-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HAddnu+oqGMVp8OBYzhI0xl+oSap/pBmHnQ0HbmnmpisjkrkiMgs+YJGXRkhT5cx FkS6R8SeNy/CdrOVFQG9gw== 0001144204-05-030861.txt : 20051005 0001144204-05-030861.hdr.sgml : 20051005 20051005150429 ACCESSION NUMBER: 0001144204-05-030861 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20050929 ITEM INFORMATION: Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051005 DATE AS OF CHANGE: 20051005 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RITA MEDICAL SYSTEMS INC CENTRAL INDEX KEY: 0001056421 STANDARD INDUSTRIAL CLASSIFICATION: ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845] IRS NUMBER: 943199149 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-30959 FILM NUMBER: 051124622 BUSINESS ADDRESS: STREET 1: 967 N SHORELINE BLVD CITY: MOUNTAIN VIEW STATE: CA ZIP: 94013 BUSINESS PHONE: 6503858500 MAIL ADDRESS: STREET 1: 967 NORTH SHORELINE BLVD CITY: MOUNTAIN VIEW STATE: CA ZIP: 94043 8-K 1 v026725_8k.htm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

Current Report 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 29, 2005

RITA Medical Systems, Inc.

(Exact name of registrant as specified in its charter)

000-30959

(Commission File Number)

California
 
94-3199149
(State or other jurisdiction of incorporation)
 
(I.R.S. Employer Identification No.)

46421 Landing Parkway
Fremont, CA 94538

(Address of principal executive offices, with zip code)

(510) 771-0400

(Registrant's telephone number, including area code)



Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
 o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 



Item 5.02
Departures of Directors or Principal Officers; Election of Directors; 
Appointment of Principal Officers.

On September 29, 2005, the Board of Directors (the “Board”) of RITA Medical Systems, Inc. (the “Company”), upon the recommendation of the Board’s Nominating/Corporate Governance Committee, elected Steve LaPorte, age 55, as a Class I director of the Company to serve until the Company's 2007 annual meeting of stockholders and a member of the Board’s Nominating/Corporate Governance Committee.

In connection with Mr. LaPorte’s election, pursuant to the terms of the Company’s 2000 Directors’ Stock Option Plan, Mr. LaPorte automatically received a nonstatutory stock option to purchase 35,000 shares of the Company common stock. This option vests at a rate of 1/36th of the total number of shares subject to such option per month.

The Company has entered into its standard form of change of control agreement and indemnification agreement with Mr. LaPorte. The Company’s change of control agreements provide the following benefits upon the sale or merger of the Company. In the event that the Company consummates a change of control transaction, 50% of any unvested options held by the Company's officers and directors who are parties to such agreements shall become fully vested and immediately exercisable and repurchase rights retained by the Company with respect to 50% of the restricted stock held by the Company’s officers and directors who are parties to such agreements shall immediately lapse. In addition, on each one month anniversary following the effective date of a change of control transaction, 1/12th of the remaining unvested options held by the Company’s officers and directors who are parties to such agreements shall become fully vested and immediately exercisable and repurchase rights retained by the Company with respect to 1/12th of any remaining restricted stock held by the Company’s officers and directors who are parties to such agreements shall immediately lapse. If the officer or director is involuntarily terminated within 12 months after the change of control transaction, all unvested options held by such officer or director shall become fully vested and immediately exercisable and all repurchase rights retained by the Company with respect to the restricted stock held by such officer or director shall immediately lapse. If the officer or director voluntarily resigns or is terminated for cause after the change of control, then the officer or director is not entitled to any acceleration of the vesting of options or lapse of repurchase rights with respect to restricted stock.

The Company’s indemnification agreements contain provisions which may require the Company, among other things, to indemnify the Company’s officers and directors against a number of liabilities that may arise by reason of their status or service as officers or directors (other than liabilities arising from willful misconduct of a culpable nature) and to advance their expenses incurred as a result of any proceeding against them as to which they could be indemnified. Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers or persons controlling the Company pursuant to the foregoing provisions, the Company has been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

2

 
Item 8.01
Other Events.
 
On October 5, 2005, the Company announced that Steve LaPorte had been elected to the Board. The full text of the press release issued in connection with this announcement is attached as Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01
Financial Statements and Exhibits.

