EnteroMedics Names Greg S. Lea Chief Operating Officer
ST. PAUL, MN -- (Marketwire) -- 02/20/13 -- EnteroMedics Inc.
(NASDAQ: ETRM), the developer of medical devices using neuroblocking
technology to treat obesity, metabolic diseases and other
gastrointestinal disorders, today announced that Senior Vice
President and Chief Financial Officer Greg S. Lea has been appointed
Chief Operating Officer.
Consistent with EnteroMedics' recently announced plans to move
forward with a Pre-Market Approval (PMA) application with the U.S.
Food and Drug Administration (FDA) in the second quarter of 2013,
building on the results from its randomized, double-blind,
sham-controlled, multicenter ReCharge Pivotal Trial of VBLOC vagal
blocking therapy for the treatment of obesity, Mr. Lea's additional
responsibilities as Chief Operating Officer will focus on the
efficient and effective alignment and execution of the Company's
regulatory and ongoing commercialization priorities.
"Greg has been a member of EnteroMedics' strategic management team
since joining the Company over five years ago. With our attention now
fully on the U.S. regulatory process and its associated activities,
his leadership and depth of knowledge provide a strong basis for
successful management of the cr
itical period the Company's operations
are now entering. Greg is a seasoned and trusted leader who will be
driving our strategic prioritization and focus on operational
excellence," said Mark Knudson, President and Chief Executive
Officer. "I am pleased to be working together with Greg as we move
into this next phase for EnteroMedics. I have tremendous confidence
in his ability and look forward to his contribution in this expanded
role, as well as his continued, thoughtful stewardship of the
Company's financial strategy as Chief Financial Officer."
"EnteroMedics is at a decisive time in its development, and our
efforts will be on effectively utilizing our critical resources as we
embark on the FDA PMA process in 2013," said Mr. Lea. "I am
incredibly energized to help lead the Company to its next phase of
delivering VBLOC Therapy to the U.S. Market."
Gregory S. Lea has served as EnteroMedics' Senior Vice President and
Chief Financial Officer since May, 2007. Prior to joining the
Company, Mr. Lea served as Chief Financial Officer of Pemstar Inc.
from July 2002 through January 2007 when it was acquired by Benchmark
Electronics, Inc. Mr. Lea also served as a director of Pemstar from
April 2001 through January 2007 and held the position of Corporate
Controller from April 2002 through July 2002. From 1993 to April
2002, Mr. Lea served as a corporate Vice President for Jostens
Corporation, a commemorative and affiliation products manufacturer,
serving most recently as corporate Vice President, Business Ventures.
Prior to that, Mr. Lea held several financial management and
administrative positions at IBM Corporation from 1974 to 1993 and was
President and a director of the Ability Building Center, Inc. from
1981 to 1993. Mr. Lea holds a B.S. in Accounting/Business Management
from Minnesota State University, Mankato.
About VBLOC(R) Therapy
EnteroMedics developed VBLOC(R) vagal blocking therapy to offer
bariatric surgeons and their patients a less invasive alternative to
existing surgical weight loss procedures that may present significant
risks and alter digestive system anatomy, lifestyle and food choices.
VBLOC(R) Therapy is delivered via the Maestro(R) System through
laparoscopically implanted leads to intermittently block the vagus
nerves using high-frequency, low-energy electrical impulses. VBLOC(R)
Therapy is designed to target the multiple digestive functions under
control of the vagus nerves and to affect the perception of hunger
About EnteroMedics Inc.
EnteroMedics is a medical device company focused on the development
and commercialization of its neuroscience based technology to treat
obesity and metabolic diseases. EnteroMedics' proprietary technology,
VBLOC(R) vagal blocking therapy, delivered by a pacemaker-like device
called the Maestro(R) Rechargeable System, is designed to
intermittently block the vagus nerves using high-frequency,
low-energy, electrical impulses. VBLOC allows people with obesity to
take a positive path towards weight loss, addressing the lifelong
challenge of obesity and its comorbidities without sacrificing
wellbeing or comfort. EnteroMedics' Maestro Rechargeable System has
received CE Mark and is listed on the Australian Register of
Forward-Looking Safe Harbor Statement:
This press release contains forward-looking statements about
EnteroMedics Inc. Our actual results could differ materially from
those discussed due to known and unknown risks, uncertainties and
other factors including our limited history of operations; our losses
since inception and for the foreseeable future; our lack of
commercial regulatory approval for our Maestro(R) System for the
treatment of obesity in the United States or in any foreign market
other than Australia and the European Community; our preliminary
findings from our EMPOWER(TM) and ReCharge pivotal trials; our
ability to comply with the Nasdaq continued listing requirements; our
ability to commercialize our Maestro System; our dependence on third
parties to initiate and perform our clinical trials; the need to
obtain regulatory approval for any modifications to our Maestro
System; physician adoption of our Maestro System and VBLOC(R) vagal
blocking therapy; our ability to obtain third pa
rty coding, coverage
or payment levels; ongoing regulatory compliance; our dependence on
third party manufacturers and suppliers; the successful development
of our sales and marketing capabilities; our ability to raise
additional capital when needed; international commercialization and
operation; our ability to attract and retain management and other
personnel and to manage our growth effectively; potential product
liability claims; potential healthcare fraud and abuse claims;
healthcare legislative reform; and our ability to obtain and maintain
intellectual property protection for our technology and products.
These and additional risks and uncertainties are described more fully
in the Company's filings with the Securities and Exchange Commission,
particularly those factors identified as "risk factors" in the annual
report on Form 10-K filed March 15, 2012. We are providing this
information as of the date of this press release and do not undertake
any obligation to update any forward-looking statements contained in
this document as a result of new information, future events or
Caution - Investigational device. Limited by Federal (United States)
law to investigational use.
The implantation procedure and usage of the Maestro(R) System carry
some risks, such as the risks generally associated with laparoscopic
procedures and those related to treatment as described in the
ReCharge clinical trial informed consent.
Greg S. Lea
Sam Brown Inc.
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