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Posted 12 September, 2022

Ra Medical Systems, Inc. appointed new CEO

CEO Change detected for ticker NYSE:RMED in a 8-K filed on 12 September, 2022.


  Appointment of Executive Chairman; CEO Transition  

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Overview of Ra Medical Systems, Inc.
Health Care/Life Sciences • Medical Equipment/Supplies
Ra Medical Systems, Inc. engages in the design, development and commercialization of excimer lasers for the treatment of vascular immune-mediated inflammatory diseases. Its product, the Destruction of Arteriosclerotic Blockages by laser Radiation Ablation (DABRA) laser and single-use catheter, together referred to as DABRA, is used as a tool in the treatment of peripheral artery disease which commonly occurs in the legs. The company was founded by Dean Irwin and Melissa Burstein on September 4, 2002 and is headquartered in Carlsbad, CA.
Market Cap
$4.09M
View Company Details
Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Appointment of Executive Chairman; CEO Transition

The information in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference. In addition, it is a condition to the closing of the Merger that David Jenkins enter into an Executive Chairman Agreement (as defined in the Merger Agreement) in form and substance satisfactory to Mr. Jenkins, pursuant to which, among other things, Mr. Jenkins will be appointed to the Board of Directors as Executive Chairman, and shall receive a base salary of $300,000. In addition, it is anticipated that the office of CEO will transition from Mr. McGuire to Mr. Jenkins at that time. The Company shall file the Executive Chairman Agreement with the SEC once it has been finalized and executed by the parties. The appointment and agreement remain subject to approval by Ra Medical's corporate governance and compensation committees. It is expected that one, currently unidentified, director of Ra Medical will resign upon the closing of the Merger.

David A. Jenkins has spent most of his career as an entrepreneur in the medical device industry, and has established numerous companies including Catheter, where he currently serves as the CEO and as Chairman of Catheter's Board. He served as Chairman and CEO of Arrhythmia Research Technology and oversaw the introduction to the market of Cardiolab, the first dual monitor, 32 channel electrophysiology recording system. This technology was later acquired by General Electric and continues to be sold into the marketplace today. Another of Mr. Jenkins' companies, EP MedSystems, Inc., was sold to St. Jude Medical, Inc., now part of Abbott, for approximately $95.7 million in 2008. Mr. Jenkins also founded and served as the CEO of Transneuronix, Inc., a maker of implantable stimulators for the treatment of weight loss, which was later sold to Medtronic for $267 million in 2005. Mr. Jenkins holds a degree in accounting from the University of Kansas, and a master's degree in business from the University of Texas, Austin. He began his career in public accounting with the firm Coopers and Lybrand. Mr. Jenkins and his affiliates own over 19% of Catheter's common stock as of the date hereof and over 98% of the Catheter Notes, as well as the Additional Debt.