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Ra Medical Systems completes merger with Catheter Precision

January 10, 2023 By Danielle Kirsh

Ra Medical-Catheter PrecisionRa Medical Systems (NYSE:RMED) and Catheter Precision this week announced the completion of their stock-for-stock merger transaction.

The deal was previously announced in September 2022. Under the terms of the agreement, Catheter Precision becomes a wholly-owned subsidiary of Ra Medical. The combined company will focus on the cardiac electrophysiology market.

“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,” Ra Medical CEO Will McGuire said in a news release.

As part of the deal, Catheter Precision CEO David Jenkins will serve as executive chair of the combined company. Prior to becoming CEO of Catheter Precision, he held numerous leadership roles at Transneuronix and EP Medsystems, both of which were acquired by Medtronic and St. Jude Medical, respectively.

More about the merger

Catheter Precision stakeholders will convert approximately $25 million of outstanding debt and all Catheter Precision equity into non-voting convertible preferred stock of RMED, which is also potentially convertible into approximately 15,403,255 shares of RMED common stock.

“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,” Jenkins said in a news release.

The combined company’s common stock resumed trading on the New York Stock Exchange this morning under the symbol RMED. Shares in RMED were down 10.30% to $5.75 apiece at market open.

Filed Under: Catheters Tagged With: Catheter Precision, Ra Medical Systems

About Danielle Kirsh

Danielle Kirsh is an award-winning journalist and senior editor for Medical Tubing + Extrusion, Medical Design & Outsourcing and MassDevice. She received her bachelor's degree in broadcast journalism and mass communication from Norfolk State University and is pursuing her master's in global strategic communications at the University of Florida. You can connect with her on Twitter and LinkedIn, or email her at dkirsh@wtwhmedia.com.

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