Invuity Announces Changes to Executive Leadership Team
February 28 2018 - 8:30AM
Invuity, Inc. (NASDAQ:IVTY), a leading medical technology company
focused on minimal access surgery, today announced that Scott D.
Flora, a member of the Company’s Board of Directors since 2017, has
been appointed to serve as Interim President and Chief Executive
Officer. This appointment follows Philip Sawyer’s resignation as
President, Chief Executive Officer and a member of the Company’s
Board of Directors.
Gregory T. Lucier, Chairman of the Invuity Board of Directors
said, “Phil is a truly visionary leader who over his eight years as
President and CEO launched the company, led the initial public
offering, introduced incredibly innovative new products and hired
great talent. As the company has moved to its next phase, now is
the perfect time to bring in a CEO who will execute on the
Company’s vision and move forward towards profitability while
scaling the organization. On behalf of the Board we appreciate the
contributions that Phil has made to the Company and wish him well
in his future endeavors.”
Mr. Lucier added, “Scott is uniquely qualified to lead Invuity
in an interim capacity. He brings executive leadership
experience and domain expertise from his deep experience in the
medical device industry. Additionally, Scott has a
familiarity with Invuity from his prior consulting role with the
Company, and his recent appointment to the Board, that will enable
him to seamlessly step into the interim President and CEO role.”
Mr. Lucier added, “A search is underway to identify a
permanent CEO.”
Scott Flora, Interim President and CEO of Invuity added, “I am
enthusiastic about deepening my relationship with Invuity. I look
forward to building on Phil’s work and leading the organization
during this interim period. We have terrific employees and
customers that are excited about our technology.”
About Scott FloraScott has served as a member
of Invuity’s board of directors since November 2017. He is
currently President of SFlora Consulting LLC. His prior roles
include: President, Chief Executive Office and a Director of
OmniGuide Inc; Global Business Unit President for the surgical
device division of Covidien plc, and numerous executive positions
at Smith & Nephew plc. including President and General Manager
of the orthopedics reconstruction division, General Manager of the
trauma and clinical therapies divisions, Senior Vice President of
United States and Europe, Senior Vice President of Smith &
Nephew Healthcare, and Senior Vice President of the orthopedics
division.
About Invuity®Invuity, Inc. is a leading
medical technology company focused on developing and marketing
advanced surgical devices to improve the ability of physicians to
perform minimal access surgery through smaller and hidden
incisions. The company's patented Intelligent Photonics™ technology
delivers enhanced visualization which facilitates surgical
precision, efficiency and safety. In addition, the company utilizes
comprehensive strategic marketing programs to create stronger
institutional partnerships. Clinical applications include women’s
health, encompassing breast cancer and breast reconstruction
surgery, gynecology and thyroid surgery. Additional
applications include procedures for electrophysiology, spine,
orthopedic, cardiothoracic, and general surgery. Invuity is
headquartered in San Francisco, CA. For more information, visit
www.invuity.com.
Forward-Looking StatementsThis announcement
contains forward-looking statements that involve risks and
uncertainties, including statements regarding the transition of
leadership of the Company and the ability to achieve
profitability. Actual results could differ materially from
those projected in the forward-looking statements as a result of
certain risk factors, including, but not limited to: the ability to
transition the CEO role; fluctuations in demand or failure to gain
market acceptance for the Company's devices; the Company's ability
to demonstrate to and gain approval from hospitals to use the
Company's devices; the highly competitive business environment for
surgical medical devices; the Company's ability to sell its devices
at prices that support its current business strategies; the
adequacy of the Company’s existing cash resources and funding
requirements; difficulty forecasting future financial performance;
protection of the Company's intellectual property; and compliance
with necessary regulatory clearances or approvals. The Company
undertakes no obligation to update the forward-looking information
in this release. More information about potential factors that
could affect the Company's business and financial results is
included in its filings with the Securities and Exchange
Commission, including, without limitation, under the captions:
"Management's Discussion and Analysis of Financial Condition and
Results of Operations," and "Risk Factors," which are on file with
the Securities and Exchange Commission.
CONTACT: Company Contact: Jim Mackaness Chief Financial Officer
Invuity, Inc. 415-655-2129
Investors: Mark Klausner Westwicke Partners 443-213-0501
irdept@invuity.com
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