Catheter Precision, Inc. (VTAK) Announces Receipt of New Purchase Order and Product Evaluation at New Hospital
Catheter Precision, Inc. (VTAK) has received a purchase order for LockeT, its newest product, from the University of California San Diego (UCSD) health system. This order allows for product evaluations at the hospital to begin. CEO David Jenkins emphasized the importance of hospitals evaluating products before committing to long-term purchases. VP Robert Locke praised UCSD as an early adopter of new technologies in electrophysiology.
Receiving a purchase order from UCSD indicates confidence in the value and benefits of LockeT.
UCSD's reputation as an early adopter in the electrophysiology field bodes well for the success of LockeT.
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FORT MILL, SC / ACCESSWIRE / May 7, 2024 / Catheter Precision, Inc. (the "Company") (NYSE American:VTAK), a US based innovative medical device company focused on electrophysiology products, announced the receipt of a purchase order for LockeT, the company's newest product, from the University of California San Diego (UCSD) health system. This initial purchase order from UCSD enables product evaluations at the hospital to begin.
"Many hospitals require an evaluation of products before a commitment to long-term purchase," stated David Jenkins, CEO of Catheter Precision. "Obtaining this purchase order requires buy-in from the physician, hospital staff, and purchasing departments before it can be issued. This purchase order indicates that the hospital and its staff see the value and benefits that LockeT can bring not just to their hospital, but to their patients."
Robert Locke, Catheter Precision's VP of Product Development for LockeT stated, "I have worked with the UCSD Health System for many years. This hospital is often one of the earliest adopters of new technologies and a leader in the electrophysiology field. I am delighted that they are one of the first users of LockeT as we start our nation-wide product launch."
About LockeT
Catheter Precision's LockeT is a suture retention device intended to assist in hemostasis after percutaneous venous punctures. LockeT is a Class 1 device registered with the FDA.
About Catheter Precision
Catheter Precision 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. Reincorporated as Ra Medical Systems, Inc. in Delaware in 2018, the Company changed its name to Catheter Precision, Inc. on August 17, 2023.
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, statements regarding product evaluations at the hospital, and that the purchase order indicates that the hospital and its staff see the value and benefits that LockeT can bring. 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 filed with the SEC and available at www.sec.gov. These risks and uncertainties include, but aren't limited to, that we do not have sufficient liquidity to fund our operations through May 2024 unless we are able to obtain additional financing or enter into a strategic transaction that would provide additional liquidity, we will not be able to reach profitability 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 joint 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, we have determined that our internal controls and disclosure controls were not effective as of December 31, 2023 and March 31, 2024, and as a result, without effective remediation of the material weaknesses that we have identified, 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 risks and uncertainties described above may be amplified by the COVID-19 pandemic, which has caused significant economic uncertainty, or other pandemics, supply chain disruptions from the Ukraine war or Israeli-Hamas conflict and otherwise, and ongoing volatility in the stock markets and the U.S. economy in general.
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:
At the Company
David Jenkins
973-691-2000
IR@catheterprecision.com
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SOURCE: Catheter Precision, Inc
View the original press release on accesswire.com
FAQ
Which hospital issued the purchase order for LockeT?
The University of California San Diego (UCSD) health system issued the purchase order for LockeT.
Who is the CEO of Catheter Precision, Inc.?
David Jenkins is the CEO of Catheter Precision, Inc.
What is the focus of Catheter Precision, Inc.?
Catheter Precision, Inc. is focused on electrophysiology products.
What is the latest product announced by Catheter Precision, Inc.?
LockeT is the newest product announced by Catheter Precision, Inc.
What is the stock symbol of Catheter Precision, Inc.?
The stock symbol of Catheter Precision, Inc. is VTAK.
