Obalon Appoints William J. Plovanic as Chief Executive Officer and Nooshin Hussainy as Chief Financial Officer
October 24 2019 - 8:15AM
Obalon Therapeutics, Inc. (NASDAQ:OBLN), a San Diego-based
weight loss solutions company focused on commercializing the Obalon
Balloon System, the first and only FDA-approved swallowable,
gas-filled intra-gastric balloon for weight loss, announces
that William J. Plovanic has been promoted to President and Chief
Executive Officer, from his prior position of President and Chief
Financial Officer. In conjunction with this change, Nooshin
Hussainy, previously Vice President of Finance, has been promoted
to the position of Chief Financial Officer. Obalon’s Chief
Executive Officer position has been vacant since May 2019,
coincident with the Company transitioning to a revised retail
medicine-focused business model.
“In his prior role as President and CFO, Bill was instrumental
in guiding the Company through its transition, galvanizing a new
strategy to leverage our proprietary gastric-balloon weight loss
system, and recapitalizing the business to fund the go-forward
plan,” said Andy Rasdal, Executive Chairman of the Board of
Directors at Obalon. “We initially brought Bill in due to his
financial capabilities, and he immediately began contributing to
Obalon on a much broader level. We promoted Bill to President and
CFO in May 2019, primarily to lead the shift in the commercial
strategy. In only a few months, Bill has demonstrated his operating
and leadership capabilities by successfully driving the opening of
the first Company-owned treatment center, the Obalon Center for
Weight Loss, which was announced earlier this week. The Board and I
are highly confident in Bill’s ability to lead the Company and
bring this important innovation to patients.”
Mr. Plovanic added, “I am extremely excited to assume this new
role and for the future of the Company. Our first Obalon-owned
treatment center in San Diego’s North County has commenced
operations, and we are looking forward to leveraging this new
retail channel to directly help patients with obesity who want to
lose weight but are frustrated by and have failed conventional diet
and exercise programs. We have a highly talented team in place at
Obalon that is focused on taking decisive action and transforming
the business through our new treatment center channel.”
Prior to joining Obalon in March 2016, Mr. Plovanic spent 20
years as an equity research analyst for several investment banks
and worked with medical device companies that were focused on
bringing new technologies and solutions to patients and
providers.
The Company also announced the promotion of Nooshin Hussainy to
Chief Financial Officer. Ms. Hussainy has been with Obalon since
2011, most recently serving as Vice President of Finance and
Corporate Controller. Ms. Hussainy is a seasoned financial
professional with over 18 years’ experience serving as a Corporate
Controller or Assistant Controller with companies including GenMark
Diagnostics, ACTIVE Network, DexCom, and Thermolase
Corporation.
“I would like to congratulate Nooshin on her new role as CFO,”
said Mr. Plovanic. “Nooshin is an experienced and successful
financial executive, and I am happy to add her to the senior
leadership team where we will continue to work together to build
the business.”
About Obalon Therapeutics, Inc. Obalon
Therapeutics, Inc. (NASDAQ:OBLN) is a San Diego-based company
focused on developing and commercializing novel technologies for
weight loss. For more information, please
visit www.obalon.com.
Forward-Looking Statements
To the extent that statements contained in this
press release are not descriptions of historical facts regarding
Obalon Therapeutics, they are forward-looking statements reflecting
the current beliefs and expectations of management made pursuant to
the safe harbor of the Private Securities Reform Act of 1995. Such
forward-looking statements involve substantial risks and
uncertainties that could cause Obalon Therapeutics' future results,
performance or achievements to differ significantly from those
expressed or implied by the forward-looking statements. Obalon
Therapeutics undertakes no obligation to update or revise any
forward-looking statements. For a description of the risks and
uncertainties that could cause actual results to differ from those
expressed in these forward-looking statements, as well as risks
relating to Obalon Therapeutics' business in general, please refer
to Obalon Therapeutics’ annual report on Form 10-K filed with the
Securities and Exchange Commission on February 22, 2019, its
quarterly report on Form 10-Q filed with the Securities and
Exchange Commission on July 24, 2019, and its future periodic
reports filed with the Securities and Exchange Commission.
For Obalon Therapeutics, Inc.
Investor Contact: William Plovanic President & Chief
Executive Officer Obalon Therapeutics, Inc. Office: +1 760 607 5103
wplovanic@obalon.com
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