Ivenix, Inc. Appoints MedTech Industry Veteran Stuart A. Randle as Chief Executive Officer
Follows Recent, Successful Closing of $42 Million Financing
AMESBURY, Mass.--(BUSINESS WIRE)--Ivenix, Inc., a medical technology company developing a next-generation infusion management platform, today announced the appointment of seasoned medtech industry leader Stuart A. Randle to chief executive officer.
"With the recent successful financing, the company is poised to transform infusion therapy with its innovative, fully integrated infusion management system. I could not be more excited to join Ivenix at this time as we drive toward regulatory clearance and commercialization."
"We are delighted to welcome Stu with his extensive global commercialization experience to the Ivenix team," stated Ketan Patel, M.D., chairman of the Ivenix board, and partner at F-Prime Capital Partners (the venture capital funds of FMR LLC, the parent company of Fidelity Investments). "The Ivenix Infusion Management System combines state-of-the-art information technology with simplicity and safety. In a cost-effective and clinically meaningful way, Ivenix is transforming the infusion system from being "smart" to being truly intelligent. Stu brings critical operational and commercial leadership experience at this important juncture in the company's evolution from a development-stage to a pre-commercial stage company this year."
Prior to joining Ivenix, Mr. Randle served as president and chief executive officer of GI Dynamics, Inc., a medical device company developing treatments for type 2 diabetes and obesity. He has over 20 years of experience in the life sciences industry, serving also as entrepreneur in residence at Advanced Technology Ventures, president and chief executive officer at ACT Medical, Inc., and as a corporate officer at Allegiance Healthcare Corporation, where he was integral to the successful spin-off of Allegiance from Baxter International Inc. Mr. Randle began his career at Baxter, where he spent 10 years in various senior-management positions, including sales and marketing roles in the Intravenous (IV) infusion business. He earned an MBA from the Kellogg School of Management at Northwestern University and a BS in Mechanical Engineering from Cornell University.
"Over the last few years, the world-class development team at Ivenix has worked closely with nurses and other key stakeholders to take a patient-centric approach to reimagining an entire infusion management platform that we believe will result in better outcomes at a lower cost," said Mr. Randle. "With the recent successful financing, the company is poised to transform infusion therapy with its innovative, fully integrated infusion management system. I could not be more excited to join Ivenix at this time as we drive toward regulatory clearance and commercialization."
In September 2015, Ivenix closed on a $42 million financing with a leading syndicate of medtech and healthcare investors. The round was led by new investor WuXi Healthcare Ventures, and included participation from Cardinal Partners, CICA, Inc., Easterly Capital, F-Prime Capital Partners and SCP Vitalife Partners. The proceeds are supporting the company's efforts to enter the $6 billion global infusion market.
"With the momentum of our recent financing and the substantial progress we have made in product development, we are delighted to have Stu join our team as we prepare for regulatory filings and, ultimately, commercialization," commented George Gray, chief technology officer and vice president of information and software systems. "Developed as an information system that operates within an infusion device, and using technologies similar to a Smartphone, the Ivenix Infusion Management System is designed to actively manage infusion information while integrating seamlessly with an enterprise wide healthcare system. Engineered to improve infusion delivery at a much lower cost, we believe our solution will provide the opportunity for more clinicians to spend time on what really matters – providing exceptional patient care."
About the Ivenix Infusion Management System
While drug therapies have become more complex and effective, infusion pumps on the market today heavily rely on legacy technology that can be error prone, difficult to operate and ultimately lead to workflow inefficiencies and use errors that affect patient safety. The errors alone are estimated to add $2 billion to the cost of U.S. healthcare.
The Ivenix Infusion Management System is designed to be cost-effective and improve patient outcomes, and has three unique differentiators designed to dramatically improve infusion therapy:
A fundamentally new pump delivery system delivers medications at a steady and consistent rate under all clinical conditions, without requiring nurses to manually adjust the height of the bag or the pump settings to deliver medications as intended.
An intuitive, touch screen smartphone-like user interface guides the nurse through the setup of the prescribed medication, alerting the nurse to any potential medication complications along the way.
A powerful information technology system shares infusion data with the patient's electronic medical record (EMR) and gives nurses and clinicians mobile access to secure data. The system also includes built-in quality and analytics tools, giving providers the ability to understand and report quality metrics.
Ivenix, Inc. is a venture-backed medical device company with a vision to transform infusion therapy in every care setting. Technology within the infusion pump category has been slow to evolve despite an increase in the complexity of drug dosing regimens, demand for hospital EMR integration, and persistent patient safety issues. Ivenix is focused on bringing its first solution to market, a new and innovative infusion management system for hospitals. The company is headquartered in Amesbury, Massachusetts. For more information, please visit www.ivenix.com.
The U.S. FDA has not yet reviewed the Ivenix Infusion Management System.
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