Vertos Medical, Inc. Appoints James M. Corbett Chief Executive Officer
Corbett and Daniel A. Pelak Join Board of Directors in Preparation for
Launch of MILD™, an Innovative, Minimally Invasive Spinal Treatment Procedure
San Jose CA, November 6, 2008 -- Vertos Medical, Inc., a privately held medical
device manufacturer focusing on 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™
(Minimally Invasive Lumbar Decompression) technology, recently initiated an
Institutional Review Board - controlled clinical trial called the Vertos MILD™
Preliminary Patient Evaluation Study.
The MILD™ procedure is a simple, percutaneous, fluoroscopically guided treatment
for Lumbar Spinal Stenosis (LSS). MILD™ 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™ 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™ (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™ 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.
