Ra Medical Systems Completes Merger with Catheter Precision
Summary
Medtech veteran and Catheter Precision CEO and founder David Jenkins has joined Ra Medical’s Board of Directors as Executive Chairman. 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. Simultaneously with the merger, RMED has entered into a warrant inducement offer letter and a securities purchase agreement for a private placement for gross proceeds of approximately $9.3 million. Other information regarding the interests of such individuals and other persons who may be deemed participants in the proposed transactions will be set forth in the definitive proxy statement and other relevant materials to be filed with the SEC when they become available.