This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
SANUWAVE Health Inc. develops and commercializes medical devices using extracorporeal shock wave therapy, primarily for wound care applications such as diabetic foot ulcers. The company’s core technology and product development inherently involve animal testing, as documented by Cruelty Free Investors, which lists SANUWAVE among companies that exploit animals. This classification indicates the company’s operations rely on animal use for research, regulatory testing, or product validation. While specific revenue percentages or animal usage volumes are not detailed in public filings, the company’s focus on bringing new medical devices to market typically requires animal studies to demonstrate safety and efficacy for regulatory approvals like the FDA’s De Novo clearance granted for its dermaPACE® system.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.