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) has announced compliance with the NYSE American's continued listing standards, resolving previous deficiencies related to its stock price. As of December 9, 2022, the Company's compliance indicator will be removed, and it will no longer appear on the NYSE’s list of noncompliant issuers. Ra Medical is known for its patented excimer laser platform aimed at treating vascular immune-mediated inflammatory diseases, particularly through its DABRA Excimer Laser System for peripheral artery disease.
Catheter Precision has successfully completed over 800 procedures using its non-invasive VIVO System, which aids physicians in identifying ventricular arrhythmia onset. The company, in a merger agreement with Ra Medical Systems (RMED), aims to create a combined publicly traded entity focused on cardiac electrophysiology. The merger is expected to finalize in Q4 2022 or Q1 2023, pending shareholder approval. Catheter intends to expand its product line, including the launch of a vessel closure device in 2023, enhancing its market presence.
Catheter Precision has completed over 20 procedures at NYU Langone Hospital using its VIVO System, which aids in identifying the origins of arrhythmias efficiently. This marks a significant milestone in clinical acceptance and indicates growing usage among physicians. The company, in a merger agreement with Ra Medical Systems (NYSE: RMED), aims to create a publicly traded entity focused on the cardiac electrophysiology market. The merger is anticipated to close in late 2022 or early 2023, subject to shareholder approval and closing conditions.
Ra Medical Systems (RMED) reported financial results for Q3 2022, highlighting a merger plan with Catheter Precision. This stock-for-stock reverse-merger aims to tap into the growing cardiac electrophysiology market. Company CEO Will McGuire cited $13.7 million in cash and an additional $7.4 million raised through their At-the-Market facility. They aim to meet NYSE listing requirements post-reverse stock split, with expectations to finalize the merger by early 2023. Catheter’s FDA-cleared product, VIVO™, targets ventricular arrhythmias, a significant unmet need in cardiac care.
Catheter Precision has reported three commercial orders in 60 days, indicating increased device usage in the U.S. The VIVO technology, launched in 2021, has been used in over 780 procedures, generating approximately
Ra Medical Systems (RMED) has completed its at-the-market (ATM) facility, raising $7.6 million through the sale of 1,072,246 shares at a weighted average price of $7.09 per share. The net proceeds are approximately $7.4 million after commissions. These funds are intended to meet conditions for a proposed merger with Catheter Precision, expected to close by year-end 2022, pending shareholder approval. As of October 10, 2022, Ra Medical has 2,161,429 shares outstanding. Key developments include plans to file a definitive proxy statement for the merger approval.
Catheter Precision announced a new U.S. patent application for its VIVO™ technology, enhancing its intellectual property portfolio, which now includes 35 patents. The company is focused on improving cardiac electrophysiology through innovative products. Following a definitive merger agreement on September 12, 2022, Catheter Precision will become a wholly owned subsidiary of Ra Medical Systems (RMED), aiming to create a combined company that specializes in cardiac arrhythmias. The merger is expected to finalize by year-end 2022, pending shareholder approvals.
Catheter Precision has announced its lead product, VIVO™, will be presented at the Sixth Annual Society of Cardiac Robotic Navigation meeting in Budapest on September 29-30, 2022. This product aids in non-invasive mapping for ventricular arrhythmias, emphasizing its clinical acceptance. The company is merging with Ra Medical Systems (NYSE: RMED), creating a publicly traded entity in cardiac electrophysiology. The merger is expected to finalize by the end of 2022, dependent on shareholder approvals and closing conditions.
Catheter Precision, a medical device company, has appointed Fatih Ayoglu as the Business Development Manager for EMEA, focusing on clinical and sales development in Europe, the Middle East, and Africa. This position comes as Catheter Precision is set to merge with Ra Medical Systems (NYSE American: RMED) under a definitive agreement that aims to create a publicly traded entity in the cardiac electrophysiology market. The merger is anticipated to close before the end of 2022, pending shareholder approval. The company is also advancing product developments, including a new vessel closure device planned for launch in early 2023.
Ra Medical Systems, Inc. (RMED) announced the approval of three proposals at its Special Meeting of Stockholders held on September 20, 2022, including a crucial 1-for-50 reverse stock split. This measure is intended to maintain compliance with NYSE American listing standards, following a notice regarding low stock prices. Additionally, the Company plans to merge with Catheter Precision, which focuses on cardiac electrophysiology technology. The merger is anticipated to close by the end of 2022, pending shareholder approval and other conditions.
FAQ
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