Rhythmia Medical Inc. lined up some expert help as it steers toward future growth, landing an experienced medical device entrepreneur and executive as the newest addition to its board of directors.
The Burlington, Mass.-based company announced Monday that Michael Dale, chief executive at ATS Medical Inc. in Minneapolis, had agreed to join the Rhythmia board. Dale, 50, has been CEO at ATS Medical since its October, 2002, reorganization, leading the firm through a major overhaul of its manufacturing facility, expanding its sales force and reaching into new markets through acquisitions and strategic partnerships.
Rhythmia officials said that expertise will come in handy as they work to bring the company’s heart-mapping technology to market. In prepared remarks, company co-founder Leon Amariglio cited Dale’s “unique industry perspective” along with “an extensive background in sales, marketing and commercialization” as attributes supporting his selection to the Rhythmia board.
During the past five years, Dale has been a board member at Neuronetics Inc. in Malvern, Pa., a venture-backed firm marketing an FDA-cleared device to treat depression using MRI-strength magnetic fields to stimulate nerve cells in the brain. He also sits on the board of the Advanced Medical Technology Association (AdvaMed), a Washington, D.C.-based trade group. ATS Medical reported $18.8 million in revenues during the three months ended Oct. 3, a seven-fold increase from the $2.5 million in sales recorded during Dale’s first quarter at the helm in 2002.
Rythmia holds several patents, including one issued in May for imaging technology using catheters equipped with multiple sensors to detect electrical activity on the innermost tissue of the heart. The sensors record differences in electrical potential at various locations on the endocardium during the heartbeat cycle, quickly creating a three-dimensional image of chambers in the heart and assisting surgeons in identifying the source of abnormal heartbeats such as arrhythmia.
The company launched in 2004 and has raised about $12 million from institutional and individual investors. It is expected to soon start formal testing of its imaging system in preparation for seeking regulatory approvals, recently beginning a search for a director of clinical and regulatory affairs.
