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Covington Associates Names Managing Director
Specialty investment banking firm Covington Associates LLC has named Steve Mermelstein as managing director to augment its healthcare deal team. Mermelstein was hired for his expertise in therapeutic, medical device, tools and diagnostic funding, according to the company.
Mermelstein previously served as managing director at New York, N.Y.-based Ferghana Partners, where he was responsible for corporate partnering and equity private placements.
Prior to Ferghana, Mermelstein was a partner at Asanté Partners LLC, based in New York, N.Y., where he was in charge of financing efforts. Before joining Asanté, he was a director at Wasserstein Perella & Co., an investment bank in New York, N.Y., where he headed the private equity advisory group’s healthcare and power and energy teams. Mermelstein began his career at Chase Manhattan, where he specialized in mergers and acquisitions, advisoryinvesting and private equity investing through Chase Capital Corporation. He also co-founded KnightBridge Capital Partners LLC, an investment advisory boutique.
Chris Covington, managing partner of Boston-headquartered Covington Associates, said, “We are thrilled to add both Steve…to the Covington team. We are looking to them to build upon and further enhance Covington’s strong presence in the healthcare sector.”
Baker Takes Pulmonx Corporation Top Spot, Joins Board
Michael Baker has joined Pulmonx Corporation as president, CEO and a member of the firm’s board of directors, according to the company.
Baker previously served as president and CEO of Austin, Texas-based ArthroCare Corporation for more than 11 years, and worked for Minneapolis, Minn.-based Medtronic Inc. for more than eight years, where he held executive and general management roles in the United States and Europe.
The addition of Baker to the Redwood City, Calif.-based company that develops and markets minimally invasive medical devices for the diagnosis and treatment of pulmonary disorders follows the receipt of U.S. Food and Drug Administration marketing clearance for the Chartis System, an assessment tool which allows physicians to make regional assessments of lung function, including quantifying inter-lobar airflow in the lungs, known as collateral ventilation.
In addition, the company also recently acquired Emphasys Medical, also headquartered in Redwood City, which added Emphasys’ Zephyr family of endobronchial valves to the company's portfolio of diagnostic and therapeutic products.
“With the completion of the acquisition of Emphasys Medical Inc. and 510K clearance of our Chartis System, Pulmonx is poised to become a leader in the treatment of pulmonary disorders such as severe emphysema. These new technologies have the potential to cost effectively improve the health of millions of patients globally and I'm extremely enthusiastic about the opportunity to lead this team as we work to commercialize these products and build a strong franchise in interventional pulmonology,” said Baker.
New CEO Finkelstein to Head up CleveX Expansion
CleveX, a spinoff of the Cleveland Clinic, has named Sam Finkelstein as CEO, company officials said. Gary Smith remains president of the firm.
Finkelstein most recently served as CEO of Miamisburg, Ohio-based Riverain Medical, where he led efforts to develop software for early-stage detection of lung cancer.
Finkelstein will focus on sales of the ExiClip, a 510K-approved device that was developed by plastic surgeons and dermatologists at the Cleveland Clinic and commercialized in 2004.
“The CleveX board of directors is pleased to move into its next phase of growth under the able leadership of Sam Finkelstein, an accomplished executive with years of medical marketing experience and knowledge,” said Bill Post, chairman of Cleveland, Ohio-based CleveX.
Westlake Plastics Company Hires Consultant
Harvey Stein has joined Westlake Plastics Company as medical and life sciences consultant, according to the company.
Stein comes to Westlake Plastics from Florence, Ky.-based Ticona LLC, where he recently retired from the engineering resin business after 35 years of employment.
During his time with Ticona and its predecessor companies (Foster Grant, Hoechst Celanese and Hoechst AG), Stein worked for the company at its Chesapeake, Va.; Leominster, Mass.; Houston, Texas; and Oberhausen, Germany, locations.
Stein’s experience ranges from manufacturing and project engineering to customer interfacing with emphasis on technical service and market/application development. He also is knowledgeable in orthopedics, product safety/stewardship, risk management, pneumatic conveying, solids handling, packaging and transportation.
Stein will work with medical, life science andindustrial managers, quality assurance managers, and regional sales personnel. Westlake Plastics is a plastic materials manufacturer based in Lenni, Pa.
Genau to Lead KCI’s New Division
Kinetic Concepts Inc. (KCI) has brought Michael Genau on board in the newly created position of global president of wound therapy, according to the company.
Genau will lead the San Antonio, Texas-based company’s wound therapy division, which will expand beyond its signature and V.A.C. Therapy product. As KCI builds this division over the next several months, Genau’s role will expand to include all operations of the division in the Americas, Europe, Middle East, Africa and Asia Pacific.
Genau most recently served as vice president and general manager of GE Healthcare’s Global Diagnostic X-Ray Division, based in Fairfield, Conn.
Over the past 20 years, he has served in various executive-level sales, marketing and operational positions with GE Healthcare, GE Medical Systems and Johnson & Johnson, in New Brunswick, N.J.
“During the coming years, we look forward to several innovative product launches, as well as the launch of V.A.C. Therapy in the Japanese marketplace. Mike possesses the strategic insight, industry savvy and operational experience that will enable KCI to achieve its vision for bringing therapies with unparalleled patient outcomes andeconomic value to the global marketplace,” said Catherine Burzik, KCI president and CEO.
The global division of KCI includes the V.A.C. Therapy systems and will introduce additional products that represent a natural extension of KCI’s advanced wound care offerings. The V.A.C. Therapy systems deliver negative pressure wound therapy to help promote wound healing.
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