PLYMOUTH, Minnesota – Michael Dale, the president and CEO of ATS Medical Inc., was named to the board of directors for Rhythmia Medical Inc., a start-up based in Massachusetts.
Rhythmia is developing a device used to treat heart arrhythmia or abnormal beating, a condition that can lead to heart disease and stroke.
“We are grateful that Mr. Dale has agreed to join us in this role and work with us on building a solid foundation for the company’s expanded activities in 2010,” said Rhythmia co-founder Leon Amariglio. “Dale joins a diverse and experienced board of directors augmenting the leadership team with his unique industry perspective and extensive background in sales, marketing and commercialization.”
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Under Dale, a former top sales executive at St. Jude Medical Inc., ATS has been on a roll this year. For nine months in 2009, the company, which makes devices that repair or replace faulty heart valves, said sales have jumped 19.2 percent to $57 million from $48 million during the same period a year ago. During that time, ATS also narrowed its operating loss to $962,000 from $9.2 million.
Through its acquisition of 3f (R) Therapeutics, ATS has been broadening its product portfolio beyond its core mechanical valve business into biological valves designed for easier implantation. The company recently won approval from European regulators to sell its Enable valve based on the 3f technology.
Third quarter sales of such tissue heart valves rose to $1.4 million compared to $300,000 during the same three months in 2008.
Since February, ATS shares have jumped more than 45 percent to Monday’s close of $3.20.
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