Healthcare Industry News: Medigus
News Release - August 13, 2013
Medigus, Ltd. Announces Management Change: Board Approves the Appointment of Christopher Rowland as CEOMr. Rowland to Replace Dr. Elazar Sonnenschein, Founder & CEO, Who Will Head Global Operations
OMER, ISRAEL -- (Healthcare Sales & Marketing Network) -- Medigus, Ltd. (TASE: MDGS), a leading medical device company dedicated to the development of innovative endoscopy-based surgical procedures and technologies, announced today that its Board of Directors has approved the appointment of Mr. Christopher (Chris) Rowland as chief executive officer of the company.
Dr. Sonnenschein, a founder of Medigus and its CEO since the company's establishment in 2000, will assume the role of global chief operating officer, and will assist in Mr. Rowland's transition. In his role as global COO, Dr. Sonnenschein will be responsible for operations, manufacturing and R&D.
Dr. Nissim Darvish, Medigus' chairman of the board stated: "Chris possesses deep knowledge, expertise and rich experience in leading medical device companies to commercial and financial success. As we expand globally and enhance our sales and marketing infrastructure, we believe that his experience will take us to the next phase in our development -- the introduction of our flagship product, the SRS, both in our U.S. target market, in Europe, and globally, positioning the company as a world leader in the field of minimally-invasive procedures for gastroenterology and other surgical procedures.
Dr. Elazar Sonnenschein, Medigus' current CEO added: "Chris's appointment strengthens our management team and I look forward to working with him and under his leadership in support of our commercial and clinical objectives, as well as our vision of becoming a standard-setter in the field of surgical endoscopy."
Mr. Rowland said: "Medigus offers advanced technological solutions, wonderful talent and a robust infrastructure for future growth. These competitive advantages will support our vision to become an innovative market leader in the minimally invasive medical markets. Our goal is to establish the SRS system as an alternative to more invasive surgical procedures and continue to build Medigus as a global innovative company in the field of endoscopy and gastroenterology. I thank the Board for their confidence and support, and look forward to working with Elazar and his team."
Mr. Rowland, 51, has twenty-four years' experience in the life sciences market, specifically in the medical device and non-invasive medicine sectors. During his career he has held senior executive positions in the USA and overseas in both public and private companies, ranging from large multi-national corporations to small innovative companies. During 2006 - 2009, he served as president, Americas at Given Imaging, and was also a member of the company's Executive Committee. During his tenure, Given Imaging revenues in the US doubled and operating profit increased. Prior to his position at Given Imaging, Mr. Rowland served seventeen years in positions of increasing responsibility at the Boston Scientific Corporation, including country manager for Israel and global vice president of marketing for the Endoscopy division. Most recently, Mr. Rowland served as CEO of NeoTract, Inc. and president of IntraPace, Inc.
Dr. Darvish concludes: "I would like to express my sincere appreciation for the contributions of Dr. Elazar Sonnenschein, Medigus' current CEO and leader. Dr. Sonnenschein founded the company and developed Medigus' advanced technology. He will remain a valuable asset for Medigus and will continue to be involved in the production and technological development of our products."
Medigus is at the forefront of the transition from invasive gastric surgery procedures to advanced minimally invasive treatment techniques, particularly with regard to GERD (gastroesophageal reflux disease), which is increasing in global prevalence. The company's SRS™ system allows treatment of chronic reflux by means of a one-time endoscopic procedure, which restores the patient's health and quality of life. The single-use SRS™ system achieves this without compromising safety or efficacy, as proven during previous clinical trials. Medigus' minimally invasive technology platform not only enhances patient care, but may also affect hospital and health insurer efficiency with lower costs and reduced hospitalizations.
About Medigus Ltd.
Medigus (TASE: MDGS) is a medical device company specializing in developing innovative surgical endoscopic procedures and devices. Medigus is a pioneer developer of a unique single-use endoscopic device for the treatment of GERD, one of the most common chronic diseases in the western world, with a prevalence rate of 5% to 7% of the world population. Millions of people take prescription drugs to treat the symptoms of GERD, with medication side effects increasingly drawing attention and caution. Each year hundreds of thousands of invasive surgeries are undertaken.
In May 2013 Medigus published 5-year and 3-year results from its pilot and pivotal multicenter trials, respectively, demonstrating similarity of SRS results to those of the gold standard, invasive surgery, and therefore establishing its suitability as a strong alternative for the sustainable treatment of chronic GERD.
The SRS ™ system is FDA approved in the U.S., CE marked in the European Union, and has received Canadian approval. Medigus is in the preliminary stages of marketing the system in the U.S. and Europe, independently and through distributors.
In addition to its primary activity in the field of surgical endoscopy, Medigus has also developed and markets the world's smallest video camera for endoscopic, medical and industrial applications.
In March 2013 OrbiMed Israel Partners completed an investment of $8 million in consideration for 30.7% of the shares and voting rights of Medigus, and became its controlling shareholder.
For more information, please visit: www.Medigus.com
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