MT. OLIVE, N.J.–(BUSINESS WIRE)–Ra Medical Systems (NYSE American: RMED) announces a realignment of its board of directors in conjunction with the recently announced merger with Catheter Precision, Inc. David Jenkins has joined the board as Executive Chairman and James Caruso has been named director. Martin Colombatto, Will McGuire and Susann L. Meline will continue to serve as directors. Joan Stafslien and Richard Mejia, Jr. have resigned as directors, with board membership remaining at five.
The following adjustments have also been made to the board:
- Ms. Meline has been named Lead Independent Director and Chair of the Governance/Nomination Committee She will also serve on the Audit Committee.
- Mr. Colombatto will continue as Chair of the Compensation Committee and will remain on the Governance/Nomination Committee.
- Mr. Caruso has been named Chair of the Audit Committee and will serve on the Compensation Committee.
Mr. Jenkins commented, “We are pleased to make these adjustments to our board including the appointment of James Caruso, who brings significant financial background making him ideal for Chair of our Audit Committee. Our new board is fully committed to advising and governing Ra Medical for future growth with a primary focus in the cardiac electrophysiology marketplace. We thank our former board members for their service.”
Mr. Caruso has been performing consulting services through Adesha Medical since 2016. He served as Vice President, Chief Financial Officer, Corporate Secretary and Treasurer of Catheter Precision from 2010 to 2016. From 2008 to 2010, Mr. Caruso served as a Site Manager for the St Jude Medical Atrial Fibrillation Division (NYSE: STJ) and from 2007 to 2008 he served as Vice President, Chief Financial Officer, Secretary and Treasurer of EP MedSystems, Inc. (NASDAQ : EPMD). Mr. Caruso previously served as a Vice President of Finance for St Jude Medical Neuro division, Advanced Neuromodulation Systems, Inc., HiTronics Designs, Inc., and Micron Products, Inc. (AMEX: PMR). He began his career at Deloitte (previously Deloitte & Touche). Mr. Caruso holds a BA from Rutgers College and an MBA from Fordham University and is a Certified Public Accountant.
About Ra Medical Systems
Ra Medical Systems’ wholly owned subsidiary, Catheter Precision, is an innovative medical device company bringing to market new solutions that improve the treatment of cardiac arrhythmias. It is developing groundbreaking technology for electrophysiology procedures by collaborating with physicians and continuously advancing its products.
Catheter Precision is pursuing three product areas. Its 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. Through its use, physicians can identify patients for invasive catheter ablation, and with those patients, reduce the amount of time to complete the invasive procedure. Ventricular arrhythmias include ventricular tachyarrhythmias and premature ventricular arrhythmias, diseases that despite affecting millions of people are not well treated today. While much past growth in the electrophysiology market has been for the treatment of atrial fibrillation, Catheter Precision believes that ventricular arrhythmias represent a large growth opportunity.
Catheter Precision also intends to pursue a second generation of Amigo®, a robotic arm previously cleared by the FDA and awarded the CE mark, which serves as a catheter control device that can be remotely controlled outside of the procedure room. Catheter Precision has demonstrated that patient outcomes may be enhanced with this device. Catheter Precision is working toward a third product release in the first half of 2023, which is a device to assist in the closure of the insertion site of a percutaneous catheter or other device. It is estimated that the worldwide market for this closure assist device exceeds one million procedures per year.
