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News Release - August 15, 2023
Vertos Medical Promotes Two Senior Leaders to Newly Created C-Suite RolesNew Chief Commercial Officer and Chief Technology Officer to Head Nationwide Lumbar Spinal Stenosis Treatment Expansion and Innovation Efforts
ALISO VIEJO, Calif., Aug. 15, 2023 -- (Healthcare Sales & Marketing Network) -- Vertos Medical Inc., a leader in the development of innovative, minimally invasive treatments for lumbar spinal stenosis (LSS), announced today that its Vice President of Sales, Stephen E. Paul, has been named chief commercial officer (CCO), and its Vice President of Research and Development, Mehrzad Khakpour, Ph.D., has been named chief technology officer (CTO) for the rapidly growing company. The promotions come on the heels of a recent Series C equity funding round of more than $26 million.
Lumbar spinal stenosis impacts one in five Americans over the age of 60. Vertos Medical's proprietary technology, the mildŽ Procedure, has been shown in many studies to help restore mobility and decrease pain for LSS patients while greatly improving their quality of life. mildŽ is an image-guided, outpatient procedure that removes a major root cause of LSS, namely excess ligament tissue in the spinal canal.
"Steve will continue to lead our sales teams and spearhead our commercialization efforts as we work to make mildŽ the standard of care in medical practices nationwide," said Eric Wichems, president and CEO of Vertos Medical. "Mehrzad will assume the responsibility of building out our research and development capabilities to expand on the successes of mildŽ and further develop our product portfolio and intervention options."
Formerly Vertos' vice president of sales, Mr. Paul will leverage his more than 20 years of expertise in building and managing high-performance medical device sales and consumer commercial teams. Paul has been responsible for developing and launching multiple market-disrupting products in previous medical device endeavors. In his newly established role, he will oversee marketing, sales, and reimbursement/patient access teams.
Dr. Khakpour, previously Vertos' vice president of research and development, also boasts more than 20 years of experience in medical device research and innovation, with numerous notable past accomplishments. In his newly created CTO position, he will oversee Vertos' upstream marketing, R&D, and clinical research teams to steer the company toward promising adjunctive innovations.
Vertos is experiencing a significant increase in demand for its groundbreaking procedure, and more than 75,000 patients have been treated in the United States. The company's rapid revenue growth of 348% between 2018 and 2021 led Deloitte to rank the company #384 on its prestigious Deloitte Technology Fast 500 list in November 2022.
"Our future has never been brighter," says Wichems. "Steve and Mehrzad will continue to grow Vertos' sales and portfolio to accelerate our commercial expansion and achieve our goal of making the mildŽ Procedure accessible to every appropriate patient suffering from LSS in the United States."
About Vertos Medical Inc. and the mildŽ Procedure
Vertos Medical is an interventional pain company committed to developing innovative, minimally invasive treatments for lumbar spinal stenosis (LSS). mildŽ, its proprietary technology, is an image-guided outpatient procedure that removes a major root cause of lumbar spinal stenosis (LSS) through an incision smaller than the size of baby aspirin and doesn't require implants, general anesthesia, or stitches. The mildŽ Procedure has been clinically demonstrated to have safety outcomes similar to injections with durability out to 5 years, and patients typically return to activities of daily living within 24 hours with no restrictions. mildŽ is nationally covered by Medicare.
In November 2022, Vertos Medical joined an elite group by ranking 384 on the Deloitte Technology Fast 500, a ranking of the most innovative, fastest-growing public and private companies from North America. This recognition highlights Vertos Medical's exceptional growth and relentless pursuit of improving the quality of patients' lives. Vertos Medical headquarters is located in Aliso Viejo, CA. To learn more and view clinical data, visit www.Vertosmed.com.
Source: Vertos Medical
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