Inari Medical Announces Leadership Succession Plan
August 03 2022 - 4:06PM
Inari Medical, Inc. (NASDAQ: NARI) (“Inari”), a medical device
company with a mission to treat and transform the lives of patients
suffering from venous and other diseases, today announced that
Chief Operating Officer Drew Hykes will succeed Bill Hoffman as
Chief Executive Officer, effective January 1, 2023. Mr. Hykes will
join Inari’s Board of Directors and Mr. Hoffman will also continue
to serve on the Board.
Mr. Hykes joined Inari in 2017 as Chief Commercial Officer and
has served as the Company’s Chief Operating Officer since 2020.
Prior to Inari, he served in various leadership roles at both
public and private medical device companies. A proven operating
executive with broad functional, geographic and sector experience,
he has leveraged decades of experience in the medical device space
to advance the Company’s mission of effectively treating venous
thromboembolism and transforming the lives of patients suffering
from venous diseases.
“Drew is a talented leader, and he is the single best problem
solver I’ve ever seen. More important, he is committed to the
beautiful simplicity of our mission to impact the lives of our
patients and their families in extraordinary ways, and to take care
of our people along the way,” said Chief Executive Officer Bill
Hoffman. “Drew has established the scalable and repeatable systems
that have produced best-in-class growth in patient treatments and
revenue, and he has developed the cross-functional processes that
have resulted in the explosion of new products and new markets we
are just beginning to see. His leadership style and his skill set
could not be better suited to the complexities that our next phase
of growth will require. I am personally excited to have a front row
seat to watch him lead the best team in the medical device
space.”
“I am incredibly humbled to be named as Inari’s next CEO,” said
Chief Operating Officer Drew Hykes. “Inari has undergone tremendous
growth and change since I joined in 2017. From a venture backed,
pre commercial start up to an established public company with over
1,000 Clot Warriors, increasingly broad-based capabilities, and a
shared ambition to change lives in the venous space and beyond.
Despite all these changes, thanks to Bill’s leadership, we have
maintained an unwavering commitment to our patients, our people and
to big ideas. I couldn’t be more committed to these same ideals,
nor more enthusiastic about this next phase of our growth.”
Second Quarter 2022 Financial Results
In a separate press release issued today, the Company announced
its financial results for its second quarter 2022 ended June 30,
2022. The Company will host a conference call with investors and
analysts today at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time
to review its financial results.
About Drew Hykes
Mr. Hykes is a proven medical device operating executive with
broad functional, geographic and sector experience. Since 2020, he
has served as Chief Operating Officer of Inari Medical leading its
day-to-day business operations. From 2017 to 2019, he served as
Inari’s Chief Commercial Officer leading the initial
commercialization of Inari’s solutions in the US market. From 2012
to 2016, Mr. Hykes served as the VP of Commercial Operations at
Sequent Medical where he led the commercialization strategy for the
WEB Aneurysm Embolization system from early prototype to broad
adoption in the European market. Sequent was acquired by Terumo
Corporation in July 2016 for $380 million. Prior to Sequent, Mr.
Hykes spent 11 years at Medtronic. His roles at Medtronic included
the VP of Marketing for the AF Solutions business, VP of Clinical
and Regulatory for the AF Solutions business and Director of
Investor Relations. He also spent three years on an expatriate
assignment in Europe leading the launch of Medtronic’s first drug
eluting coronary stent. Prior to Medtronic, he spent four years at
ABN AMRO bank in Chicago focused on healthcare transactions. Mr.
Hykes holds a BBA in Finance from the University of Wisconsin and
an MBA from Harvard Business School.
About Inari Medical, Inc.
Inari Medical, Inc. is a medical device company with a mission
to treat and transform the lives of patients suffering from venous
and other diseases. Our current product offering consists of two
minimally invasive, novel catheter-based mechanical thrombectomy
devices that are designed to remove large clots from large vessels
and eliminate the need for thrombolytic drugs. The company
purpose-built its products for the specific characteristics of the
venous system and the treatment of the two distinct manifestations
of venous thromboembolism, or VTE: deep vein thrombosis and
pulmonary embolism. The ClotTriever system is 510(k)-cleared by FDA
and CE marked for the non-surgical removal of clot from peripheral
blood vessels, including for the use in the treatment of deep vein
thrombosis. The FlowTriever system is 510(k)-cleared by FDA and CE
marked for the non-surgical removal of clot from peripheral blood
vessels, including for the use in the treatment of pulmonary
embolism and clot in transit in the right atrium.
Cautions Concerning Forward-Looking
Statements
Statements in this press release may contain “forward-looking
statements” as defined in the Private Securities Litigation Reform
Act of 1995 regarding, among other things, future business strategy
and developments. The reader is cautioned not to rely on these
forward-looking statements. These statements are based on current
expectations. If underlying assumptions prove inaccurate or known
or unknown risks or uncertainties materialize, actual results could
vary materially from the Inari’s expectations and projections.
Risks and uncertainties include, but are not limited to, risks
related to Inari’s ability to execute its business continuity plans
and those described more fully in the section titled “Risk Factors”
in its Annual Report on Form 10-K for the period ended December 31,
2021, and in its other reports filed with the U.S. Securities and
Exchange Commission. Forward-looking statements contained in this
release are made only as of the date of this release. Inari
undertakes no obligation to update such information except as
required under applicable law. These forward-looking statements
should not be relied upon as representing Inari’s views as of any
date subsequent to the date of this press release.
Investor Contact:ICR WestwickeCaroline
CornerPhone +1-415-202-5678caroline.corner@westwicke.com
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