bar on health tech and innovation. Courtesy photos

4 health-focused Houston innovators to know this week

Who's who

This week's innovators to know are focused on health and wellness, from a Houston-based cryotherapy franchise to the person behind funding medical device and digital health startups. We couldn't narrow these folks down to the usual three, so here are the four Houston innovators to know as we start the last week in February.

Juliana Garaizar, director of the Texas Medical Center Venture Fund

Courtesy of TMC

Juliana Garaizar has worked all around the world, and her international contacts and venture capital experience has landed her at the heart of the Texas Medical Center leading the TMC Venture Fund.

"I think TMC wants to be positioned as a strong competitor to the East and West Coasts as a point of entry for companies coming to the United States, but also for technology and commercializations from hospitals," she tells InnovationMap. "The fact that I'm already very connected to other countries — not only from the funding side but also from the research side, is really helpful."

Garaizar has her hands full running the $25 million nonprofit fund that invests around $2 million a year. Recipients, which all have a connection to TMC either through the accelerator or workspaces, receive a range between $250,000 to $500,000, and can go up to $1 million in a deal, Garaizar says. She is focused on securing deal flow for the fund before growing it more.

"In the long term, we would like to raise a bigger fun, around $100 million fund," she says. "We would need to make sure we have our deal flow ready for that, and a big part of that would be international deal flow."

Walter Klemp, chairman and CEO of Moleculin

Courtesy of Moleculin

It's pretty concerning to Walter Klemp that, while Houston has the world's largest medical center, "the tragic irony" is that other cities have far more biotech money ready to be invested.

"The Third Coast is really starved for capital," he tells InnovationMap. "What drew me into this was I was one of the few entrepreneurs that lived here that knew the ropes in terms of tapping into East and West Coast capital structures and could make that connection for them."

In 2007, chairman and CEO Walter Klemp founded Moleculin Biotech Inc. as a private company. The company has three core technologies currently being tested with some success, but the most promising is called WP1066, which uses propolis, a compound of beeswax, sap and saliva that bees produce to seal small areas of their hives, as a base. The active compound both downregulates the STAT3, a long-time Holy Grail in the cancer research world, and directly attacking the tumor, but also quieting T Cells, which allows the body's own immune system to fight the cancer itself. Essentially, it works both as chemotherapy and immunotherapy.

Jay Sutaria, founder and lead trainer of Sutaria Training & Fitness

Courtesy of ST&F

Earthbound Houstonians have a chance to use NASA training equipment thanks to Jay Sutaria's company, Sutaria Training & Fitness.

"It's exclusive access to the equipment that is not available openly in Houston," Sutaria tells InnovationMap. "NASA is a reference for us to become better trainers."

Sutaria founded his company in 2011 while he was a student at the University of Houston, and the company now operates with two trainers. His clients include professional athletes such as D.J. Augustin (Orlando Magic, NBA); and Tim Frazier (New Orleans Pelicans, NBA), however, Sutaria and his team offer professional personal training services to any type of athlete.

Kyle Jones, COO of iCRYO

Courtesy of iCryo

Kyle Jones says he's always known he was destined for entrepreneurship, and when he came across the potential of cryotherapy while working at a physical therapist office, he knew it was a scalable business.

He opened his first location of iCRYO in League City in 2015. Now the company is

Jones says he used the location to work out the kinks of his business model, since he didn't really have much to model after. One thing that was most important to Jones, with his PT background, was safety of the patients. He cared about this more than making money, he says.

"I knew first and foremost the one thing that the cryotherapy space didn't have was a certification program, which is kind of terrifying to me," Jones tells InnovationMap. "Any therapy has some type of schooling or certification — massage therapy and acupuncture both have it. Cryotherapy even to date does not a certification to it."

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4 Houston innovators join prestigious group of inventors as senior members

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Houston is home to four new senior members of the National Academy of Inventors.

To be eligible to be an NAI Senior Member, candidates must be active faculty, scientists and administrators from NAI member institutions that have demonstrated innovation and produced technologies that have “brought, or aspire to bring, real impact on the welfare of society,” according to the NAI. The members have also succeeded in patents, licensing and commercialization, and educating and mentoring.

The University of Houston announced that three professors were selected to join the prestigious NAI list of senior members. UH now has 39 faculty members on the NAI list.

“We congratulate these three esteemed colleagues on being named NAI Senior Members,” Ramanan Krishnamoorti, vice president for energy and innovation at UH, said in a news release. “This recognition is a testament to their dedication, research excellence and pursuit of real-world impact by knowledge and technologies. Their achievements continue to elevate the University as a leader in innovation and entrepreneurship.”

UH’s new senior members include:

Birol Dindoruk, the American Association of Drilling Engineers Endowed Professor of Petroleum Engineering and Chemical and Biomolecular Engineering at the Cullen College of Engineering. He is known for his research in carbon capture and storage, fluid-rock interactions and hydrogen storage. He holds three patents.
Megan Robertson, the Neal R. Amundson professor of chemical and biomolecular engineering at UH’s Cullen College of Engineering. She is developing new polymers and groundbreaking strategies for recycling and reusing plastics. Robertson currently has three patents and two more patent applications pending.
Francisco Robles Hernandez, a professor of mechanical engineering technology at the UH College of Technology. He holds four patents, and several others are under review. His work focuses on carbon materials, including pioneering work with graphene and designs with steel and aluminum used in automotives and railroads.

“As an inventor, this is one of the highest honors you can be awarded, so I am very proud to receive it,” Robles Hernandez said in a news release. “UH has been instrumental in supporting my research and innovation efforts, but it’s the creativity of the students here that makes it successful.”

