PAVmed Names Medical Device Industry Veteran Dennis M. McGrath as Chief Financial Officer
NEW YORK--(BUSINESS WIRE)-- PAVmed Inc. (Nasdaq: PAVM, PAVMW), a highly differentiated, multi-product medical device company, today announced that it has appointed Dennis M. McGrath as its new Executive Vice President and Chief Financial Officer. Mr. McGrath brings over thirty years of corporate finance and executive experience to PAVmed, spanning both entrepreneurial and public company settings. Since 2000, Mr. McGrath has served in multiple executive leadership roles at PhotoMedex, Inc. (Nasdaq: PHMD), a global skin health medical device company, most recently as President and Chief Financial Officer.
“I am thrilled to welcome Dennis to the PAVmed team as we enter an important phase in our company’s evolution. He is a seasoned medical device industry executive with extensive public company leadership experience, who brings a broad range of skills in corporate finance, business development, corporate strategy, operations and administration,” said Lishan Aklog, M.D., Chairman and Chief Executive Officer of PAVmed. “Dennis also brings a proven track record of delivering results and driving shareholder value through numerous public and private financings, merger and acquisitions, joint ventures and licensing deals. We also expect PAVmed to benefit immensely from his strong relationships with members of the finance and investment communities.”
Mr. McGrath said, “I am excited to be joining this world-class team. PAVmed has all of the necessary ingredients to accelerate its growth and create significant value for its shareholders over the coming years – a remarkable leadership team with a proven track record, a unique capital-efficient business model, an expanding pipeline of game-changing products and a renowned team of directors and medical advisors.”
Richard F. Fitzgerald, who has served as PAVmed’s CFO since 2015, will be pursuing new opportunities closer to his home state of Pennsylvania.
Dr. Aklog added, “On behalf of our entire team, I would like express my deep gratitude to Rich for his tireless work and dedication to PAVmed’s mission. Rich helped shepherd the company through several key stages, including building our finance infrastructure, consummating our initial public offering and establishing our SEC reporting procedures and internal controls as a new public company. We wish him all the best in his future endeavors as he returns home to be closer to his family.”
Prior to his most recent role as President and CFO of PhotoMedex, which he resumed after a corporate merger in 2011, Mr. McGrath served as CEO of PhotoMedex from 2009 to 2011 and as CFO/VP-Finance and Administration from 2000 through 2009. Prior to PhotoMedex, he served as COO of Internet Practice, the largest division for AnswerThink Consulting Group, Inc. (Nasdaq: ANSR), a company specializing in business consulting and technology integration. Prior to that, he was CFO of Think New Ideas, Inc. (Nasdaq: THNK), a company specializing in interactive marketing services and business solutions. Mr. McGrath also served as CFO/EVP of TriSpan, Inc., an internet commerce solutions and technology consulting company, which was acquired by AnswerThink Consulting Group, Inc.
Mr. McGrath is a CPA who began his career at Arthur Anderson and holds a B.S. in accounting from LaSalle University. He serves as a director on several boards including DarioHealth Corp. (Nasdaq: DRIO), Noninvasive Medical Technologies, Inc. and Cagent Vascular, LLC.
In connection with his employment with PAVmed, the company granted Mr. McGrath an option to purchase up to 250,000 shares of PAVmed’s common stock, at an exercise price of $5.95 per share. The option vests in 12 equal quarterly installments on the last day of each fiscal quarter, commencing on June 30, 2017.
About PAVmed Inc.
PAVmed Inc. (Nasdaq: PAVM, PAVMW) is a highly differentiated, multi-product medical device company employing a unique business model designed to advance products from concept to commercialization much more rapidly and with significantly less capital than the typical medical device company. This proprietary model enables PAVmed to pursue an expanding multi-product pipeline strategy with a view to enhancing and accelerating value creation. PAVmed’s diversified pipeline of products address unmet clinical needs, have attractive regulatory pathways and market opportunities and encompass a broad spectrum of clinical areas including carpal tunnel syndrome (CarpX™), medical infusions (NextFlo™ and NextCath™), interventional radiology (PortIO™ and NextCath), tissue ablation and cardiovascular intervention (Caldus™) and pediatric ear infections (DisappEAR™).
Safe Harbor Statement
This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of the Company’s management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. Risks and uncertainties that may cause such differences include, among other things, the uncertainties inherent in research and development, including the cost and time required advance our products to regulatory submission; whether regulatory authorities will be satisfied with the design of and results from our pre‐clinical studies; whether and when our products are cleared by regulatory authorities; market acceptance of our products once cleared and commercialized; our ability to raise additional funding and other competitive developments. PAVmed has not yet received clearance from the FDA or other regulatory body to market any of its products. New risks and uncertainties may arise from time to time and are difficult to predict. All of these factors are difficult or impossible to predict accurately and many of them are beyond our control. For a further list and description of these and other important risks and uncertainties that may affect our future operations, see Part I, Item IA, “Risk Factors,” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, as the same may be updated in Part II, Item 1A, “Risk Factors” in any Quarterly Reports on Form 10-Q filed by us after our most recent Annual Report. We disclaim any intention or obligation to publicly update or revise any forward-looking statement to reflect any change in our expectations or in events, conditions, or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements.
Source: PAVmed Inc.
Released March 21, 2017