Welcome to our dedicated page for Ra Medical Systems news (Ticker: RMED), a resource for investors and traders seeking the latest updates and insights on Ra Medical Systems stock.
Ra Medical Systems, Inc. (symbol: RMED) is a U.S.-based medical device company specializing in advanced excimer laser-based vascular and dermatological therapies. The company leverages its innovative laser technology to treat vascular and dermatological diseases, aiming to enhance patients' quality of life by restoring blood flow in arteries and alleviating chronic skin conditions.
The company markets two primary products:
- DABRA Catheter and Laser: Cleared by the U.S. FDA for minimally invasive endovascular treatment of vascular blockages resulting from lower extremity vascular disease, including peripheral artery disease (PAD).
- Pharos Excimer Laser: Designed for treating inflammatory skin conditions such as psoriasis, atopic dermatitis, and leukoderma, and also FDA-cleared.
Ra Medical, through its wholly owned subsidiary Catheter Precision, continues to make strides in the medical device industry with recent advancements and strategic partnerships. The VIVO™ system, a non-invasive 3D imaging technology, is used in pre-procedure planning for ventricular ablations, and has been adopted by numerous hospitals for its effectiveness in identifying the earliest electrical activation of ventricular arrhythmias.
One of the company's recent achievements includes the completion of 100 ventricular ablation procedures at the Heart Hospital of New Mexico at Lovelace Medical Center. This milestone highlights the growing recognition of VIVO's benefits in streamlining complex medical procedures.
Ra Medical Systems is also expanding its international footprint. The company has filed for CE Mark for its LockeT device, a suture retention product intended to assist in hemostasis after percutaneous venous punctures. Expected within the third quarter of 2023, this CE Mark will open new markets in Europe and beyond.
Amidst these developments, Ra Medical is preparing for a corporate name change to Catheter Precision, Inc., effective August 17, 2023, with a new ticker symbol VTAK. This change marks a strategic shift focusing solely on cardiac electrophysiology, away from its previous laser catheter business.
Ra Medical's commitment to innovation and collaboration with medical professionals underscores its mission to deliver groundbreaking technology for better patient outcomes in the treatment of cardiac arrhythmias.
Ra Medical Systems (NYSE American:RMED) announced the resignation of CEO Will McGuire, effective April 28, 2023, for personal reasons. He will also step down from the board of directors. The board has established a committee to search for a new CEO while Executive Chairman David Jenkins will serve as Interim CEO. The company is focused on developing innovative solutions for cardiac arrhythmias through its subsidiary Catheter Precision. The press release includes a cautionary note regarding forward-looking statements, highlighting potential risks related to executive recruitment and market conditions. Investors are advised to review the company's Annual Report for more insights.
Ra Medical Systems (NYSE American:RMED) announced that its subsidiary, Catheter Precision, is participating in the European Heart Rhythm Association (EHRA) congress in Barcelona from April 16-18, 2023. This event features more than 4,100 members from the cardiology field and focuses on improving treatment for cardiac arrhythmias.
CEO David Jenkins highlighted the significance of the VIVO system, indicating its role in aiding ventricular ablations. Multiple abstracts showcasing VIVO were accepted for presentation at the conference, addressing key advancements in non-invasive electrophysiology and novel imaging techniques.
The VIVO system, which has received both FDA marketing clearance and CE mark, streamlines workflows in electrophysiology procedures by non-invasively identifying arrhythmia origins.
Ra Medical Systems (NYSE American: RMED) announced the appointment of Steven Passey as its new Chief Financial Officer, effective April 1, 2023. This follows the interim role of Brian Conn. Passey brings extensive experience from publicly traded companies and is expected to enhance financial strategy and M&A capabilities as the company prepares for the market launch of its VIVO product line and the LockeT suture retention device. Previous roles include CFO at QSI Holdings and TechniScan. The announcement was made by Executive Chairman David Jenkins, who thanked Conn for his leadership during the merger with Catheter.
Ra Medical Systems, Inc. (NYSE American: RMED) announced the closure of a private placement, generating $8 million in gross proceeds. Executive Chairman David Jenkins highlighted that this capital provides sufficient operating funds through the end of 2024 and supports launching their VIVO product line and LockeT devices. The placement involved issuing 497,908 shares of common stock and 7,203 convertible preferred shares, among other securities. The Company plans to file a registration statement with the SEC to cover the resale of shares. Both VIVO and LockeT aim to enhance cardiac procedure efficiency and outcomes.
Ra Medical Systems (NYSE American:RMED) has successfully secured approval from stockholders for all proposals during a Special Meeting held on March 21, 2023. This includes a planned $8 million financing based on 90% of the 5-day volume weighted average share price, aiming to enhance capital for product development and marketing. Key proposals approved include the issuance of over 19.99% of outstanding common stock through various warrants and the appointment of Haskell & White LLP as the accounting firm for fiscal year 2022. The company emphasizes its growth strategy in innovative cardiac solutions, while also issuing a caution regarding forward-looking statements.
FAQ
What is the market cap of Ra Medical Systems (RMED)?
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What is VIVO?
What recent milestone has Ra Medical achieved with VIVO?
What is the LockeT device?
When is Ra Medical changing its name to Catheter Precision, Inc.?
What diseases does the Pharos Excimer Laser treat?
What are the benefits of using VIVO in ventricular ablations?
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