Healthcare Industry News: Wright Medical Group
News Release - April 1, 2009
Small Bone Innovations, Inc. Strengthens Senior Management & Announces Formation of Executive Committee
Additional Managerial Talent Positions SBi for Continued Strong GrowthExpands Management’s Small Bone & Joint Expertise
SBi Well Positioned to Capitalize on the Emerging Lower Limb Opportunity
NEW YORK--(HSMN NewsFeed)--Small Bone Innovations, Inc. (SBi), a single-source provider of innovation, products, technology and education for the small bone & joint (SB&J) sector of the orthopedics industry, announced that it has strengthened its Senior Management and also formed its Executive Management Team.
SBi is announcing that Steve D. Ward, in addition to being the company’s Chief Financial Officer (CFO) since March of 2006, has been promoted to the Chief Operating Officer (COO) role. This opening was created by the recent retirement of Robert W. Churinetz, who was the company’s COO. After successfully leading SBi’s effort to transition from a manufacturing to a supply-chain focus by divesting U.S. and French manufacturing operations and installing a multi-tiered manufacturing vendor management system, Mr. Churinetz will be joining Musculoskeletal Clinical Regulatory Advisers, LLC (MCRA) to help build their manufacturing, quality assurance and international regulatory practice serving orthopedic companies throughout the world. Through this affiliation, he will continue to help SBi and focus his energy on transferring manufacturing of the Scandinavian Total Ankle Replacement (S.T.A.R.) Ankle from Waldemar Link GmbH in Hamburg, Germany to a new manufacturing location.
Anthony G. Viscogliosi, Chairman & CEO of SBi, said: “SBi has benefited greatly from Bob’s operational know-how and extensive SB&J experience since he joined the company in July of 2006. We wish Bob well on his new endeavors and believe that his background is highly additive to the team that is already in place at MCRA. We are also grateful to have an executive of Steve’s caliber, whose background includes operational experience having overseen logistics, customer service and facilities operations at his prior firm, to step in to ensure a seamless transition.”
SBi is also announcing that it has formed an Executive Management Committee, which consists of Anthony G. Viscogliosi (Chairman & CEO), Thomas Crowley (President), Florian Kemmerich (President, SBi International) and Steve Ward (CFO/COO). Mr. Kemmerich’s addition to SBi was described in a press release issued on February 17th, 2009. Based upon the Board of Director’s agreed upon corporate goals, as developed by the CEO, this team of executive management determines the company’s objectives, business strategies and oversees the execution of these plans to achieve the goals.
Additionally, SBi has formed an Operating Committee to manage the day-to-day operating activities of the company. The Operating Committee is led by Steve Ward and also includes Thomas B. Loring (Senior Vice President Worldwide Product & Technology Development), James T. Hook (Senior Vice President, North American Sales), Jean-Jacques Martin (Senior Vice President, SBi International), Scott Ludecker (Vice President, Worldwide Diabetes and Limb Preservation Systems) and James L. O’Connor (Vice President, Worldwide Regulatory, Quality and Clinical Affairs, Surgeons Ethics & Compliance).
SBi’s Senior Management has been expanded with the appointment of Thomas A. Crowley, Jr. as President of the company as well as the appointment of James T. Hook as Senior Vice President, North American Sales last year.
Mr. Crowley joined SBi with senior-level orthopedic experience following his position as President of Aircast, LLC. During his tenure at Aircast, he managed nearly 400 employees and led the company to generate annual revenues of approximately $100 million. He was responsible for the expansion of Aircast’s lower limb global franchise, establishing a leading position with Foot and Ankle surgeons and their medical societies. Tom oversees the company on a day-to-day basis and leads our domestic sales organization in launching new products and expanding our presence in the SB&J market.
Mr. Hook is responsible for managing and overseeing the company’s sales network in the U.S. and Canada. Mr. Hook has extensive SB&J experience having worked at Tornier and at Wright Medical Group (and its predecessor) for over 20 years. At Tornier, he managed the company’s independent distribution network, drove impressive gains in their U.S. shoulder business, established its elbow franchise and built its ankle business.
Mr. Viscogliosi said: “With these additions to the executive management team and the formation of the Executive and Operating Committees, SBi has an extraordinarily deep pool of managerial talent which positions us to capitalize on the vast opportunity in the rapidly emerging SB&J market. Furthermore, our team has particular expertise in the lower limb anatomy, which is a perfect fit with our S.T.A.R. total ankle joint replacement system.”
About Small Bone Innovations, Inc.
Small Bone Innovations, Inc. (SBi) was founded in 2004 by Viscogliosi Brothers, LLC, (VB), a New York-based merchant banking firm that specializes in the musculoskeletal/orthopedic sector. VB created SBi as the first company to focus purely on small bones & joints. By integrating established companies and professionals in the field, SBi offers a broad, clinically proven portfolio of products and technologies to treat trauma and diseases in small bones & joints. Today, SBi has more than 130 employees at facilities in New York, NY, Morrisville, PA, Bourg-en-Bresse, France, and Donaueschingen, Germany, among other locations worldwide.
For more information on SBi, please visit: www.totalsmallbone.com
About Viscogliosi Bros., LLC
Established by Marc R. Viscogliosi, John J. Viscogliosi and Anthony G. Viscogliosi in New York City in 1999, Viscogliosi Bros., LLC (VB) was the first venture capital/private equity and merchant banking firm dedicated exclusively to the musculoskeletal/orthopedics sector of the health care industry. As principals of VB, the Viscogliosi brothers have a combined total of nearly half a century of experience analyzing and investing in the musculoskeletal/orthopedics sector.
VB’s mission is to create, build and finance companies founded on innovations developed by surgeons and uniquely focused on “life changing” musculoskeletal/orthopedic technologies. VB has worldwide surgeon, industry and trade relationships, and significant financial expertise in the musculoskeletal/orthopedic sector.
The Viscogliosi brothers have pioneered more than 170 financial, strategic and management initiatives for companies in the musculoskeletal/orthopedic sector, from start-up, seed and development stage all the way to exit. These initiatives have helped people live better lives through the orthopedic and spinal products developed, marketed and sold by the companies VB has assisted in developing and financing.
For more information about VB, please visit: www.vbllc.com
Forward-looking statements
This press release contains forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of risks and uncertainties impacting SBi’s business including increased competition; the ability of SBi to expand its operations and to attract and retain qualified professionals; technological obsolescence; general economic conditions; and other risks.
Source: Small Bone Innovations
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