Ra Medical Systems Receives NYSE Failure to Satisfy a Continued Listing Rule Notification
December 06 2019 - 4:11PM
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 on December 4,
2019, it received a notice from the New York Stock Exchange (the
“NYSE”) that it is not in compliance with a NYSE continued
listing requirement for maintaining an average total market
capitalization of not less than $50 million over a period of 30
consecutive trading days and having stockholders’ equity of not
less than $50 million.
The Company intends to submit a plan within 45 days of the
notice to the NYSE advising how the Company plans to regain
compliance with the continued listing standards within 18 months of
the receipt of the notice. If NYSE does not accept the plan or the
Company is not in compliance with the continued listing standards
at the end of such 18 month cure period, or does not make progress
consistent with the plan, NYSE may initiate delisting procedures.
The NYSE notification does not affect the Company’s business
operations or its Securities and Exchange Commission reporting
requirements. During this period, the Company’s common stock will
continue to be traded on the NYSE, subject to compliance with other
continued NYSE listing requirements.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20191206005474/en/
At the Company: Jeffrey Kraws
President, Ra Medical Systems 760-707-7516 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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