CATHETER PRECISION, INC. Reports Filing of 10-Q and Second Q FORT MILL, SC / ACCESSWIRE / December 18, 2023 / Catheter Precision, Inc. (formerly known as Ra Medical Systems, Inc.) (NYSE American:VTAK) an innovative US-based medical device Company dedicated to improving the lives of patients with cardiac arrhythmias, announced corporate highlights of the second quarter of 2023.
Highlights of the second quarter include the following:
- US sales team was assembled, trained, and is creating a pipeline.
- Additional US clinical personnel were onboarded and trained.
- Completion of enrollment of 125 patient VIVO patient Registry. Follow-up data is expected to be completed in June 2024.
- Key VIVO accounts continue to be established in both the US and Europe.
- Initiation of first LockeT study, to include 100 patients, to demonstrate time to hemostasis, time to patient ambulation, and time to hospital discharge. This observational study is intended to clinically show a new cost-effective alternative to existing closure methods.
- Onboarded a consulting group to bring about international contracts for the distribution of the LockeT closure product.
- Continued pursuit of intellectual property filings for both VIVO and LockeT technologies.
- Total assets at June 30, 2023, were $35.5 million.
- Total cash on hand at June 30, 2023 was $7.4 million.
- Total revenues for the six months ended June 30, 2023, were $181,000.
- Completed the accounting for the merger transaction between Ra Medical Systems and Catheter Precision, including the valuation of the consideration exchanged and the allocation of the purchase price to the different assets and liabilities on the balance sheet, including the various intangible categories.
David Jenkins, acting CEO, commented: "We are pleased to put the accounting related to the merger behind us, and we now look forward to moving forward as a public company. Our VIVO and LockeT products are now in the introductory stage in the U.S. market, and we are quite satisfied with the initial response. Early commercial feedback has set the stage for greater success over the coming years."
Mr. Jenkins continued, "We continue to believe that our unique technologies are favorably positioned within the cardiac electrophysiology market. Our VIVO product, an acronym for "View into Ventricular Onset," is a unique non-invasive mapping system to show early activation in ventricular arrhythmias. We believe that ablation for ventricular arrhythmias has the potential for huge growth, to mirror that of the atrial fibrillation ablation market. VIVO is a tool that, when used in the clinical setting, allows for an accurate visualization and shorter procedure times. LockeT, a suture retention device utilized after percutaneous venous access, is easy to use and comfortable for the patient. Early clinical use has demonstrated short times to achieve hemostasis and to ambulation at a lower cost to the hospital than other closure devices. The first study data, to include 125 patients, is expected to be available soon."
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