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Stereotaxis Inc. announced today that Michael P. Kaminski, currently its president and chief operating officer, will become the company’s chief executive effective Jan. 1.

He will replace Bevil J. Hogg. 60, who has held the top job since 1997. Hogg will remain on the board of directors at Stereotaxis, a Central West End company that makes an advanced cardiology instrument control system.

"We have reached a point where my own expertise in creating a new technology and the organization to support it should ideally be succeeded by a leader who brings the experience, expertise and focus necessary for operational execution and who can lead Stereotaxis to greater commercial success," Hogg said in a press release.

Kaminski, 48, joined Stereotaxis in April 2002 as COO. Previously, he worked nearly 20 years with Hill-Rom Co payday advance loans., a hospital equipment supplier.
Separately, the company reported a slightly smaller loss and lower revenue in the third quarter.

It reported a loss of $10.1 million, or 28 cents per share, in the quarter ended Sept. 30, compared with a loss of $10.4 million, or 29 cents a share a year ago. Revenue dropped to $10.6 million from $12 million a year ago.

Stereotaxis also said it recently reached an agreement with two shareholders to extend the term of a $20 million commitment through early 2010, saying the deal will provide the company with a firm foundation for growth through 2009.

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