PAVmed Names Chief Financial Officer

PAVmed Inc., a highly differentiated, multi-product medical device company, has appointed Dennis M. McGrath as its new executive vice president and chief financial officer (CFO). McGrath brings more than 30 years of corporate finance and executive experience to PAVmed, spanning both entrepreneurial and public company settings. Since 2000, he has served in multiple executive leadership roles at PhotoMedex Inc., a global skin health medical device company, most recently as president and CFO.
 
“I am thrilled to welcome Dennis to the PAVmed team as we enter an important phase in our company’s evolution. He is a seasoned medical device industry executive with extensive public company leadership experience, who brings a broad range of skills in corporate finance, business development, corporate strategy, operations and administration,” said Lishan Aklog, M.D., chairman and CEO of PAVmed. “Dennis also brings a proven track record of delivering results and driving shareholder value through numerous public and private financings, merger and acquisitions, joint ventures and licensing deals. We also expect PAVmed to benefit immensely from his strong relationships with members of the finance and investment communities.”
 
Richard F. Fitzgerald, who has served as PAVmed’s CFO since 2015, will be pursuing new opportunities closer to his home state of Pennsylvania.
 
“On behalf of our entire team, I would like express my deep gratitude to Rich for his tireless work and dedication to PAVmed’s mission. Rich helped shepherd the company through several key stages, including building our finance infrastructure, consummating our initial public offering and establishing our SEC reporting procedures and internal controls as a new public company. We wish him all the best in his future endeavors as he returns home to be closer to his family,” Aklog added.
 
Prior to his most recent role as president and CFO of PhotoMedex, which he assumed after a corporate merger in 2011, McGrath served as CEO of PhotoMedex from 2009 to 2011 and as CFO/vice president of finance and administration from 2000 through 2009. Prior to PhotoMedex, he served as chief operating officer of Internet Practice, the largest division for AnswerThink Consulting Group Inc., a company specializing in business consulting and technology integration. Prior to that, he was CFO of Think New Ideas Inc., a company specializing in interactive marketing services and business solutions. McGrath also served as CFO/executive vice president of TriSpan Inc., an internet commerce solutions and technology consulting company, which was acquired by AnswerThink Consulting Group Inc.
 
McGrath is a certified public accountant who began his career at Arthur Anderson and holds a bachelor of science in accounting from LaSalle University. He serves as a director on several boards including DarioHealth Corp., Noninvasive Medical Technologies Inc., and Cagent Vascular LLC.

“I am excited to be joining this team. PAVmed has all of the necessary ingredients to accelerate its growth and create significant value for its shareholders over the coming years—a leadership team with a proven track record, a capital-efficient business model, an expanding pipeline of products and a team of directors and medical advisors,” McGrath said.
 
In connection with his employment with PAVmed, the company granted McGrath an option to purchase up to 250,000 shares of common stock for $5.95 per share. The option vests in 12 equal quarterly installments on the last day of each fiscal quarter, commencing on June 30, 2017.
 
PAVmed Inc. employs a business model designed to advance products from concept to commercialization more rapidly and with significantly less capital than the typical medical device company. This proprietary model enables PAVmed to pursue an expanding multi-product pipeline strategy with a view to enhancing and accelerating value creation. PAVmed’s pipeline of products address unmet clinical needs, have attractive regulatory pathways and market opportunities and encompass a broad clinical areas including carpal tunnel syndrome (CarpX), medical infusions (NextFlo and NextCath), interventional radiology (PortIO and NextCath), tissue ablation and cardiovascular intervention (Caldus,) and pediatric ear infections (DisappEAR). The company is based in New York, N.Y.