Healthcare Industry News: CryoLife
News Release - February 10, 2006
ONI Medical Systems Names Peter Pellerito as President and CEOWILMINGTON, Mass.--(HSMN NewsFeed)--Feb. 10, 2006--ONI Medical Systems, Inc. ("ONI"), developer of the only high-field, 1.0T extremity MRI system, announced today that it has named Peter Pellerito as President and CEO.
Mr. Pellerito previously served as Vice President and General Manager for GE Healthcare Ultrasound business, where he successfully built and grew the modality from $35M to over $450M in sales and service revenue. Prior to that Mr. Pellerito held several leadership positions at Advanced Technology Laboratories in product development, sales, marketing and operations. Peter, as World Wide Director and Vice President, led the product development team in launching new products and driving growth to 35% annually.
"ONI offers a unique opportunity to take MRI technology into the future with significant applications in specialty markets inside of radiology, orthopedics and many other clinical areas. We believe that our value proposition will fit the future standards of high quality and economic requirements" said Peter Pellerito of ONI Medical Systems, Inc.
"We are very excited to have Peter join ONI with his corporate track record of growth" said Zubeen Shroff, general partner of Galen. "We believe Peter's vast experience and successes in medical imaging will be a true asset to ONI as we execute our global business strategy and accelerate the diffusion of our MRI applications in leading hospitals, diagnostic imaging centers and orthopedic practices throughout the world. We are convinced that ONI is poised for significant future growth."
ONI was recently ranked in the November 2005 issue of Inc. 500 Magazine, as the 64th fastest growing private company in the U.S. with revenue growth of 1,125.8%. The publication annually ranks the top 500 fastest growing private U.S. companies by three-year revenue growth.
About ONI Medical Systems
ONI Medical Systems, Inc., was founded in 1997 to develop and market a family of dedicated purpose MRI systems that offer high-field performance at a low cost. The first product, the OrthOne®, is a high-field (1.0 Tesla), hospital-quality, dedicated-purpose MRI system for extremity imaging developed with a team of expert musculoskeletal radiologists. With more than 85 systems installed, the OrthOne is the only compact, high-field, open extremity MRI system available and is easily sited in orthopedic practices, hospitals and diagnostic imaging centers. The system also provides a quiet, comfortable, non-claustrophobic experience for patients requiring a MRI for an injury or diagnosis. For more information, please visit www.onicorp.com; call 978-658-0020 or e-mail firstname.lastname@example.org.
Founded in 1990, Galen is one of the largest and most successful funds exclusively focused on investments in healthcare-related companies. With over $600 million under management raised through four funds, Galen has invested in more than 70 companies. The firm emphasizes mid-to-later stage growth equity investments within the medical device, healthcare services and specialty pharmaceutical sectors. Over the past sixteen years, Galen has been particularly adept at identifying, backing and developing highly influential companies within the healthcare industry. Galen works though an approach called Collaborative Capital. This approach combines focus and expertise while teaming with company management to create disruptive strategies that generate revenue growth and full market potential. Notable companies that we have helped build include Pyxis Corporation (a Cardinal Health company), CryoLife, Inc. (CRY), Encore Medical Corporation (ENMC), Ocular Sciences, Inc.(OCLR), MiniMed, Inc. (a Medtronic company), Medicode, Inc. (a United Healthcare company), Stericycle, Inc. (SRCL), Taro Pharmaceutical Industries Ltd. (TARO), Vasogen Inc. (VSGN) and Vitas Healthcare Corporation. For more information, please visit www.galenpartners.com
About Ivy Healthcare Capital, L.P
Ivy Healthcare Capital, L.P., is a specialized private equity investment firm dedicated to the musculoskeletal sector of the healthcare industry. Ivy invests in early-to-mid stage companies with seasoned entrepreneurial management teams, proprietary products, innovative technologies or compelling service opportunities that have the potential for significant investment return. Ivy's philosophy is to leverage its extensive network of healthcare and finance relationships to assist its portfolio companies in the execution of their business plans and achievement of their strategic goals. For more information, please visit www.ivycapitalpartners.com
This press release includes statements that may constitute "forward-looking" statements. Forward-looking statements involve risks and uncertainties. For example, statements concerning our product development, business strategy, our financial projections and market for our product are forward-looking statements. Except for the historical information contained herein, the forward-looking statements in this press release are only predictions and are subject to change.
Source: ONI Medical Systems
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