NMT Medical Inc. (NSDQ:NMTI) tapped cardiologist Paul Kramer, MD, for its board of directors.
The 59-year-old Kramer is the eighth member of the board; nine-year director Cheryl Clarkson will not stand for re-election at the company’s July shareholder meeting.
In a prepared statement, chairman James Mahoney Jr. said Kramer has an intimate familiarity with NMT Medical’s minimally invasive, catheter-based implant technology for percutaneous cardiovascular interventions.
The company is awaiting the results for its "Closure I" clinical trial, exploring the "potential connection between a common heart defect that allows a right-to-left shunt or flow of blood through a defect like a patent foramen ovale and brain attacks such as embolic stroke, transient ischemic attacks and migraine headaches."
The Boston-based cardiac implant maker’s first-quarter losses doubled on a write-down of warrants it issued as part of a $5.8 million private placement in February. The company posted net losses of $7.9 million, or 54 cents per share, during the three months ended March 31, compared with net losses of $3.8 million, or 29 cents per share, during the same period last year.