Healthcare Industry News: NuVasive
News Release - January 29, 2008
Active Implants Corporation Announces Election of Jack Blair as Chairman of the BoardMEMPHIS, Tenn.--(HSMN NewsFeed)--Active Implants Corporation (AIC), a pioneer of advanced polymer orthopaedic implant solutions, today announced the election of medical device industry veteran Jack Blair as Chairman of the Board. The announcement comes as AIC moves to commercialization of the company’s first product, the TriboFit™ Hip System, which received a European CE Mark approval.
Jack Blair, a past Group President of Smith & Nephew and former Chairman of the Board of DJ Orthopedics, has been an active member of the AIC Board of Directors and an early investor since its inception in 2004. Blair steps into the Chairman role as the company prepares to raise additional capital for commercialization of its TriboFit™ Hip System and further product development. The company successfully closed a Series B Preferred Stock Offering and Senior Convertible Note and Warrant Offering in 2007, raising over $10 million, funding operations into 2009. The market for the innovative hip system and recent progress on an artificial meniscus in development pave the growth opportunities of the company.
“Jack Blair is a recognized industry expert and highly respected business leader who knows this company and the expanding orthopaedic market opportunity. I know Jack will make even greater contributions in his new role as Chairman at this important time in the evolution of our company,” said Stephen Bradshaw, President and Chief Executive Officer. Blair most recently served as Chairman of the Board of DJ Orthopedics, DJO, Inc., a NYSE traded medical device company acquired by a Blackstone Group company for $1.6 billion.
“I believe our polymer platform technology at AIC can solve problems in orthopaedics today and will open new treatment options for patient care in the future,” said Blair. “I am pleased to take on the expanded role of Chairman of the Board as this science unfolds and the possibility of even greater patient benefit prevails.”
Blair also currently serves on the boards of NuVasive, Inc., a NASDAQ traded spinal surgery company, and Buckman Laboratories, Inc., a privately-held specialty chemicals company. From 1980 until his retirement in 1998, Blair served in various capacities with Smith & Nephew plc and Richards Medical Company, which was acquired by Smith & Nephew in 1986. Blair served as main board director and Group President for Smith & Nephew’s North American, South American and Japanese operations from 1989 to 1998.
Amiram Steinberg, founder, inventor and a major shareholder for AIC, stepped down as Chairman on January 18, 2008, having served as Chairman of the Board since the formation of the company in 2004. Steinberg is the key inventor of AIC polymer platform technology and will continue as an active participant in the company as a Director, Inventor and valued technical advisor.
“Amiram’s vision and inventive genius laid the foundation for truly innovative ideas in the field of orthopaedic medical devices,” said Bradshaw. “We value his significant contributions, and I look forward to continuing our work together in building a new generation of less invasive implant solutions that can restore quality of life much earlier for patients.”
The AIC Board is made up of accomplished business and technical professionals including Amiram Steinberg, Stephen Bradshaw, Michael Lewis, M.D., James D. Lackie, Hadar Steinberg, PhD. and Jack Blair.
“On December 25, 2007, AIC lost board member Robert T. Rylee, II, a valued industry expert and dear friend,” said Bradshaw. “His service to the company and wisdom as an industry expert will be sorely missed.”
About Active Implants Corporation
Active Implants Corporation is a privately-held company (Delaware Corporation) formed in 2004 by an experienced team of orthopaedic executives and an inventor with vast experience in pliable structured materials. AIC is in the process of commercializing its first product and owns intellectual property containing innovative implant solutions and minimally invasive surgery technology with applications in the joints and spine. The company is headquartered in Memphis, Tennessee, with research facilities in Netanya, Israel. The company commercialized its first hip reconstruction product system in Europe in 2007, utilizing advanced polymer and design technology. AIC expects to complete development work on its artificial meniscus later this year.
Source: Active Implants
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