Ra Medical Systems Appoints Medtech Executive Will McGuire as CEO and Director
March 12 2020 - 4:45PM
Business Wire
Ra Medical Systems, Inc. (NYSE: RMED), a medical device company
focusing on commercializing excimer laser systems to treat vascular
and dermatological diseases, announces the appointment of Will
McGuire as Chief Executive Officer and a member of the company’s
Board of Directors, effective March 30, 2020. Andrew Jackson, who
has served as Interim CEO since August 2019, will remain Ra
Medical’s Chief Financial Officer.
“Will’s extensive industry experience, particularly in the
vascular space, makes him an ideal fit to lead Ra Medical,” said
Martin Colombatto, Chairman of Ra Medical Systems. “He’s built an
impressive career at industry-leading medical device companies
introducing new products, scaling commercial organizations,
developing and implementing corporate strategies, exceeding sales
projections and building high performing corporate cultures. His
experience, energy and focus will help guide our product
development, regulatory and commercial plans for DABRA, while we
improve product reliability, expand our product offerings and
enhance the experience for physicians and patients. We welcome Will
to our executive team and to our board.
“On behalf of the Ra Medical Systems Board of Directors, I
extend sincere thanks to Andrew Jackson for ably stepping into the
CEO role over the past eight months,” Mr. Colombatto added.
“I am excited for the opportunity to lead the talented team at
Ra Medical. I believe the commercial opportunity for the Company is
especially compelling given the advantages of DABRA photoablation
for the treatment of peripheral artery disease,” said Mr. McGuire.
“DABRA quickly dissolves plaque with minimal vascular trauma in a
disease that affects over 17 million people in the U.S. alone. I
look forward to working with my new colleagues to advance the
commercialization of DABRA and drive the adoption of this
game-changing technology.”
Mr. McGuire most recently served as President and CEO of Second
Sight Medical Products (Nasdaq: EYES), a developer, manufacturer
and marketer of implantable visual prosthetics to treat blindness.
He will remain on the board of Second Sight as a Director.
Previously he held leadership positions at Volcano Corporation
including President of Americas Commercial and Senior Vice
President and General Manager of Coronary Imaging, Systems and
Program Management. Prior to that Mr. McGuire served as Vice
President and General Manager of Patient Monitoring at Covidien,
and President and Chief Executive Officer at AtheroMed, Inc., a
venture capital-backed peripheral atherectomy company. For
approximately five years, Mr. McGuire served as Chief Operating
Officer for Spectranetics Corporation, a publicly-traded medical
device company with laser-based atherectomy products for treating
peripheral and coronary arterial disease. Earlier in his career, he
held senior management positions at Guidant Corporation including
General Manager of Latin America, Director of U.S. and Global
Marketing for Vascular Intervention, and Production Manager for
Coronary Stents. Mr. McGuire also held positions in Finance and
Production at IVAC Medical Systems. Mr. McGuire received an
engineering degree from the Georgia Institute of Technology, and
his M.B.A. from the Kenan-Flagler Business School at the University
of North Carolina at Chapel Hill.
About Ra Medical Systems
Ra Medical Systems commercializes excimer lasers and catheters
for the treatment of vascular and dermatological diseases. In May
2017, the DABRA laser system and single-use DABRA catheter received
FDA 510(k) clearance in the U.S. as a device for crossing chronic
total occlusions, or CTOs, in patients with symptomatic
infrainguinal lower extremity vascular disease with an intended use
for ablating a channel in occlusive peripheral vascular disease.
Pharos excimer laser system is FDA-cleared and is used as a tool in
the treatment of psoriasis, vitiligo, atopic dermatitis, and
leukoderma. DABRA and Pharos are both based on Ra Medical’s core
excimer laser technology platform and deploy similar mechanisms of
action. Ra Medical manufactures DABRA and Pharos excimer lasers and
catheters in a 32,000-square-foot facility located in Carlsbad,
California. The vertically integrated facility is ISO 13485
certified and is licensed by the state of California to manufacture
sterile, single-use catheters in controlled environments.
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements generally relate to future events
or Ra Medical’s future financial or operating performance. In some
cases, you can identify forward-looking statements because they
contain words such as “may,” “will,” “should,” “expects,” “plans,”
“anticipates,” “could,” “intends,” “target,” “projects,”
“contemplates,” “believes,” “estimates,” “predicts,” “potential” or
“continue” or the negative of these words or other similar terms or
expressions that concern Ra Medical’s future expectations,
strategy, plans or intentions. Forward-looking statements in this
press release include, but are not limited to, statements regarding
the future growth of Ra Medical’s business and market expectations.
Ra Medical’s expectations and beliefs regarding these matters may
not materialize, and actual results in future periods are subject
to risks and uncertainties that could cause actual results to
differ materially from those projected or implied by such
forward-looking statements. The potential risks and uncertainties
which contribute to the uncertain nature of these statements
include, among others, challenges inherent in developing,
manufacturing, launching, marketing, and selling new products;
risks associated with acceptance of DABRA and Pharos and procedures
performed using such devices by physicians, payors, and other third
parties; development and acceptance of new products or product
enhancements; clinical and statistical verification of the benefits
achieved via the use of Ra Medical’s products; the results from our
clinical trials, which may not support intended indications or may
require Ra Medical to conduct additional clinical trials or modify
ongoing clinical trials; challenges related to commencement,
patient enrollment, completion, an analysis of clinical trials; Ra
Medical’s ability to manage operating expenses; Ra Medical’s
ability to effectively manage inventory; Ra Medical’s ability to
recruit and retain management and key personnel; Ra Medical’s need
to comply with complex and evolving laws and regulations; intense
and increasing competition and consolidation in Ra Medical’s
industry; the impact of rapid technological change; costs and
adverse results in any ongoing or future legal proceedings; adverse
outcome of regulatory inspections; and the other risks and
uncertainties described in Ra Medical’s news releases and filings
with the Securities and Exchange Commission. Information on these
and additional risks, uncertainties, and other information
affecting Ra Medical’s business and operating results is contained
in Ra Medical’s Annual Report on Form 10-K for the year ended
December 31, 2019 and in its other filings with the Securities and
Exchange Commission. The forward-looking statements in this press
release are based on information available to Ra Medical as of the
date hereof, and Ra Medical disclaims any obligation to update any
forward-looking statements, except as required by law.
Ra Medical investors and others should note that we announce
material information to the public about the company through a
variety of means, including our website (www.ramed.com), our
investor relations website (https://ir.ramed.com/), press releases,
SEC filings, and public conference calls in order to achieve broad,
non-exclusionary distribution of information to the public and to
comply with our disclosure obligations under Regulation FD. We
encourage our investors and others to monitor and review the
information we make public in these locations as such information
could be deemed to be material information. Please note that this
list may be updated from time to time.
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version on businesswire.com: https://www.businesswire.com/news/home/20200312005820/en/
At the Company: Jeffrey Kraws Ra
Medical Systems, President 760-496-9008 jkraws@ramed.com
Investors and Media: LHA Investor
Relations Jody Cain / Kevin McCabe 310-691-7100 jcain@lhai.com /
kmccabe@lhai.com
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