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Catheter Precision, Inc. (NYSE American: VTAK) is a forefront player in the medical technology field, dedicated to advancing cardiac electrophysiology. This U.S.-based company boasts a strong commitment to enhancing patient outcomes and medical procedures through its innovative product lines.
The company’s flagship products include the VIVO™ system and the LockeT™ device. The VIVO™ (View Into Ventricular Onset) system is a non-invasive 3D imaging technology that aids physicians in pinpointing the origins of ventricular arrhythmias before EP procedures. This system is instrumental in improving procedural success rates and reducing time for mapping and procedures, having received both FDA clearance and CE Mark for commercialization in the U.S. and Europe, respectively.
Catheter Precision’s LockeT™ is a suture retention device designed to assist in hemostasis following percutaneous venous punctures. As a Class 1 FDA-registered device, LockeT has the potential to become a standard in wound closure, particularly in high-volume settings such as electrophysiology, vascular surgery, and interventional radiology.
The company's commitment to growth and development is evident in its recent strategic initiatives. In March 2024, Catheter Precision sponsored a session at the Monaco USA Arrhythmia Course, showcasing its VIVO system to key opinion leaders in the field. Subsequent to this, the company reported substantial year-over-year revenue growth in its Q4 and annual financials for 2023, reflecting increased market adoption of its products.
In terms of clinical progress, Catheter Precision has concluded significant patient enrollments for its VIVO European Registry and initial clinical trials for LockeT, both showing promising data. The company continues to bolster its intellectual property, having filed 8 new patent applications and received 6 issuances over the past year. These efforts underline Catheter Precision's commitment to maintaining its competitive edge through continuous innovation.
Additionally, the company has been expanding its business development team, onboarding industry veterans to drive market penetration and sales growth. This strategic move is aligned with its goal of achieving substantial revenue milestones and positioning itself as a leader in the electrophysiology market.
As part of its recent accomplishments, Catheter Precision received its first purchase order for the LockeT device from HCA Healthcare, a significant validation of the product's value. Furthermore, the company announced the addition of Marie-Claude Jacques as the Chief Commercial Officer, bringing in extensive experience from Boston Scientific and Baylis Medical to steer commercialization efforts.
Going forward, Catheter Precision remains focused on its two core products, VIVO and LockeT, while seeking additional financing solutions to support its growth objectives. The company's strategic vision and operational execution continue to underscore its potential for significant impact in the medical technology landscape.
Catheter Precision (NYSE/American: VTAK) has announced its participation in the 18th Western Atrial Fibrillation Symposium from February 27 – March 1 in Salt Lake City, Utah. The symposium, featuring over 80 world-renowned faculty members, focuses on improving atrial fibrillation (AF) outcomes globally through discussions of latest diagnostic and treatment advancements.
The company aims to showcase its LockeT product line, which serves as an adjunctive solution for atrial fibrillation procedures. CEO David Jenkins emphasized that attending industry-specific meetings is important to their commercialization strategy, with the goal of educating physicians about LockeT's benefits for recovery room staff, hospitals, and patients.
Catheter Precision (NYSE American: VTAK) has engaged PCG Advisory to enhance its investor relations strategy and market communications. The company, which develops cardiac electrophysiology medical devices, aims to strengthen engagement with institutional and retail investors while increasing awareness of its LockeT and VIVO™ technologies.
These innovative devices address challenges in electrophysiology and vascular closure, focusing on improving procedural efficiency and reducing complications. The company is entering its commercial phase, with CEO David Jenkins highlighting the potential of their technologies to deliver value to shareholders and healthcare providers.
The engagement comes as the electrophysiology market is projected to reach $15.1 billion by 2028, driven by increasing demand for ventricular ablation treatments and vascular closure solutions.
Catheter Precision (VTAK) has announced its participation in the 13th International Symposium on Left Atrial Appendage (ISLAA) taking place on February 7th and 8th, 2025, in Austin, Texas. The symposium is a multi-specialty cardiovascular educational event focusing on left atrial appendage science.
The program will be managed by leading physicians from prestigious institutions including The Kansas City Heart Rhythm Institute, Texas Cardiac Arrhythmia Institute, Los Robles Medical Center, Mayo Clinic, and Mt. Sinai. The event features hands-on demonstrations and product education for electrophysiology fellows.
