Motus GI Appoints Medical Device Industry Veteran Scott Durbin to its Board of Directors

Rhea-AI Summary

Motus GI Holdings, Inc. announces the appointment of Scott Durbin to its Board of Directors. David Hochman and Darren Sherman have resigned from the Board due to time requirements of their roles at Orchestra BioMed Holdings, Inc. Scott Durbin's extensive experience in finance and clinical development is expected to bring value to Motus GI. The company aims to secure FDA clearance for its next generation system. Durbin's appointment and the focus on expanding Pure-Vu System's capabilities could positively impact stockholder value.

Positive

• Scott Durbin's appointment to the Board brings extensive experience in finance and clinical development, expected to bring value to Motus GI.
• The company aims to secure FDA clearance for its next generation system, potentially expanding Pure-Vu System's capabilities.

Negative

• David Hochman and Darren Sherman resign from the Board due to time requirements of their roles at Orchestra BioMed Holdings, Inc.

-- David Hochman and Darren Sherman resign from Motus Board of Directors to focus on their executive obligations --

FORT LAUDERDALE, Fla., Sept. 06, 2023 (GLOBE NEWSWIRE) -- Motus GI Holdings, Inc., (NASDAQ: MOTS) (“Motus GI” or the “Company”), a medical technology company focused on improving endoscopic outcomes and experiences, announced the appointment of Scott Durbin to the Company’s Board of Directors (the “Board”). Mr. Durbin has more than 25 years of executive leadership, finance and clinical development experience, including the execution of over $5 billion in financings and merger transactions. In addition, the Company announced that David Hochman and Darren Sherman, independent members of the Board, have stepped down from the Board due to time requirements of their roles as Chief Executive Officer and President & COO, respectively, at Orchestra BioMed Holdings, Inc. (Nasdaq: OBIO). Their resignations are effective September 6, 2023.

“We are excited to have Scott join our Board. His extensive experience in the financial markets and as an executive in the life sciences industry are expected to immediately bring value to Motus and complement the experience of our current Board,” commented Tim Moran, Chairman of the Board. “On behalf of the Board and the whole team at Motus, I would like to thank David and Darren for their leadership and vision in founding Motus back in 2012. Their experience in the capital markets and medical technology research, has provided invaluable insights that have helped Motus achieve key milestones in bringing the Pure-Vu System to physicians and their patients. We wish them all the best on their future endeavors.”

Mr. Durbin said, "I believe Motus is in a unique position to utilize its current capital effectively as it moves ahead with plans to secure FDA clearance for its next generation system, which will expand upon the Pure-Vu platform’s capabilities into supporting upper GI procedures. I look forward to supporting the Board’s ongoing exploration process to identify strategic and financing alternatives aimed at accelerating commercialization of the Pure-Vu System and maximizing stockholder value."

Mr. Durbin is a proven strategic executive with decades of experience at start-ups and multi-national life sciences companies. During this time, he established strong industry knowledge across the life sciences industry, including substantial therapeutic clinical development and global commercialization experience. Currently, Mr. Durbin is CEO and Director of illumiSonics Inc., developer of the PARS platform, a revolutionary, non-contact, high-resolution, label-free, non-destructive optical imaging system based on new physics. Prior to illumiSonics, Mr. Durbin held executive roles at Viveve from May 2012 to March 2023, including as the Chief Executive Officer and Chief Financial Officer, as well as serving on the Board of Directors. Prior to his time at Viveve, he was Chief Financial Officer at Vericel, formerly Aastrom Biosciences (ASTM). Prior to joining Vericel, Mr. Durbin was Chief Financial Officer, Chief Operating Officer and Secretary of Board at Prescient Medical. Prior to Prescient Medical, Mr. Durbin was with the Investment Banking team, Healthcare and Merger & Acquisition, at Lehman Brothers, during which time he helped successfully execute nearly $5 billion in financings and M&A transactions for life science companies. Mr. Durbin began his career as a Director of Neurophysiology at Biotronic. He holds a Master’s degree in Health Management w/ honors from Yale University. He received his Bachelor’s of Science / Pre-med from the University of Michigan.

About Motus GI

Motus GI Holdings, Inc. is a medical technology company, with subsidiaries in the U.S. and Israel, providing endoscopy solutions that improve clinical outcomes and enhance the cost-efficiency associated with the diagnosis and management of gastrointestinal conditions.

For more information, visit www.motusgi.com and connect with the Company on Twitter, LinkedIn and Facebook.

Forward-Looking Statements

This press release contains certain forward-looking statements. Forward-looking statements are based on the Company’s current expectations and assumptions. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. These statements may be identified by the use of forward-looking expressions, including, but not limited to, “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “potential,” “predict,” “project,” “should,” “would” and similar expressions and the negatives of those terms, including without limitation, statements relating to risks related to market and other conditions, risks inherent in the development and commercialization of potential products, possible or assumed future results of operations, business strategies, potential grow opportunities, uncertainty in the timing and results of clinical trials or regulatory approvals, maintenance of intellectual property rights or other risks discussed in the Company’s quarterly and annual reports filed with the Securities and Exchange Commission, and its other filings with the Securities and Exchange Commission. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

Investor Contact:

Troy Williams
LifeSci Advisors
(518) 221-0106
twilliams@lifesciadvisors.com