Healthcare Industry News: RF Generator
News Release - May 16, 2006
Leading Radiofrequency Manufacturer Names New President, CEO
MIDDLETON, Mass., May 16 (HSMN NewsFeed) -- NeuroTherm, Inc., a global leader in radiofrequency generators for chronic pain management, announces the appointment of Laurence Hicks as president and chief executive officer. He also will serve on the board of directors of RF Medical Holdings, Inc. the parent company of NeuroTherm."We are delighted to have Larry join the company as president and CEO," said Jeffrey Lipsitz, a Partner of Cortec Group, Inc., the private equity firm that acquired NeuroTherm in September 2005. "He brings tremendous sales management, marketing and channel strategy experience to the business. Larry has the leadership skills and energy to guide NeuroTherm through its next stage of rapid growth and development."
Hicks has more than 20 years of experience in the medical device industry, most recently as president and CEO of the urology business of Gyrus ACMI, a division of U.K.-based Gyrus Group, PLC. Before Gyrus ACMI, Hicks spent 12 years in positions of progressive responsibility with Karl Storz Endoscopy America, culminating in the dual roles of General Manager of Karl Storz Sports Medicine and Executive Director, Sales of the U.S. endoscopy business.
By appointing a President and CEO for the first time, NeuroTherm signals the next stage in the company's long-term growth strategy. "NeuroTherm has always been known for its passion for customer service and economical, reliable products," said Hicks. "Now we're applying that passion to our research and development side, with plans to introduce a range of innovative products for the interventional pain market."
NeuroTherm, Inc. is a leading manufacturer of radiofrequency generators and related consumables used in the treatment of chronic pain. The company recently introduced the NT1000, the world's first RF Generator capable of producing three lesions simultaneously. Neurotherm also pioneered the development and use of disposable electrodes in the U.K. market.
NeuroTherm is based in Middleton, MA., with another facility outside London, England. The company was formed in September 2005, as a concurrent acquisition of RDG Medical in the U.K., and RF Medical and Precision Medical Engineering in the U.S. by Cortec Group Fund III, L.P., an affiliate of Cortec Group, Inc. Additional information about NeuroTherm can be found on the Internet at http://www.neurotherm.com.
Cortec Group acquires high value-added, middle-market manufacturing, distribution and service businesses that have achieved leadership positions in their market niches. Cortec Group is currently investing Cortec Group Fund IV, L.P. which has more than $400 million of committed capital to acquire platform companies with enterprise values of $30 million to $300 million and smaller follow-on acquisitions. Additional information about Cortec Group can be found on the Internet at http://www.cortecgroup.com.
Source: NeuroTherm
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