GUILFORD, Conn. and
NEW YORK, Jan. 25, 2021 /PRNewswire/ --
Butterfly Network, Inc. ("Butterfly"), an innovative digital
health company that is working to enable universal access to
superior medical imaging, has named Dr. Todd M. Fruchterman, M.D., Ph.D., as President
and Chief Executive Officer, effective February 1st, in advance of the
closing of its announced business combination with Longview
Acquisition Corp. ("Longview",
NYSE: LGVW, LGVW.U, LGVW WS). Dr.
Fruchterman joins Butterfly after nearly ten years at 3M Company ("3M"),
where he most recently served as President and General Manager of
3M's Medical Solutions Division, managing a $4.8 billion global business with above-market
growth. Previously, Dr. Fruchterman spent five years as EVP
at Kinetic Concepts, Inc. ("KCI"), before which he served in key
roles at Johnson & Johnson, Schering-Plough, and Response
Genetics. At 3M and KCI, Dr.
Fruchterman also served as both Chief Technology Officer and Chief
Medical Officer. Most recently, he was Group President,
Reliability Solutions at Flex.
"We are very excited Todd has joined Butterfly as President and
CEO to lead the Company at this critical stage. Todd brings
together his unique qualifications and experience as an M.D., Ph.D.
and proven business executive in public medical device companies,
where he has successfully scaled disruptive technologies throughout
his entire career," said Dr. Jonathan
Rothberg, Founder and Chairman of Butterfly. "Our most
valuable assets are the people of Butterfly who innovate and serve
on a daily basis, and I am pleased to support Todd as he builds
upon a culture of purpose, joy and empowerment for our team and
impact for patients and caregivers."
"The heart of Butterfly's culture is clinical excellence,
combined with technological breakthroughs, with a customer-centric
approach to drive commercial success," said Larry Robbins, Chairman of Longview.
"Todd's experience fits hand in glove with the breadth and depth of
our opportunity to drive better medicine, empower medical
professionals, improve patient outcomes and generate significant
growth and value over the long-term."
"It is a privilege for me to join Butterfly at this pivotal time
in its pioneering effort to deliver affordable imaging solutions to
the world," said Dr. Fruchterman. "Together with the deep and
skilled leadership team, and with the support of Jonathan and
Larry, I look forward to empowering a full spectrum of medical
professionals, worldwide, with Butterfly's technology to help
millions of patients achieve better, more cost-effective outcomes,
and maintain wellness."
In anticipation of the closing of the business combination,
Butterfly and Longview have also nominated Directors for election
to the Board of Directors of the combined company.
Joining Dr. Rothberg (Chair), Dr. Fruchterman (President and CEO)
and Mr. Robbins are Dawn Carfora,
Vice President, Business Planning and Operations, Global Business
Group at Facebook; John Hammergren,
former Chairman and CEO of McKesson Corporation; Gianluca Pettiti, Senior Vice President and
President of Specialty Diagnostics at Thermo Fisher Scientific,
Inc. and S. Louise Phanstiel, Chair
of the Board of Directors at Myriad Genetics.
"I am grateful to these independent directors for supporting our
movement to use Ultrasound-on-Chip™ technology to make safe
diagnostic imaging more accessible, more affordable and more
effective," said Dr. Rothberg. "We expect that their deep
skills and directly relevant experiences will bring to the company
wisdom and insight across operational, strategic, cultural and
fiduciary spheres."
"As we strive to build a world-class global organization, we are
fortunate to have the opportunity to access the perspectives and
guidance of four highly accomplished executives whose current or
prior employers – Anthem (Wellpoint), Facebook, McKesson, and
Thermo Fisher Scientific – are all significant and admired growth
companies," said Mr. Robbins. "We welcome them each as new Board
members of the combined company and new investors in
Butterfly."
Longview has scheduled its Special Meeting of Stockholders for
8:00 a.m., New York Time, on
Friday, February 12, 2021, for
Longview's stockholders to approve the business combination and the
election of the 7 nominated Directors to the Board of Directors of
the combined company. Subject to stockholder approval and
satisfaction or waiver of the other closing conditions to the
business combination, the business combination is expected to close
on the same day. Trading in the combined company's Class A
Common Stock on the New York Stock Exchange (NYSE) is expected to
begin on Tuesday, February
16th, under the ticker "BFLY".
