Press release from PR Newswire
JenaValve Appoints Raymond W. Cohen as Executive Chairman
Monday, January 07, 2013
JenaValve Appoints Raymond W. Cohen as Executive Chairman06:00 EST Monday, January 07, 2013Former Cardiac Science, Vessix Vascular CEO Has More than 25 Years of Medical Device ExperienceWILMINGTON, Del. and MUNICH, Germany, Jan. 7, 2013 /PRNewswire/ -- JenaValve Technology, Inc., a privately-held, venture-backed developer, manufacturer and marketer of transcatheter-delivered aortic valve systems (TAVI) for the treatment of aortic valve disease, announced today that it has appointed veteran medical device executive Raymond W. Cohen as Executive Chairman of its Board of Directors.Mr. Cohen has worked as an executive in the medical device industry for more than 25 years and since 2010 served as Chief Executive Officer at privately-held Laguna Hills, CA-based Vessix Vascular Inc., a developer of a novel percutaneous RF balloon catheter renal denervation system used to treat uncontrolled hypertension. Boston Scientific Corporation (NYSE: BSX) acquired Vessix in November 2012 in a structured transaction valued at up to $425 million. Michael J. Dormer is transitioning from his position as JenaValve's Non-Executive Chairman of the Board of Directors to an advisory role. Helmut J. Straubinger, CEO of JenaValve Technology, said, "With more than 350 device implants to date in Europe and powerful outcomes data, it is now the right time for JenaValve to increase awareness of our novel TAVI technology in the U.S. with potential partners, investors, analysts, regulators and clinicians. Given Mr. Cohen's and Mr. Dormer's broad U.S. and international experience and successful track records, they will make a great team to bring value to JenaValve and all of its stakeholders." Mr. Cohen currently serves as a member of the Board of Directors of a number of public and private U.S.-based companies including BioLife Solutions, Inc. (OTC: BLFS), a manufacturer of biopreservation media for human cells and tissue, Syncroness, Inc., a contract engineering firm and LoneStart Heart, Inc., a venture capital-backed developer of biomaterials for the treatment of congestive heart failure. Previously, from 1997 to 2006, Cohen was the Chairman and CEO of NASDAQ-listed Irvine, CA-based Cardiac Science, Inc., a manufacturer of external automatic defibrillators ranked as the 4th fastest growing company in North America by Deloitte in 2004.About TAVI Transcatheter aortic valve implantation systems (TAVI) have already yielded nearly $1 billion in revenues outside the United States. Analysts estimate that, to date, approximately 50,000 patients have undergone the procedure and the TAVI market, including only high-risk patients not eligible for open-heart surgery, will approach $2 billion by 2014. Clinicians are now focused increasingly on TAVI technical and procedural refinements and advancements found in second-generation products such as JenaValve's which address and resolve issues including ease of implantation and post-implant paravalvular leaks.About the JenaValve TAVI System The JenaValve? is a true second-generation catheter-based aortic valve implantation system engineered and manufactured to the highest quality standards. The JenaValve transapical system is currently being sold in Europe. The Company's transfemoral system is in the final phase of development and is anticipated to be available for sale in 2014.The JenaValve prosthesis consists of a natural aortic porcine root bioprosthesis fitted with an outer porcine pericardial patch, a so-called skirt, before being sewn onto a Nitinol self-expanding stent. The high-quality bioprosthesis is durable, ensuring long-term aortic valve function. JenaValve's unique "3-feeler element" allows the clinician to accurately position the prosthesis in the anatomically correct position during implantation thus ensuring a precise sub-coronary alignment within the patient's native valve. JenaClip? anchoring and clipping mechanism allows the patient's native valve leaflets to be clipped enabling the JenaValve to be firmly anchored in the correct anatomical position and provide active fixation and resistance to migration. The JenaValve implantation is conducted on the beating heart. Hemodynamic flow is maintained without cardiac arrest and rapid pacing is not required during the procedure. The low profile of the prosthesis ensures open flow to the coronaries after the implantation. The JenaValve is available in three sizes, 23mm, 25mm and 27mm, covering aortic valve annuli from 21mm to 27mm. JenaValve is retrievable and repositionable thereby contributing to a successful procedure and confidence of the clinician. About JenaValve Technology, Inc. and JenaValve Technology, GmbHJenaValve Technology, Inc., domiciled in Delaware, USA with operations in Munich, Germany, develops, manufactures and markets aortic valve systems to treat patients suffering from aortic valve disease. The company's products are CE marked and its transapical aortic valve system is currently marketed in Europe with over 350 implantations to date. The JenaValve transfemoral aortic valve system is in the final phase of development and is expected to be completed and marketed in 2014.JenaValve is backed by world-class U.S. and European investors: Atlas Venture, Edmond de Rothschild Investment Partners, NeoMed Management, VI Partners, Sunstone Capital and GIMV. Additional information is available at www.jenavalve.de U.S. Contact: Matt Clawson, Allen & Caron Inc. 949.474.4300 or Matt@allencaron.com SOURCE JenaValve Technology, Inc.