SetPoint Medical in Valencia has named Murthy Simhambhatla as its new chief executive, the electronic medicine firm announced Monday. Simhambhatla is a former Abbott Laboratories senior manager who most recently led Evolus Inc., an Irvine-based, publicly traded pharmaceutical company with a product that is similar to Botox. Prior to joining Evolus, he was senior vice president at Abbott and president of the firm’s ophthalmic business. “The depth and breadth of Murthy’s expertise make him an ideal fit to lead SetPoint through the next phase of pivotal clinical study and commercialization,” Allan Will, SetPoint’s chairman, said in a statement. SetPoint’s previous chief executive, Anthony Arnold, stepped down from the post to pursue other opportunities, according to SetPoint. During Arnold’s tenure, the company launched the first clinical trials of its primary product, an implantable device that uses electronic pulses to relieve inflammation and pain for patients with rheumatoid arthritis.