Ra Medical Systems Receives NYSE Notice Related to Delay in Form 10-Q Filing
August 23 2019 - 4:46PM
Business Wire
Ra Medical Systems, Inc. (NYSE: RMED), a medical device company
focusing on commercializing excimer laser systems to treat vascular
and dermatological diseases, today announced that it received a
notice from the NYSE indicating that Ra Medical is not in
compliance with the NYSE’s continued listing requirements under the
timely filing criteria established in Section 802.01E of the NYSE
Listed Company Manual as a result of Ra Medical’s delay in filing
its Quarterly Report on Form 10-Q for its quarter ended June 30,
2019 (the “Form 10-Q”) with the Securities and Exchange Commission
(the “SEC”).
As previously disclosed, the Audit Committee of Ra Medical’s
Board of Directors has commenced an independent investigation in
connection with an anonymous complaint received by members of Ra
Medical’s Board of Directors. The investigation is not yet
completed and no conclusions with respect thereto have been
reached. Ra Medical cannot predict the duration or outcome of the
investigation, and consequently, Ra Medical is not in a position to
file the Form 10-Q until the Audit Committee completes its
work.
The NYSE informed Ra Medical that, under the NYSE’s rules, Ra
Medical will have six months from August 19, 2019 to file the Form
10-Q with the SEC. Ra Medical can regain compliance with the NYSE’s
continued listing requirements at any time prior to such date by
filing the Form 10-Q with the SEC. If Ra Medical fails to file the
Form 10-Q by February 19, 2020, the NYSE may grant, in its sole
discretion, a further extension of up to six additional months for
Ra Medical to regain compliance, depending on the specific
circumstances.
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 communication contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
and Section 21E of the Securities Exchange Act of 1934 (the
“Exchange Act”), regarding Ra Medical’s expectations with respect
to the Audit Committee investigation, the filing of the Form 10-Q,
and the NYSE. These forward-looking statements involve risks and
uncertainties, and actual results could vary materially from these
forward-looking statements. Factors that may cause future results
to differ materially from management’s current expectations
include, among other things, the discovery of additional
information relevant to the Audit Committee investigation; the
findings, conclusions and recommendations of the Audit Committee
(and the timing of the conclusions) concerning matters relating to
the Audit Committee investigation; Ra Medical’s response to the
Audit Committee’s findings, conclusions and recommendations; the
review by Ra Medical’s independent registered public accounting
firm of the Audit Committee’s findings, conclusions and
recommendations and Ra Medical’s financial statements; the risk
that the completion and filing of the Form 10-Q will take longer
than expected; and the risk that Ra Medical will be unable to file
the Form 10-Q in time to regain compliance with the NYSE continued
listing requirements. Ra Medical disclaims any obligation to update
information contained in these forward-looking statements whether
as a result of new information, future events, or otherwise.
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/20190823005358/en/
At the Company: Jeffrey Kraws
President, Ra Medical Systems 760-707-7516 jkraws@ramed.com
Investors: LHA Investor Relations
Jody Cain / Kevin McCabe 310-691-7100 jcain@lhai.com / kmccabe@lhai.com
Media: KCSA Strategic
Communications Caitlin Kasunich / Lisa Lipson 212-896-1241 /
508-843-6428 ckasunich@kcsa.com /
llipson@kcsa.com
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