Cather Precision, Inc.'s (VTAK) Board Authorizes its CEO and Chairman to Make "Open Market" Purchases of Company Shares

Rhea-AI Summary

Catheter Precision, an innovative US-based medical device company (NYSE American: VTAK), announces CEO and Chairman David Jenkins' authorization to purchase up to 500,000 shares of common stock. Jenkins expresses belief in the company's future and the potential of its groundbreaking technology for electrophysiology procedures. The company's FDA-registered LockeT product and VIVO 3D mapping system show promise, with global growth prospects. Jenkins' intent to engage in open market purchase transactions will depend on various factors, including the current trading price of the stock and his capital needs. Before these proposed purchases, Jenkins and his affiliate entities invested over $30 million in the company's predecessor, acquired by Catheter Precision in January 2023. The company continues to seek innovations and markets to improve the overall health of many with cardiac arrhythmias.

Insights

Financial Analyst

The announcement by Catheter Precision, Inc.'s CEO to buy up to 500,000 shares of common stock represents a significant affirmation of confidence in the company's future prospects. This move is often interpreted by the market as a positive signal, suggesting that leadership has strong faith in the company's pipeline and strategic direction. Such insider purchases can lead to increased investor confidence and potentially boost the stock price, as they are seen as a bullish indicator.

However, the impact of this purchase must be analyzed in the context of the company's overall liquidity and trading volume. If the average daily trading volume is low, such a purchase could lead to increased stock volatility. Additionally, investors should consider the proportion of this purchase relative to the total number of outstanding shares to gauge the potential influence on the share price.

It is also important to note that while the intent to purchase has been declared, the actual execution depends on various market conditions, including the stock's trading price. Moreover, the CEO's right to make private purchases or directly from the company could lead to different outcomes that might not have the same signaling effect as open market purchases.

Medical Research Analyst

Catheter Precision, Inc.'s focus on developing technologies for electrophysiology procedures to treat cardiac arrhythmias is a critical area in medical devices. The mention of the FDA-registered LockeT product and the VIVO 3D mapping system indicates the company's commitment to innovation and its potential to capture market share in this specialized field.

Early acceptance by hospitals and physicians is a promising sign for the LockeT product and patents in the USA and other global markets could provide a competitive edge. The success of these products will depend on their clinical efficacy, cost-effectiveness and the ability to navigate the complex regulatory environment, which includes obtaining necessary approvals for marketability.

The company's strategy in targeting the cardiac arrhythmia market is significant, as this is a growing segment due to an aging population and increased prevalence of cardiovascular diseases. The development and successful commercialization of such technologies could lead to substantial revenue growth and enhance the company's market position.

Market Research Analyst

The emphasis on continued global growth with the VIVO 3D mapping system by Catheter Precision, Inc. suggests a strategic focus on expanding its international presence. The cardiac arrhythmia treatment market is experiencing growth, driven by technological advancements and an increase in the global burden of arrhythmia-related diseases.

Understanding the competitive landscape and the rate of technology adoption in different regions will be crucial for the company's success. Market research would need to assess the demand for such advanced medical devices, potential barriers to entry in various markets and the effectiveness of the company's go-to-market strategy.

Additionally, the company's intellectual property strategy, as evidenced by the pending or approved patents, is a fundamental aspect of protecting its innovations and sustaining a competitive advantage. This is particularly relevant in the medical device industry, where proprietary technology can command premium pricing and drive long-term profitability.

FORT MILL, SC / ACCESSWIRE / January 11, 2024 / Catheter Precision, Inc. (the "Company") (NYSE American:VTAK), an innovative US-based medical device Company dedicated to improving the lives of patients with cardiac arrhythmias, announces that its CEO and Chairman, Mr. David Jenkins, [and/or one or more of his affiliated entities] has been authorized to purchase up to 500,000 shares of the Company's common stock in open market transactions across multiple trading days.

David Jenkins, CEO/Chairman of Cather Precision, Inc., and founder of the Catheter Precision business, states, "Committing additional capital shows that I fully believe in the Company and the team. Our development of groundbreaking technology for electrophysiology procedures to improve the treatment of cardiac arrhythmias continues aggressively forward. Our FDA-registered LockeT product is gaining early acceptance by hospitals and physicians, with patents pending or approved in the USA and other global markets. We also see continued global growth with our VIVO 3D mapping system. The future is strong for Cather Precision, Inc., and I'm excited for our future and expect that more of our innovations will meet necessary approvals and become marketable."

Although it is Mr. Jenkins' current intent to engage in open market purchase transactions from time to time, his decision as to whether to engage in a purchase at any given time will depend upon a number of factors, including the current trading price of Company common stock and Mr. Jenkins' other capital needs. There is no guarantee that all or a substantial portion of the shares authorized as described above will in fact be purchased, and Mr. Jenkins reserves the right to make private purchases or purchases directly from the Company, subject to compliance with rules of the NYSE American. All purchases by Mr. Jenkins will be made in compliance with all applicable laws, and all open market transactions will be conducted pursuant to Rule 10b-18 under the Securities Exchange Act of 1934, as amended. Before these proposed purchases, Mr. Jenkins and his affiliate entities invested greater than $30 million of his capital into the Company's predecessor, which was acquired by the Company in January 2023.

The Company continues to seek innovations and markets to improve the overall health of many with cardiac arrhythmias.

