Ra Medical Systems Reports New Employment Inducement Award Under NYSE Listing Rules
March 30 2020 - 4:05PM
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 it has granted an
equity inducement award to Jonathan Will McGuire, the Company’s new
chief executive officer, who commenced employment with the Company
on March 30, 2020. The stock option and restricted stock award were
granted to Mr. McGuire under the 2020 Inducement Equity Incentive
Plan (the “Plan”). The Plan was adopted by the Ra Medical Board of
Directors in March 2020 in accordance with New York Stock Exchange
Rule 303A.08.
As an inducement material to Mr. McGuire entering into
employment with the Company, and in accordance with New York Stock
Exchange Rule 303A.08, the Compensation Committee of the Board of
Directors approved a grant to Mr. McGuire for an option to purchase
450,000 shares of common stock at an exercise price per share equal
to the closing sales price of one share of the Company’s common
stock as of March 30, 2020 and an award of 125,000 shares of
restricted stock, each pursuant to our 2020 Inducement Equity
Incentive Plan. The shares subject to the option award will vest
ratably in equal monthly amounts over four years following March
30, 2020, the option’s vesting commencement date, subject to Mr.
McGuire’s continued service through the applicable vesting dates.
The restricted stock award will vest and become non-forfeitable
ratably in equal semi-annual amounts over four years following May
20, 2020, the restricted stock award’s vesting commencement date,
subject to Mr. McGuire’s continued service through the applicable
vesting dates.
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 excimer laser system 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/20200330005063/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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