Allison Post, associate director of electrophysiology research and innovations and manager of innovation partnerships at the Texas Heart Institute at Baylor College of Medicine, also made the list.

Post was recognized for her work in biomedical engineering and commitment to advancing cardiovascular care through innovations. Post is the youngest member to be inducted this year.

Other notable Texas honorees include Emma Fan from the University of Texas, Arum Han from Texas A&M and Panos Shiakolas at UT Arlington.

In 2024, Edward Ratner, a computer information systems lecturer in the Department of Information Science Technology at the University of Houston’s Cullen College of Engineering, and Omid Veiseh, a bioengineer at Rice University and director of the Biotech Launch Pad, were named NAI fellows.

The Senior Member Induction Ceremony will honor the 2025 class at NAI’s Annual Conference June 23-26 in Atlanta, Georgia.

Plans revealed for $2 billion expansion of Houston convention district

coming soon

Mayor John Whitmire and Houston First Corporation shared a new master plan for the George R. Brown Convention Center and its surrounding area last week. The plan features expanded exhibition space, a living roof, a pedestrian plaza with access to Toyota Center and more.

The project will be funded by the state’s portion of incremental Hotel Occupancy Tax revenue growth within a three-mile radius of the GRB for 30 years, which is estimated to total about $2 billion, according to a release from Houston First.

The first phase of the project, which is slated to be completed by 2028, will focus on developing a 700,000-square-foot convention facility known as GRB South.

GRB South will feature:

Two exhibition halls, totaling 150,000 square feet
A 50,000-square-foot multipurpose hall that opens to the new Central Plaza
The 100,000-square-foot Central Plaza, an extension of the Avenida Plaza that will connect to Discovery Green and Toyota Center
Atrium flex hall totaling 25,000 square feet
225,000 square feet of contiguous exhibit space
A 60,000-80,000-square-foot ballroom
Ground-level spaces for retail and restaurants
A central atrium, providing each level with natural light

The design of the space is inspired by the Houston area's native prairies and will use low-carbon materials, high-efficiency building systems with rainwater collection and water-reduction strategies. A living roof on top of the GRB South will also have the potential for solar integration.

"It is imperative for us to stay competitive and meet the needs of our meetings and convention customers,” Michael Heckman, president and CEO of Houston First, said in the release. “This project will not only accomplish that but will establish a gathering space that will be the epicenter for entertainment, sports, and city-wide events, accentuating our ability to capitalize on Houston's unique offerings.”

The full campus renovation is expected to wrap in 2038, and construction will be managed in phases. Houston First reports that construction should not impact events currently scheduled as GRB.

“This project is truly transformative for downtown Houston, a lasting legacy that will solidify our position as a top-tier convention and entertainment destination,” Mayor John Whitmire said in the release. “Most importantly, we are creating a space that will build community, foster connection, and shape the future of Houston.”

Explore renderings of the plans below.

Rendering courtesy Houston First.

Tech company floats plan for futuristic shipyard on Texas Gulf Coast

Anchors Away

Armed with $600 million in fresh funding, Austin-based Saronic Technologies has set its sights on building a shipyard for producing remotely operated military vessels — and the futuristic shipyard could be located along the Texas Gulf Coast.

The shipyard, dubbed Port Alpha, would manufacture unstaffed midsize and large Navy ships known as “maritime drones.” Defense Newsreported that Texas — with the Gulf Coast being a prime target — is among the places under consideration for the shipyard. A timeline for construction of the shipyard hasn’t been set, and a cost estimate for the project hasn’t been revealed.

“A core principle of Saronic is that we design our vessels for autonomy from the keel up,” Saronic co-founder and CEO Dino Mavrookas, a former Navy SEAL, says in a news release. “We will take the same approach with Port Alpha, designing a shipyard from the ground up to produce at a speed and scale not seen since World War II.”

Saronic says Port Alpha would boost the U.S. shipbuilding industry, which is practically nonexistent. Consulting giant McKinsey & Co. reported in 2024 that the U.S. has gone from building about 5 percent of the world’s ocean-going ships in the 1970s to about 0.2 percent today. China, Japan, and South Korea now dominate global shipbuilding.

“The last years have seen a degradation in the capacity for the United States to build ships and to manufacture core needs of the country. I am excited to back Saronic and its focus on revitalizing shipbuilding in America, while also building products to defend those interests,” says investor and tech entrepreneur Elad Gil, who led the $600 million funding round.

The $600 million round, announced February 18, pushes the value of Saronic to $4 billion. Investors in Saronic, founded in 2022, include Gil, General Catalyst, a16z, Caffeinated Capital, and 8VC.

Last year, Saronic raised $175 million from investors, lifting the company’s value to $1 billion. In 2023, the startup collected $55 million from investors.

In the past three years, Saronic has focused on manufacturing three small remotely controlled vessels, or “maritime drones,” for the Navy: the six-foot-long Spyglass, 14-foot-long Cutlass, and 24-foot-long Corsair. Port Alpha would specialize in much bigger remotely controlled ships for the Navy. The Navy has expressed interest in assembling a modern fleet that combines staffed and unstaffed vessels.

Saronic’s nearly 420,000-square-foot factory in Austin manufactures the Spyglass, Cutlass and Corsair boats.

“The velocity and economics of warfare have fundamentally evolved, and several of our own team have witnessed firsthand how unmanned systems became true force multipliers in Afghanistan and in other theaters of conflict,” says Paul Kwan, managing director of General Catalyst.

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This story originally was published on our sister site CultureMap Austin.

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