TUCSON, Ariz. - Picard Medical, Inc. (NYSE American:PMI) announced Patrick NJ Schnegelsberg stepped down as Chief Executive Officer and board member effective June 18, according to a press release statement.
The company stated Schnegelsberg’s departure was not due to any disagreement with the company regarding its operations, policies, or practices. The leadership change comes as the stock trades at $0.17, down 96% over the past year, with a market capitalization of just $16.11 million.
The board appointed Richard Fang, Ph.D., Executive Chairman of the Board, as Interim Chief Executive Officer effective June 18. Fang will serve in the interim role while the board searches for a permanent CEO and will continue as Chairman of the Board.
Picard Medical is the parent company of SynCardia Systems, LLC, which manufactures a total artificial heart approved by the U.S. Food and Drug Administration and Health Canada.
Fang is a founder and managing partner of Hunniwell Lake Ventures LLC, a medical technology venture capital firm founded in 2019. In 2005, he founded Reach Surgical, a minimally invasive surgical instruments company in California, which he led for 15 years before its sale to a private equity buyer. Fang has over 20 years of experience in the medical device industry, including time at Johnson & Johnson. He holds an MBA from the University of Cincinnati and a Ph.D. in Physics from Purdue University.
SynCardia develops and commercializes the SynCardia Total Artificial Heart, an implantable system designed to replace the functions of a failing human heart. The device has been implanted more than 2,100 times at hospitals across 27 countries. Despite revenue growth of 80% in the last twelve months, the company faces financial headwinds with a gross profit margin of just 7.84%. For deeper insights into PMI’s financial health and exclusive analysis, visit InvestingPro.
In other recent news, Picard Medical, Inc. has announced the immediate termination of Bernard Skaggs as Chief Financial Officer and appointed Georgina Smith as the new Chief Accounting Officer. Ms. Smith brings extensive experience from her previous roles at SynCardia Systems, LLC, and Rain Bird Corporation. Additionally, Picard Medical has priced a stock offering at $0.30 per share, aiming to raise approximately $5 million in gross proceeds. WestPark Capital, Inc. is acting as the sole placement agent for this offering. Meanwhile, Precigen Inc. reported a significant revenue increase for 2025, with total revenue reaching $9.7 million, marking a 149% increase from the previous year. Despite a net loss of $429.6 million, Precigen forecasts a notable revenue jump in the first quarter of 2026, expecting to exceed $18 million. These developments reflect ongoing strategic changes and financial activities within both companies.
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