Pulse Biosciences, Inc. (NASDAQ:PLSE), a medical device company valued at $1.22 billion, disclosed the departure of its President and CEO, Mr. Burke T. Barrett, effective today. The announcement comes amid a challenging week for the company's stock, which has declined over 12% according to InvestingPro data. Barrett also stepped down from the Board of Directors earlier this week on Monday. According to the company's announcement, the resignation is not due to any disagreements over operations, policies, or practices.
Under the terms of a separation agreement dated December 5, 2024, Barrett will receive various severance benefits. These include continued salary payments up to today, twenty-four semi-monthly severance payments equaling a year of his base salary, a lump-sum payment of $106,009.61 in lieu of a 2024 cash bonus, and partial acceleration of his stock option vesting.
In the interim, Kevin P. Danahy, the Chief Commercial Officer, and Darrin R. Uecker, the Chief Technology Officer, will assume the roles of principal executive and principal financial officers, respectively. Both have previously held the CEO position at Pulse Biosciences before Barrett's tenure.
In addition to this, the company has disclosed promising preliminary results from a feasibility study on its Nanosecond Pulsed Field Ablation (nano-PFA) technology, indicating the technology's potential in reducing benign thyroid nodules and providing symptomatic relief.
In recent financial developments, despite recording a GAAP net loss of $12.7 million for Q3 2024, Pulse Biosciences successfully raised $60 million through a rights offering, ending the quarter with $79 million in cash and cash equivalents.
The company also treated its first Atrial Fibrillation patients in Europe using the nano-PFA Cardiac Surgical System, which has received U.S. FDA breakthrough device designation.
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