            (c)
Exhibits:

 
99.1     Press Release of RITA Medical Systems, Inc. dated October 5, 2005

 
3


SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
     
 
RITA MEDICAL SYSTEMS, INC.
 
 
 
 
 
 
Date:  October 5, 2005 By:   /s/  Joseph DeVivo
 
Joseph DeVivo
 
President and Chief Executive Officer



 
4



RITA MEDICAL SYSTEMS, INC.

INDEX TO EXHIBITS


Exhibit Number
 
Description
     
99.1
 
Press Release of RITA Medical Systems, Inc. dated October 5, 2005


 
5

EX-99.1 2 v026725_ex99-1.htm

 

Contact:
EVC Group
RITA Medical Systems, Inc.
 
Investors:
Stephen Pedroff, VP Marketing Communications
 
Doug Sherk/Jennifer Beugelmans
510-771-0400
 
dsherk@evcgroup.com
spedroff@ritamed.com
 
415-896-6820
 
 
Media:
 
 
Steve DiMattia
 
 
sdimattia@evcgroup.com
 
 
646-277-8706
 
 
RITA MEDICAL SYSTEMS APPOINTS STEVE LAPORTE TO BOARD OF DIRECTORS

Retired Medtronic Executive Brings 26 Years of Medical Device Experience to the Board
 
FREMONT, Calif., Oct. 5, 2005, RITA Medical Systems, Inc. (Nasdaq: RITA) today announced it has appointed former Medtronic, Inc. executive Steve LaPorte, 55, to serve as a director on RITA’s Board of Directors. Mr. LaPorte was appointed by a unanimous vote of the Board of Directors to fill a vacant position on RITA’s board created by the recent retirement of Mr. Robert D. Tucker, 71.

Mr. LaPorte brings 26 years of experience in the medical device industry and spent the past 17 years as an executive at Medtronic, a global leader in medical technology. From 2002 until his retirement in August 2005, Mr. LaPorte served as the Vice President of NeuroVentures and Business Development at Medtronic. Prior to this, from 2000 to 2002, Mr. LaPorte served as Vice President and General Manager of Medtronic’s Drug Delivery Division; from 1994 to 2000, he held the position of Vice President and General Manager of Medtronic’s Electrophysiology Systems Division; and from 1988 to 1994 he was the Vice President of Operations for Medtronic’s Neurological Division.  He began his career at Medtronic in 1978.  Mr. LaPorte received his MBA from the University of Minnesota and a Bachelors of Science in mathematics and computer science from the University of Wisconsin Stevens Point.

Mr. Joseph DeVivo, President and CEO of RITA Medical Systems commented, “We are very pleased that Steve has joined the RITA Board of Directors. With a tremendous depth of experience in the medical device industry and significant expertise in launching new products and driving new markets, we believe that Steve will bring a unique and relevant perspective to the Board. We look forward to his contributions. At the same time, we wish to thank Bob Tucker for his past dedication to RITA and wish him well in his future endeavors.”

 
MORE - MORE - MORE
 

STEVE LAPORTE APPOINTED TO RITA BOARD OF DIRECTORS
2 - 2 - 2
 
About RITA Medical Systems, Inc.
 
RITA Medical Systems develops, manufactures and markets innovative products for cancer patients including radiofrequency ablation (RFA) systems for treating cancerous tumors as well as percutaneous vascular and spinal access systems. The Company's oncology product lines include implantable ports, some of which feature its proprietary Vortex® technology; tunneled central venous catheters; safety infusion sets and peripherally inserted central catheters used primarily in cancer treatment protocols. The proprietary RITA system uses radiofrequency energy to heat tissue to a high enough temperature to ablate it or cause cell death. In March 2000, RITA became the first RFA Company to receive specific FDA clearance for unresectable liver lesions in addition to its previous general FDA clearance for the ablation of soft tissue. In October 2002, RITA again became the first company to receive specific FDA clearance, this time, for the palliation of pain associated with metastatic lesions involving bone. The RITA Medical Systems website is at www.ritamedical.com.
 
 
The statements in this news release are not intended to predict the Company's future and financial operating performance. Information regarding risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements is included in the Company's filings with the Securities and Exchange Commission.
 
# # # #
 
 
 
 

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