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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.