Healthcare Industry News: AIGISRX CRMD
News Release - March 31, 2008
TyRx Pharma, Inc. Announces the Appointment of Gary Young, PharmD, MBA as Vice President, MarketingMONMOUTH JUNCTION, NJ--(Healthcare Sales & Marketing Network)--Mar 31, 2008 -- TyRx Pharma, Inc., a leader in the commercialization of implantable medical-pharmaceutical devices, today announced that it has appointed Gary Young as Vice President, Marketing.
"Gary brings over 25 years' experience in building successful medical device product commercial launches to TyRx and we are excited to have him join our team," remarked William Edelman, President and CEO for TyRx. Mr. Edelman continued, "Gary's tremendous depth and experience will enable our strategy in the implantable medical-pharmaceutical device sector as TyRx moves from the development stage to a full commercial footing. In January, we announced FDA clearance of the AIGISrx(TM) CRMD Anti-Bacterial Envelope, our third implantable combination drug-device product to reach the market. The funds from our recently announced financing round in February will enable our continuing transition from the development stage to commercialization, targeting the market in medical device infection control estimated at $3 billion in the United States."
Mr. Young has over 25 years of increasing leadership positions within the cardiovascular device industry, with emphasis being within cardiac surgery, implantable pacemakers and heart valves. He has held senior level sales and marketing positions moving from sales representative to Vice President, Sales and Marketing for organizations such as Medtronic, Pacesetter/St Jude, Sulzer Carbomedics and Edwards Lifesciences. While at Medtronic, Mr. Young was nominated for the Malcolm Baldridge Quality Award and launched the world's mostly widely prescribed single, chamber rate responsive pacemaker generating $144.3 million annual revenue 1st year post launch. Mr. Young has launched over 40 life science technology products, has extensive global experience and has developed and executed global sales and marketing strategies for some of the world's most successful device companies.
Mr. Young remarked, "I am very excited in having the opportunity to join a group of industry leaders bringing a much needed technology to the market. This is an exciting time for both TyRx and the market. TyRx brings a robust and unique combination of pharmaceuticals and medical devices designed to enhance patient therapy, increase physician productivity while addressing the ever increasing cost of healthcare."
This notice follows TyRx's February 27th announcement that the Company raised $25 million in a venture capital financing led by Clarus Ventures and co-led by Pappas Ventures.
About AIGISrx(TM) CRMD
More than 400,000 cardiac rhythm management devices (CRMDs) are implanted each year in the U.S. According to a recent study presented during the Heart Rhythm Society Heart Rhythm 2006 Scientific Sessions (Boston), the University of Pittsburgh Medical Center noted that the 2003 national incidence of CRMD implant infection was estimated to be 5.8% for pacemakers and 3.7% for implantable cardioverter defibrillators (ICDs). Furthermore, according to Infection Control Today (8/2003), the average cost of each infection related to invasive medical devices varies from $34,000 to $56,000. TyRx Pharma's AIGISrx(TM) CRMD Anti-Bacterial Envelope contains the antimicrobial agents, rifampin and minocycline, which have been shown to reduce infection by organisms representing a majority of the infections reported in CRMD-related endocarditis, including MRSA (methicillin-resistant Staphylococcus aureus). In addition, it is intended to securely hold a pacemaker or ICD in order to create a stable environment when implanted in the body. This device is only intended to be used in conjunction with pacemakers and ICDs.
AIGISrx(TM) CRMD is constructed of knitted filaments of polypropylene coated with a proprietary resorbable polymer that elutes the antimicrobial agents for a minimum of seven days to reduce the risk of infection of the implanted CRMD following surgery. In in vitro and in vivo studies, AIGISrx(TM) CRMD demonstrated antimicrobial activity against Methicillin Resistant Staphylococcus aureus (MRSA), Staphylococcus aureus, Staphylococcus epidermidis, Acinetobacter baumanii, Enterobacter aerogenes and Proteus mirabilis, which represent a majority of the infections reported in CRMD-related endocarditis. It should be noted that the in vitro and in vivo activity of the AIGISrx(TM) CRMD antimicrobials is variable against non-epidermidis strains of coagulase-negative staphylococci. The company plans to launch AIGISRX CRMD in the US beginning in April 2008.
About TyRx Pharma, Inc.
TyRx Pharma, Inc., an ISO 9001:2000 and ISO 13485:2003 certified medical device manufacturer, commercializes implantable combination drug-device products utilizing novel biomaterials, including technology licensed exclusively from Rutgers, The State University of New Jersey. Additionally, TyRx has exclusively licensed from Baylor College of Medicine and The University of Texas M. D. Anderson Cancer Center product patents and associated technologies to address the problem of post surgical nosocomial infection. TyRx is deploying its capabilities across a broad range of combination implantable medical-pharmaceutical devices. The combination products sector (products incorporating both a drug & a device component) is expected to be the highest growth segment of the medical products industry and TyRx is positioned to be an innovative applications leader in the space.
For more information, please visit www.tyrxpharma.com.
Source: TyRx Pharma
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