Tuesday, January 10, 2023
Ra Medical Systems, Inc., announces the completion of its previously announced stock-for-stock merger transaction with Catheter Precision, Inc., a company focused on the cardiac electrophysiology market. Medtech veteran and Catheter Precision CEO and founder David Jenkins has joined Ra Medical’s Board of Directors as Executive Chairman. Mr. Jenkins was instrumental in operating several medical device startups, including Transneuronix, Inc., which was acquired by Medtronic plc (NYSE: MDT) in July 2005, and EP MedSystems, Inc., which was acquired by St. Jude Medical (now owned by Abbott (NYSE: ABT)) in July 2008. James Caruso will also join the Board, to serve alongside continuing directors Martin Colombatto, Will McGuire and Susanne Meline.
Catheter Precision’s lead product, VIVO™ (an acronym for View Into Ventricular Onset), is an FDA-cleared and CE mark product that utilizes non-invasive inputs to locate the origin of ventricular arrhythmias. VIVO has been used in more than 800 procedures in leading U.S. and European hospitals under a limited commercial launch that commenced in the third quarter of 2021. Preparations are underway for a full commercial launch in the first quarter of 2023. Catheter Precision’s product portfolio also includes the Amigo®, a robotic arm that serves as a catheter control device. Catheter Precision is developing a third product, anticipated to be released in 2023, which is a device to assist in the closure of the percutaneous insertion site used in minimally invasive procedures, such as catheter ablation.
About the transaction, Mr. Jenkins stated, “We are excited to bring Catheter Precision into a public company environment via the merger with RMED, which allows us access to an additional pool of capital. Subject to closing the private placement financing that is contingent upon the approval of Ra Medical’s stockholders, and assuming the exercise of all repriced warrants, we will have approximately $12.5 million of net cash, which should provide at least two years of operating capital, positioning us to meet both our short-term and longer-term goals.”
Mr. McGuire added, “We have been eagerly awaiting the consummation of this merger. The field of cardiac electrophysiology presents a promising opportunity for Ra Medical and our shareholders. Teaming up with David Jenkins and his team, and Catheter Precision’s product line up based on unique electrophysiology technology brings us prospects for a bright future.”
