Healthcare Industry News: cervical spine
News Release - March 10, 2021
Novum Medical(TM) Appoints Tom Afzal as CEO and Announces Closing of FinancingWOBURN, Mass., March 10, 2021 -- (Healthcare Sales & Marketing Network) -- Novum Medical, Inc., a developer of innovative implants using novel biomaterials that have the potential for broad application in the musculoskeletal market, announced Tom Afzal as its new chief executive officer. The Company also announced that it has completed a financing with existing investors.
"We are fortunate to have spine industry leader Tom Afzal join Novum Medical," said David Gill, Chairman of the Board. "Tom has had excellent success in building high-performance medical device organizations and has expertise in commercialization and market development in the US and internationally. His experience in raising funding for numerous companies also will be valuable as we seek additional capital to advance our strategy to develop novel biomaterials across the orthopedic implant market."
"I am thrilled to be joining Novum Medical at such an exciting time," said Afzal. "The new financing provides capital for the continued investment in our Investigational Device Exemption (IDE) pivotal clinical trial seeking FDA clearance for the Vitrium® Cervical Interbody Device (IBD) to aid in the fusion of the cervical spine. We plan for the Vitrium Cervical IBD to be the first in a range of innovative orthopedic implants that can be replaced with the patient's own bone and allow for a more natural healing process. We are leveraging our technological know-how with biomaterials and implant design in enhancing the implant/bone interface to provide improved implant performance and clinical results for patients."
Novum Medical's focus is on the development of unique biomaterials to design implants across a broad range of orthopedic applications that allow the patient's bone to completely replace the implant. The Company's development efforts are being conducted internally and it is also exploring partnerships with other leading biomaterials companies. Novum Medical is developing implants for the more than $60 billion orthopedic implant market. The Company expects to raise funds later this year to pursue its development and commercialization goals. Novum Medical currently is expanding its management team to achieve its strategy and goals.
About Tom Afzal
Novum Medical Chief Executive Officer Tom Afzal was formerly the CEO and Co-Founder of Spinal Kinetics, which developed artificial discs for the spine and became a market leader. He led Spinal Kinetics through product development, PMA and CE Mark approvals, US and international commercial launches, and its acquisition by OrthoFix in 2018. He has been the CEO and a Founder of a number of medical device companies where he took them from development stage to successful commercialization. He also has held executive management positions with a number of large multi-national medical companies.
About Novum Medical
Inspired by Nature – Driven by Science™, Novum™ Medical (www.novum-medical.com) is dedicated to bringing the next generation of technology to the spine and musculoskeletal market. The Company's development efforts focus on using novel biomaterials to design innovative orthopedic implants that have the potential to help patients live healthier, more productive and active lives. Novum Medical has a global patent portfolio with 26 issued patents. The Company currently is conducting an FDA IDE pivotal clinical trial seeking clearance to use its novel bioactive product Vitrium as a cervical interbody device (IBD) to aid in the fusion of the cervical spine.
Source: Novum Medical
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