Profound Medical CEO adds to holdings

Profound Medical

Profound Medical (NASDAQ:PROF; TSX:PRN) chairman and CEO, Arun Menawat, acquired a total of 60,599 shares of Profound on the open market at a cost of $497,180 (U.S.).

According to a filing with SEDI, Dr. Menawat purchased 45,584 shares on March 8 at a price of $8.10 each and a further 15,000 shares on March 9 at a price of $8.53. Together with his previous holdings, he now holds a total of 348,280 Profound shares.

The transactions followed the release of Profound’s fourth quarter financial results on March 3. 

“Despite facing COVID-19 headwinds that impacted the pace of new U.S. TULSA-PRO installations in the first three quarters of 2021, the opportunity that we see for the technology remains intact,” Dr. Menawat said in a statement. 

“Indeed, with many of the leading hospitals in the U.S. being early adaptors of the technology, and clinicians already treating an unrivaled variety of prostate disease patients, we are well ahead of where competing treatment technologies were in their first two years post-launch,” he added. 

TULSA-PRO installations in the United States increased significantly in the fourth quarter of 2021, and “that trend has continued so far in the current quarter. We believe this bodes well for potential higher revenue growth in 2022,” Dr. Menawat said.