Catheter Precision will showcase LockeT, their solution for closing large access sites after LAA procedures. CEO David Jenkins highlighted that LockeT offers a safe and effective option for wound closure, enabling cost reduction and same-day hospital discharge.
Catheter Precision (NYSE American: VTAK) has successfully completed its previously announced acquisition of PeriKard, . The transaction, which was completed within the anticipated timeline, was structured as an all-stock deal. According to CEO David Jenkins, the acquired technology aligns with the company's focus on the ventricular therapeutic market and is expected to support their growth strategy in this market segment.
Catheter Precision (NYSE American:VTAK) has announced its participation in the 30th International Atrial Fibrillation Symposium, scheduled for January 16-18, 2025, in Boston, Massachusetts. The AF Symposium, established in 1995 in response to the growing atrial fibrillation epidemic, has evolved into a significant scientific forum where healthcare professionals can learn about the latest research and therapeutic advances directly from leading investigators.
CEO David Jenkins emphasized that these meetings provide valuable opportunities to showcase their technologies, generate sales leads, and facilitate educational discussions between physicians about their products, studies, and clinical techniques.
Catheter Precision (NYSE American:VTAK) has announced a definitive agreement to acquire PeriKard, through an all-stock transaction. The deal involves issuing 275,000 shares of restricted VTAK common stock for 100% of PeriKard's interests. The closing is expected by the end of January 2025, subject to NYSE/American approval.
PeriKard is developing a specialized kit of tools designed to improve physician access to the heart's pericardial space. The kit aims to provide enhanced needle and drainage systems compared to existing solutions. This technology addresses the clinical need for pericardial access in cases of excess fluid drainage and ablation procedures for treating arrhythmias outside the heart wall.
Catheter Precision (NYSE American:VTAK) has received its first purchase order for LockeT from the southeast region, specifically from The University of Tennessee Medical Center in Knoxville. This development marks the beginning of 2025 and follows the company's recent expansion of its US sales and clinical team for LockeT's national product launch.
The University of Tennessee Medical Center, a 710-bed facility, serves as the region's academic medical center, Magnet® recognized hospital, and Level I Trauma Center. It functions as a major referral center for East Tennessee, Southeast Kentucky, and Western North Carolina, and houses the region's only dedicated Heart Hospital.
Catheter Precision (NYSE American:VTAK) has appointed Philip Anderson as its new Chief Financial Officer, replacing Interim CFO Margrit Thomassen, who will continue as Controller. CEO David Jenkins highlighted Anderson's diverse background in executive management, hedge fund partnership, and investment banking.
Anderson received an inducement award of options to purchase 500,000 shares of Company common stock at $0.53 per share, vesting monthly over three years with a 10-year term. The options were granted under NYSE American listed company manual Section 711(a).
Anderson expressed enthusiasm about joining VTAK, citing the company's position in the growing cardiac electrophysiology market, experienced management team including former Baylis and Boston Scientific executive Marie-Claude Jacques, and two revenue-generating products with strong clinical evidence.
Catheter Precision (NYSE American:VTAK) has received its first purchase order for LockeT from Montefiore Medical Center in the Bronx, NY. This development follows the company's recent expansion of its US sales and clinical team for LockeT's national product launch. Montefiore, a premier academic medical center and primary teaching hospital of Albert Einstein College of Medicine, performs over 1,000 electrophysiology and cardiac rhythm procedures annually. The medical center is part of the Montefiore Einstein health network, which encompasses over 300 locations including 13 hospitals.
Catheter Precision (NYSE American:VTAK) reported Q3 2024 financial results and operational updates. The company has expanded its pipeline to 87 potential hospital customers, with 32 institutions in evaluation phase. Sales revenue reached $96,000 for Q3 and $271,000 for nine months ended September 30. The company reported a Q3 net loss of $4.1 million, with $1.7 million in non-cash charges. Total assets were $26.7 million with $1.3 million cash position. LockeT CE Mark completion is expected by Q1 2025, with European launch planned for Q2 2025. Clinical studies for both LockeT and VIVO products continue to show promising results.
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