Picard Medical Appoints Interim CEO

Picard Medical, parent company of SynCardia Systems, has announced a transition in leadership.

Patrick NJ Schnegelsburg has stepped down as CEO and a member of the company’s board of directors, effective June 18. The company said his departure wasn’t the result of any disagreement with the company on any matter relating to its operations, policies, or practices.

Effective June 18, the board named executive chairman Richard Fang, Ph.D. as interim CEO. Dr. Fang will serve in the position while the board conducts a search for a permanent CEO and will continue serving as board chairman.

Dr. Fang is a founder and managing partner of Hunniwell Lake Ventures, a medtech-focused venture capital firm founded in 2019. In 2005, he founded Reach Surgical, a minimally invasive surgical instruments company in California. He directed the company’s growth and international expansion for 15 years, building a globally recognized brand presence across six continents. His tenure with Reach Surgical finished with the recent sale of the company to a private equity buyer.

Dr. Fang boasts over two decades of expertise as a medical device industry professional, which includes a stint at Johnson & Johnson.

“SynCardia remains uniquely positioned as the maker of the only FDA-approved total artificial heart,” said Dr. Fang. “Our mission remains unchanged: supporting patients with advanced biventricular heart failure, serving our clinical partners, and continuing to advance innovative technologies designed to expand treatment options. The Board of Directors thanks Mr. Schnegelsberg for his service and contributions during a formative period for the Company and wishes him success in his future endeavors. As we search for a permanent replacement to lead the Company, I look forward to working closely with our employees, customers, and stakeholders as we build upon the strong foundation that is in place.”