Healthcare Industry News: IOERT
News Release - August 24, 2007
IntraOp Medical Raises Equity, Restructures Debt, Names New President /CEO and Appoints New Board of DirectorsKey developments better position IntraOp for future growth and further support the firm's commitment to provide innovative technology solutions for the treatment and eradication of cancer
SUNNYVALE, Calif.--(HSMN NewsFeed)--IntraOp Medical Corporation (OTCBB: IOPM ), announced today it has received $5.4 million of new equity and arranged for the extinguishment of over $8.7 million of notes and payables. In addition to the capital restructuring, a new President and CEO has been named, and a new Board of Directors has been appointed.
John Powers, the new CEO and President of IntraOp, comes from a strong business operations background with over 20 years of experience in the fast-paced wireless industry, including executive posts at metroPCS, VelociTel, Inc., Crown Castle International and Motorola, Inc.
"IntraOp Medical has a great product with strong clinical results showing the Mobetron as a highly effective treatment solution for a wide variety of cancers," said Powers. "I am inheriting a great team to build upon and I look forward to working with the leaders in the field to make intraoperative electron-beam radiation therapy (IOERT) available to everyone."
IntraOp's flagship product Mobetron is the first OR-ready, fully portable, self-shielding electron-beam linear accelerator designed for use in any operating room. With Mobetron, radiation and surgical oncologists can pinpoint the exact area that requires radiation and immediately deliver high doses directly to the affected tissue during cancer surgery. Key patient benefits of this early and powerful start to radiation therapy include: increased survival rates, better local tumor control, shorter treatment cycles, and fewer side effects.
Donald A. Goer, Ph.D., former President and CEO of IntraOp, and now its Chief Scientist said, "The new capital and debt restructuring will provide IntraOp with the resources it needs to accelerate its growth strategy. With the addition of John to our team, I can focus my efforts on working with the leading clinical practitioners to enhance and expand the technology needed to make IOERT a standard of care for cancer patients."
IntraOp's new Board of Directors consists of IntraOp President and CEO John Powers; Chairman Oliver Janssen, Hultquist Capital LLC; Rawleigh Ralls, Lacuna Gap Capital; Greg Koosman, VMG Health; and former Board Members Keith Jacobsen, Steven Kessler, and Michael Friebe, Ph.D.
IntraOp Medical Corporation provides innovative technology solutions for the treatment and eradication of cancer. Founded in 1993, IntraOp is committed to providing the tools doctors need to administer intraoperative radiation therapy safely and effectively - for all cancer patients. The company's flagship product, Mobetron, is the first fully portable, self-shielding intraoperative electron radiation therapy device designed for use in any operating room. Key Mobetron benefits include: increased survival rates, better local tumor control, shorter treatment cycles, and fewer side effects. Leading hospitals, from university research centers to specialized cancer clinics in North America, Europe and Asia, use Mobetron as a vital part of their comprehensive cancer program.
For more information on IntraOp Medical Corporation, please visit: www.intraopmedical.com
This press release may contain "forward-looking statements" within the meaning of Section 27A of the 1933 Securities Act and Section 21E of the 1934 Securities Exchange Act. Actual results could differ materially, as the result of such factors as competition in the markets for the company's products and services and the ability of the Company to execute its plans. By making these forward-looking statements, the Company can give no assurances that transactions described in this press release will be successfully completed, and undertakes no obligation to update these statements for revisions or changes after the date of this press release.
Source: IntraOp Medical
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