ArtVentive Medical Group, Inc. (“ArtVentive”) announced today that it filed a Form 15 with the Securities and Exchange Commission relieving it of all reporting requirements with the Securities and Exchange Commission.
Management has concluded, after discussions with various funds and other institutions, that the company can build greater value if reporting is discontinued. While the company plans to continue to provide unaudited interim and audited annual financial statements to its stockholders, management believes substantial costs savings can be achieved. Since ArtVentive’s securities are not trading on the OTCQB, pink sheets or any other exchange, there are few benefits associated with public reporting.
Mr. Olson explained, “With ArtVentive’s potential for explosive growth at this early stage, using funds on SEC reporting is wasteful and contrary to our focus on commercialization of EOSTM in the United States and Europe. It simply does not fit into our core growth strategy.”
Management believes that discontinuing public reporting will enhance, and not adversely effect, the operations and financial condition of ArtVentive.
About ArtVentive Medical Group, Inc.
ArtVentive Medical Group, Inc., with corporate headquarters in Carlsbad, California, is an innovative, multi-faceted medical device company focused on developing, manufacturing and marketing globally a family of devices featuring the ArtVentive EOS™.
ArtVentive’s EOS™ is a catheter based, self-expandable vascular plug, which facilitates permanent and immediate occlusion of peripheral vessels. EOS™ is designed to serve as a safe and reliable alternative to major surgery in certain cases.
Leon Rudakov, PhD
President and CTO
ArtVentive Medical Group, Inc.