Zeltiq Aesthetics Inc., the Pleasanton, California-based maker of fat-reduction technology, known as Coolsculpting, or scientifically as Cryolipolysis, climbed as much as 15 percent in Nasdaq trading after raising $91 million yesterday in an initial public offering.
Zeltiq offers a method using controlled cooling (Coolsculpting) to reduce fat bulges that can’t be eliminated through dieting or exercise, according to a regulatory filing. The company received U.S. Food and Drug Administration approval last year to market the method, called CoolSculpting, for fat reduction on the part of the body commonly known as “love handles.”
The procedure has also been approved in 46 international markets, where its use is typically not limited to a specific body part, according to the filing.
Zeltiq said it plans to use proceeds from the IPO to pay outstanding licensing fees and for research and development. This successful listing on the stock exchange gives a real boost to the confidence that the American public and the markets in general have in this technology. We can be assured that with more funding and publicity, the cryolipolysis technique that was first developed at Harvard University can be further refined, to provide more applications and even better results than has already been achieved thus far.