About Catheter Precision, Inc. (NYSE-American:VTAK)

Catheter Precision, Inc. (NYSE-American: VTAK) is an innovative U.S.-based medical device company bringing new solutions to market to improve the treatment of cardiac arrhythmias. It is focused on developing groundbreaking technology for electrophysiology procedures by collaborating with physicians and continuously advancing its products. The Company produces and delivers electrophysiological products to provide patients, hospitals, and physicians with novel technologies and solutions to improve patients' lives with cardiac arrhythmias. With a world-class management team and partnerships with leading industry experts, Catheter Precision continues to reach new and essential milestones in electrophysiology. Reincorporated as Ra Medical Systems, Inc. in Delaware in 2018, the Company changed its name to Catheter Precision, Inc. on August 17, 2023. https://www.catheterprecision.com/.

Cautionary Note Regarding Forward-Looking Statements

Statements in this press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to substantial risk and uncertainties. Forward-looking statements can be identified by words such as "believe," "anticipate," "may," "might," "can," "could," "continue," "depends," "expect," "expand," "forecast," "intend," "predict," "plan," "rely," "should," "will," "may," "seek," or the negative of these terms and other similar expressions, although not all forward-looking statements contain these words. These forward-looking statements include, but are not limited to, our belief that our FDA-registered LockeT product is gaining early acceptance by hospitals and physicians, our belief that the future is strong for the Company, and our belief that more of our innovations will meet necessary approvals and become marketable. The Company's expectations and beliefs regarding these matters may not materialize. Actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of uncertainties, risks and changes in circumstances, including but not limited to risks and uncertainties included under the caption "Risk Factors" in the Company's Form 10-K for the year ended December 31, 2022 and Forms 10-Q for the quarters ended March 31, 2023, June 30, 2023, and September 30, 2023, filed with the U.S. Securities and Exchange Commission and available at www.sec.gov. These risks and uncertainties include, but aren't limited to, that we are currently, and have been historically, unprofitable, our current operations do not generate sufficient cash flow to cover our expenses, and we do not have sufficient liquidity to operate for the next [six] months without obtaining additional financing, which we may be unable to obtain, that we will not be able to reach profitability and sufficient cash flow unless we are able to achieve our product expansion and growth goals, our research and development and commercialization efforts may depend on entering into agreements with corporate collaborators, we have entered into joint marketing agreements with respect to our products, and may enter into additional join marketing agreements, that will reduce our revenues from product sales, royalty agreements with respect to our LockeT device will reduce any future profits from this product, if we experience significant disruptions in our information technology systems, our business may be adversely affected, litigation and other legal proceedings may adversely affect our business, if we make acquisitions or divestitures, we could encounter difficulties that harm our business, failure to attract and retain sufficient qualified personnel could also impede our growth, failure to maintain effective internal controls could cause our investors to lose confidence in us and adversely affect the market price of our common stock, if our internal controls are not effective, we may not be able to accurately report our financial results or prevent fraud, our revenues may depend on our customers' receipt of adequate reimbursement from private insurers and government sponsored healthcare programs, we may be unable to compete successfully with companies in our highly competitive industry, many of whom have substantially greater resources than we do, our future operating results depend upon our ability to obtain components in sufficient quantities on commercially reasonable terms or according to schedules, prices, quality and volumes that are acceptable to us, and suppliers may fail to deliver components, or we may be unable to manage these components effectively or obtain these components on such terms, if hospitals, physicians and patients do not accept our current and future products or if the market for indications for which any product candidate is approved is smaller than expected, we may be unable to generate significant revenue, if any, our medical device operations are subject to pervasive and continuing FDA regulatory requirements, our products may be subject to additional recalls, revocations or suspensions after receiving FDA or foreign approval or clearance, which could divert managerial and financial resources, harm our reputation, and adversely affect our business, changes in trade policies among the U.S. and other countries, in particular the imposition of new or higher tariffs, could place pressure on our average selling prices as our customers seek to offset the impact of increased tariffs on their own products, increased tariffs or the imposition of other barriers to international trade could have a material adverse effect on our revenues and operating results. The forward-looking statements included in this communication are made only as of the date hereof. The Company assumes no obligation and does not intend to update these forward-looking statements except as required by law.

CONTACTS

David Jenkins
973-691-2000
IR@catheterprecision.com

SOURCE: Catheter Precision, Inc

View the original press release on accesswire.com

FAQ

What is the ticker symbol for Catheter Precision, Inc.?

The ticker symbol for Catheter Precision, Inc. is VTAK on the NYSE American.

What is the significance of David Jenkins' authorization to purchase shares?

David Jenkins' authorization to purchase shares shows his belief in the company's future and its potential for growth.

What products does Catheter Precision offer for the treatment of cardiac arrhythmias?

Catheter Precision offers the FDA-registered LockeT product and the VIVO 3D mapping system for the treatment of cardiac arrhythmias.

What is the history of David Jenkins' investment in the company?

Before the proposed purchases, David Jenkins and his affiliate entities invested over $30 million in the company's predecessor, acquired by Catheter Precision in January 2023.

What are the future prospects for Catheter Precision, Inc.?

Catheter Precision continues to seek innovations and markets to improve the overall health of many with cardiac arrhythmias.

What factors will determine David Jenkins' engagement in open market purchase transactions?

David Jenkins' decision to engage in open market purchase transactions will depend on various factors, including the current trading price of the company's common stock and his other capital needs.