CARLSBAD, Calif.--(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.