SAN JOSE, Calif., Nov. 7 /PRNewswire/ -- Vertos Medical, Inc., a privately
held medical device manufacturer focusing on a minimally invasive treatment
for Lumbar Spinal Stenosis (LSS), today announced that the company has
appointed James M. Corbett as its President and Chief Executive Officer and to
its Board of Directors. In addition, the company announced it has expanded
its Board to include Daniel A. Pelak. Corbett and Pelak bring decades of
senior management experience in the development and commercialization of
innovative medical devices. Vertos Medical, which has U.S. Food and Drug
Administration (FDA) clearance for its MILD(TM) (Minimally Invasive Lumbar
Decompression) technology, recently initiated an Institutional Review Board -
controlled clinical trial called the Vertos MILD(TM) Preliminary Patient
Evaluation Study.
The MILD(TM) procedure is a simple, percutaneous, fluoroscopically guided
treatment for Lumbar Spinal Stenosis (LSS). MILD(TM) can be performed under
local anesthesia and substantially reduces the tissue damage and removal
associated with other minimally invasive or open surgeries. Recent clinical
results in 32 patients(1) with moderate-to-severe LSS demonstrated improved
mobility and decreased pain. To date, more than 80 patients have undergone the
procedure without any adverse events.
In July 2008, Vertos completed a $12 million financing from leading
venture capital firms CHL Medical Partners, Foundation Medical Partners,
Aweida Ventures, and DFJ Mercury. With the addition of Mr. Corbett and Mr.
Pelak, the Vertos Board expands to six members.
"We are delighted by the addition of these two seasoned executives to the
Vertos Medical team. Jim has a proven track record in the medical device
industry and brings demonstrated entrepreneurial leadership to Vertos as we
prepare for the commercial rollout of the MILD(TM) procedure. In addition, we
are pleased to have an executive with Dan's accomplishments and broad range of
experience join our Board," said Myles Greenberg, M.D., Partner with CHL
Medical Partners and Vertos Board member.
Mr. Corbett has more than 28 years of leadership experience in the medical
device field. Most recently, he was Chief Executive Officer of ev3 Inc.
(Nasdaq: EVVV), where he led the development of ev3's peripheral and
neurovascular device business. Over the course of his career, Mr. Corbett has
held the positions of Chief Executive Officer, Home Diagnostics Inc.;
President, Boston Scientific International; and General Manager Baxter, Japan,
as well as a number of executive roles in his 11 years at Baxter Healthcare.
Mr. Pelak has extensive medical device industry management experience,
with a successful track record in growing young companies and productive
corporate operating divisions. Until recently, he was the Chief Executive
Officer at InnerPulse, a privately held, early-stage cardiac medical device
company. Previously, he was the Chief Executive Officer of Closure Medical
Corporation until its acquisition by Johnson & Johnson in 2005. He began his
career at Medtronic, Inc., where he spent more than two decades and held the
positions of Vice President of Cardiovascular Marketing, as well as Vice
President and General Manager of three operating divisions.
About Vertos Medical, Inc.
Vertos is a San Jose, CA, based medical device company founded in 2005
which has recently begun commercializing an innovative, percutaneous treatment
for lumbar spinal stenosis (LSS). LSS is a painful and debilitating condition
diagnosed in more than 1.5 million people each year in the U.S. The Vertos
MILD(TM) (Minimally Invasive Lumbar Decompression) procedure can be performed
under local anesthesia and substantially reduces the tissue damage associated
with other minimally invasive or open surgeries. Vertos has obtained FDA
clearance for commercialization of the MILD(TM) devices in the U.S.
(1) Spine Technology Education Group, Innovative Techniques in Spine
Surgery, June 18-21, 2008, Los Cabos, Mexico: 90% decrease in pain as
measured by the Visual Analog Scale (VAS), as well as improved mobility,
represented by a decrease in the Oswestry Disability Index (ODI) of 84%. No
complications or adverse events reported. All patients discontinued the use
of narcotics or pain medication at 6 weeks following the MILD procedure.
SOURCE Vertos Medical, Inc.