Ra Medical Systems Inc.11.17.21
Ra Medical Systems Inc. has sold its Pharos dermatology business to STRATA Skin Sciences for $3.7 million in cash. The Pharos excimer laser is cleared by the U.S. Food and Drug Administration (FDA) for the treatment of psoriasis, vitiligo, atopic dermatitis and leukoderma.
“We believe this transaction is in the best interest of Ra Medical and our shareholders as we intend to maximize value with a strategy that continues to focus on the large and growing PAD market,” said Will McGuire, Ra Medical Systems CEO. “Our plan is to focus all of our resources on the achievement of value-creating milestones associated with our next-generation DABRA catheter products and the completion of our clinical study to obtain an FDA atherectomy indication. The transaction provides immediate cash proceeds to further these initiatives and allows us to reduce our future cash burn. STRATA is focused on the therapeutic dermatology market with a commitment to individuals with chronic skin conditions. We have valued our relationships with dermatology customers over the years and are confident they will continue to receive the same high degree of customer service and support going forward.”
Ra Medical Systems commercializes the DABRA excimer laser and catheters for the treatment of vascular diseases. DABRA has been cleared by the FDA for crossing chronic total occlusions in patients with symptomatic infrainguinal lower extremity vascular disease and has an intended use for ablating a channel in occlusive peripheral vascular disease. In addition, DABRA has been granted CE mark clearance for the endovascular treatment of infrainguinal arteries via atherectomy and for crossing total occlusions. DABRA breaks down plaque to its fundamental chemistry, such as proteins, lipids and other chemical compounds, eliminating blockages by essentially dissolving them without generating potentially harmful particulates. DABRA excimer lasers and catheters are manufactured in a 32,000-square-foot facility located in Carlsbad, Calif. The vertically integrated facility is ISO 13485 certified and is licensed by the State of California to manufacture sterile, single-use catheters in clean room environments.
“We believe this transaction is in the best interest of Ra Medical and our shareholders as we intend to maximize value with a strategy that continues to focus on the large and growing PAD market,” said Will McGuire, Ra Medical Systems CEO. “Our plan is to focus all of our resources on the achievement of value-creating milestones associated with our next-generation DABRA catheter products and the completion of our clinical study to obtain an FDA atherectomy indication. The transaction provides immediate cash proceeds to further these initiatives and allows us to reduce our future cash burn. STRATA is focused on the therapeutic dermatology market with a commitment to individuals with chronic skin conditions. We have valued our relationships with dermatology customers over the years and are confident they will continue to receive the same high degree of customer service and support going forward.”
Ra Medical Systems commercializes the DABRA excimer laser and catheters for the treatment of vascular diseases. DABRA has been cleared by the FDA for crossing chronic total occlusions in patients with symptomatic infrainguinal lower extremity vascular disease and has an intended use for ablating a channel in occlusive peripheral vascular disease. In addition, DABRA has been granted CE mark clearance for the endovascular treatment of infrainguinal arteries via atherectomy and for crossing total occlusions. DABRA breaks down plaque to its fundamental chemistry, such as proteins, lipids and other chemical compounds, eliminating blockages by essentially dissolving them without generating potentially harmful particulates. DABRA excimer lasers and catheters are manufactured in a 32,000-square-foot facility located in Carlsbad, Calif. The vertically integrated facility is ISO 13485 certified and is licensed by the State of California to manufacture sterile, single-use catheters in clean room environments.