Butterfly and Longview express their appreciation and best
wishes to Laurent Faracci, Butterfly's former CEO who stepped down
over the weekend. "Laurent recognized the value of this
transformative combination and was critical in moving the company
toward this goal and providing a seamless transition for the next
phases of growth," said Dr. Rothberg. "We wish him well in
his future endeavors."
About Butterfly Network
Butterfly Network announced in November
2020 that it entered into a business combination agreement
with Longview Acquisition Corp. and, upon closing, the combined
company's Class A common stock is expected to be traded on the New
York Stock Exchange under the symbol "BFLY." All equity of existing
Butterfly Network investors, including The Bill & Melinda Gates
Foundation, will convert into shares of the combined company. There
will be no selling stockholders in the transaction. The business
combination is expected to be completed by the end of the first
quarter of 2021.
Founded by Dr. Jonathan Rothberg
in 2011, Butterfly has created the world's first handheld,
single-probe whole-body ultrasound system, Butterfly iQ. Butterfly
Network's mission is to enable universal access to superior medical
imaging, making high-quality ultrasound affordable, easy-to-use,
globally accessible, and intelligently connected, including for the
4.7 billion people around the world lacking access to ultrasound.
Through its proprietary Ultrasound-On-Chip™ technology, Butterfly
Network is paving the way for earlier detection and remote
management of health conditions around the world. The Butterfly iQ
can be purchased online today by healthcare practitioners in
the United States, Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, the
Netherlands, New Zealand,
Norway, Poland, Portugal, Spain, Sweden, Switzerland, and the United Kingdom.
Important Information about the Business Combination and
Where to Find It
In connection with the proposed business combination between
Longview Acquisition Corp. ("Longview") and Butterfly Network, Inc.
("Butterfly") (the "Business Combination"), Longview has filed with
the Securities and Exchange Commission (the "SEC") a registration
statement on Form S-4 (the "Registration Statement"), which
includes a preliminary proxy statement/prospectus and, as amended,
will include a definitive proxy statement/prospectus, and certain
other related documents, which will be both the proxy statement to
be distributed to holders of shares of Longview's common stock in
connection with Longview's solicitation of proxies for the vote by
Longview's stockholders with respect to the Business Combination
and other matters as may be described in the Registration
Statement, as well as the prospectus relating to the offer and sale
of the securities of Longview to be issued in the Business
Combination. Longview's stockholders and other interested persons
are advised to read the preliminary proxy statement/prospectus
included in the Registration Statement and the amendments thereto
and the definitive proxy statement/prospectus when available, as
well as other documents filed with the SEC in connection with the
proposed Business Combination, as these materials will contain
important information about the parties to the Business Combination
Agreement, Longview and the proposed Business Combination. After
the Registration Statement is declared effective, the definitive
proxy statement/prospectus and other relevant materials for the
proposed Business Combination will be mailed to stockholders of
Longview as of January 15, 2021, the
record date established for voting on the proposed Business
Combination and other matters as may be described in the
Registration Statement. Stockholders will also be able to obtain
copies of the preliminary proxy statement/prospectus, the
definitive proxy statement/prospectus, and other documents filed
with the SEC that will be incorporated by reference therein,
without charge, once available, at the SEC's web site at
www.sec.gov, or by directing a request to: Longview Acquisition
Corp., 767 Fifth Avenue, 44th Floor, New
York, NY 10153, Attention: Mark
Horowitz, Chief Financial Officer or to
info@longviewacquisition.com.
Participants in the Solicitation
Longview and its directors and executive officers may be deemed
participants in the solicitation of proxies from Longview's
stockholders with respect to the Business Combination. A list of
the names of those directors and executive officers and a
description of their interests in Longview is contained in the
Registration Statement for the Business Combination, and will be
available free of charge at the SEC's web site at www.sec.gov, or
by directing a request to Longview Acquisition Corp., 767 Fifth
Avenue, 44th Floor, New York, NY
10153, Attention: Mark Horowitz,
Chief Financial Officer or to info@longviewacquisition.com.
Additional information regarding the interests of such participants
is contained in the Registration Statement.
