Endotronix Appoints Industry Veteran Dan Dearen to Board of Directors

Rhea-AI Summary

Endotronix announced the appointment of Dan Dearen to its Board of Directors on March 2, 2021. Dearen, President and CFO of Axonics Modulation Technologies (AXNX), joins as an Independent Director and will lead the Audit Committee. With over 30 years of experience, he played a pivotal role in Axonics' public listing and revenue growth, achieving over $111 million in sales in 2020. Endotronix is focused on expanding its Cordella Heart Failure System, currently undergoing clinical trials to drive commercial launch and improve heart failure management.

Positive

• Dan Dearen brings extensive healthcare experience to Endotronix, enhancing leadership.
• His background in scaling businesses could facilitate Endotronix's commercial growth.
• Endotronix is focused on launching the Cordella Heart Failure System, which could significantly improve heart failure management.

Negative

• Endotronix's Cordella PA Sensor is still under clinical investigation and not commercially available, indicating delays in market entry.

LISLE, Ill., March 2, 2021 /PRNewswire/ -- Endotronix, Inc., a digital health and medical technology company dedicated to advancing the treatment of heart failure (HF), today announced the appointment of seasoned medical device industry executive Dan Dearen to its Board of Directors. Mr. Dearen currently serves as the President and Chief Financial Officer of Axonics Modulation Technologies, Inc. (Nasdaq: AXNX), a medical technology company he helped take public in 2018 with sales in 2020 of over $111 million and a current market capitalization of $2 billion. Mr. Dearen joins the Endotronix Board as an Independent Director and will serve as Chair of the Audit Committee.

"We welcome Dan's healthcare experience and leadership as Endotronix prepares for commercial growth and rapid expansion," said Paul LaViolette, Managing Partner at SV Health Investors and Chairman of the Board. "Dan's extensive track record of building best-in-class organizations, establishing rigorous financial frameworks, and scaling businesses will be invaluable during this next phase of Endotronix's growth." 

Mr. Dearen brings more than three decades of executive leadership experience in the medical device and life sciences industries. He co-founded Axonics and has served in his current role for over seven years, during which time the company developed, obtained FDA approval for, and launched its sacral neuromodulation system to treat overactive bladder, acquired Bulkamid to treat stress urinary incontinence, and raised $138 million in its 2018 IPO plus $267 million through two subsequent equity offerings.  Previously, Mr. Dearen was the Chief Operating and Financial Officer of Vessix Vascular through the acquisition and integration into Boston Scientific for $425 million in 2012. He also served as Chief Financial Officer of Miraval Holding, Q3DM (acquired by Beckman Coulter), Medication Delivery Devices (acquired by Baxter Healthcare) and was a Principal at Ventana Growth Funds, an international venture capital firm. Mr. Dearen started his career as a CPA in the healthcare group at Ernst & Young. He holds a BBA in Accounting & Business from Southern Methodist University and an MBA from Boston College.

"I have had the pleasure of following the team's progress and am impressed by the growing data demonstrating the value of the Cordella System," commented Mr. Dearen. "I am excited to join Endotronix as the company prepares for commercial launch and rapid growth in this duopoly interventional heart failure segment, pulmonary artery (PA) pressure-guided HF management. And I look forward to leveraging my diverse experiences to accelerate the company along its mission to transform the standard of care for chronic heart failure patients."

The Cordella™ Heart Failure System from Endotronix is a comprehensive heart failure management solution that enables proactive management and early detection of worsening heart failure. The platform consists of a comprehensive remote patient management system with non-invasive daily health metrics that seamlessly integrates a next generation implantable pulmonary artery pressure sensor to streamline heart failure care management, reduce heart-failure-related hospitalizations, and support reimbursement for care delivery.

Endotronix is actively enrolling heart failure patients in PROACTIVE-HF, their U.S. investigational device exemption (IDE) clinical trial, and SIRONA II, their CE Mark clinical trial. The studies seek to demonstrate the benefits of PA pressure-guided therapy for the remote management of chronic heart failure patients and provide market access for the Cordella™ PA Sensor. Full trial enrollment remains a core focus as the company plans for commercial launch of the Cordella PA sensor.  

About Endotronix
Endotronix, Inc., a medical technology company, delivers an integrated platform that provides comprehensive, reimbursable health management innovations for patients suffering from advanced heart failure. Their solution, the Cordella™ Heart Failure System, includes a cloud-based disease management data system and at home hemodynamic management with a breakthrough implantable wireless pulmonary artery pressure sensor for early detection of worsening heart failure.  Learn more at www.endotronix.com.

The Cordella System, without the sensor, is available for commercial use in the U.S. and E.U. and is currently in cardiology centers across the U.S. The Cordella PA Sensor is currently under clinical investigation in Europe (SIRONA II CE Mark Trial) and the U.S. (PROACTIVE-HF IDE Trial) and is not currently available for commercial use in any geography.

Cautionary Statement Regarding Forward-Looking Statements
This press release may contain predictions, estimates or other information that might be considered forward-looking statements. Such forward-looking statements are not a guarantee of future performance.

MEDIA CONTACT:
Carla Benigni
PRIG Consulting, LLC
+1 (847) 951-7430
carla@sprigconsulting.com 

View original content to download multimedia:http://www.prnewswire.com/news-releases/endotronix-appoints-industry-veteran-dan-dearen-to-board-of-directors-301238328.html

SOURCE Endotronix, Inc.

FAQ

Who is Dan Dearen, and what is his role at Endotronix?

Dan Dearen is a seasoned medical device executive appointed to the Board of Directors of Endotronix, where he will serve as Chair of the Audit Committee.

What experience does Dan Dearen bring to Endotronix?

Dan Dearen has over 30 years of experience in the medical device industry, including his role as President and CFO of Axonics, where he helped the company achieve substantial revenue and growth.

What is the Cordella Heart Failure System, and what is its status?

The Cordella Heart Failure System is a comprehensive solution for managing heart failure, currently undergoing clinical trials and not yet available for commercial use.

When did Endotronix announce the appointment of Dan Dearen?

Endotronix announced Dan Dearen's appointment to its Board of Directors on March 2, 2021.

What impact could Dan Dearen's appointment have on Endotronix?

Dan Dearen's leadership may accelerate Endotronix's growth and improve the commercial launch of its heart failure management solutions.