Butterfly and its directors and executive officers may also be
deemed to be participants in the solicitation of proxies from the
stockholders of Longview in connection with the Business
Combination. A list of the names of such directors and executive
officers and information regarding their interests in the Business
Combination is contained in the Registration Statement.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Butterfly's actual
results may differ from its expectations, estimates and projections
and consequently, you should not rely on these forward-looking
statements as predictions of future events. Words such as "expect,"
"estimate," "project," "budget," "forecast," "anticipate,"
"intend," "plan," "may," "will," "could," "should," "believes,"
"predicts," "potential," "continue," and similar expressions (or
the negative versions of such words or expressions) are intended to
identify such forward-looking statements. These forward-looking
statements include, without limitation, Butterfly's expectations
with respect to future performance and anticipated financial
impacts of the Business Combination, the satisfaction of the
closing conditions to the Business Combination and the timing of
the completion of the Special Meeting of Stockholders and the
Business Combination. These forward-looking statements involve
significant risks and uncertainties that could cause the actual
results to differ materially from the expected results. Most of
these factors are outside Longview's and Butterfly's control and
are difficult to predict. Factors that may cause such differences
include, but are not limited to: (1) the ability of Longview and
Butterfly prior to the Business Combination, and New Butterfly
following the Business Combination, to meet the closing conditions
in the Business Combination Agreement, including due to failure to
obtain approval of the stockholders of Longview and Butterfly or
certain regulatory approvals, or failure to satisfy other
conditions to closing in the Business Combination Agreement; (2)
the occurrence of any event, change or other circumstances,
including the outcome of any legal proceedings that may be
instituted against Longview and Butterfly following the
announcement of the Business Combination Agreement and the
transactions contemplated therein, that could give rise to the
termination of the Business Combination Agreement or could
otherwise cause the transactions contemplated therein to fail to
close; (3) the inability to obtain or maintain the listing of the
combined company's Class A common stock on the New York Stock
Exchange, as applicable, following the Business Combination; (4)
the risk that the Business Combination disrupts current plans and
operations as a result of the announcement and consummation of the
Business Combination; (5) the inability to recognize the
anticipated benefits of the Business Combination, which may be
affected by, among other things, competition and the ability of the
combined company to grow and manage growth profitably and retain
its key employees; (6) costs related to the Business Combination;
(7) changes in applicable laws or regulations; (8) the inability of
the combined company to raise financing in the future; (9) the
success, cost and timing of Butterfly's and the combined company's
product development activities; (10) the inability of Butterfly or
the combined company to obtain and maintain regulatory approval for
their products, and any related restrictions and limitations of any
approved product; (11) the inability of Butterfly or the combined
company to identify, in-license or acquire additional technology;
(12) the inability of Butterfly or the combined company to maintain
Butterfly's existing license, manufacturing, supply and
distribution agreements; (13) the inability of Butterfly or the
combined company to compete with other companies currently
marketing or engaged in the development of products and services
that Butterfly is currently marketing or developing; (14) the size
and growth potential of the markets for Butterfly's and the
combined company's products and services, and each of their ability
to serve those markets, either alone or in partnership with others;
(15) the pricing of Butterfly's and the combined company's products
and services and reimbursement for medical procedures conducted
using Butterfly's and the combined company's products and services;
(16) Butterfly's and the combined company's estimates regarding
expenses, future revenue, capital requirements and needs for
additional financing; (17) Butterfly's and the combined company's
financial performance; (18) the impact of COVID-19 on Butterfly's
business and/or the ability of the parties to complete the Business
Combination; and (19) other risks and uncertainties indicated from
time to time in the proxy statement/prospectus relating to the
Business Combination, including those under "Risk Factors" in the
Registration Statement, and in Longview's other filings with the
SEC.
Longview and Butterfly caution that the foregoing list of
factors is not exclusive. Longview and Butterfly caution readers
not to place undue reliance upon any forward-looking statements,
which speak only as of the date made. Longview and Butterfly do not
undertake or accept any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements
to reflect any change in its expectations or any change in events,
conditions or circumstances on which any such statement is
based.
No Offer or Solicitation
This press release shall not constitute a solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the Business Combination. This press release shall
also not constitute an offer to sell or the solicitation of an
offer to buy any securities, nor shall there be any sale of
securities in any states or jurisdictions in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
No offering of securities shall be made except by means of a
prospectus meeting the requirements of section 10 of the Securities
Act of 1933, as amended.
Media Contact:
Sean Leous
Sean.leous@westwicke.com
+1-646-866-4012
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SOURCE Butterfly Network