Profound Medical Corp. Announces Senior Management Changes

Profound Medical Corp., an emerging medical device company focused on prostate cancer care, has appointed Arun Menawat, Ph.D., as its new CEO. Steven Plymale, the company’s current CEO, will transition to president and chief operating officer.
 
Menawat has been a member of Profound’s board of directors since October 2014. He has an accomplished history of executive leadership success in the healthcare industry. Most recently, Menawat served as the president and CEO of Novadaq Technologies Inc., guiding that company as it pioneered the field of fluorescence imaging and built a new clinical ecosystem that provides relevant imaging solutions for use in multiple points throughout the patient care continuum. Before joining Novadaq in 2003, Menawat held senior management positions at Cedara Software Corp., Tenneco Inc. and Hercules Inc.

He obtained a Ph.D. in chemical (bio) engineering from the University of Maryland, while concurrently completing a fellowship in biomedical engineering at the U.S. National Institute of Health. Menawat holds an executive MBA from the J.L. Kellogg School of Management, Northwestern University. In 2014, Menawat was named the EY Ontario Entrepreneur of the Year in the health sciences category.
 
“I had the privilege of working with Arun at Cedara Software and have continued to benefit from his mentorship in the years since,” said Plymale. “I was pleased to have personally recruited him to join Profound’s board in 2014 and believe that he is exceptionally well qualified to help us accelerate our growth as CEO. Arun is a seasoned leader with an exceptional track record and reputation, who has helped nurture and build great medical device businesses.” 
 
“Steve possesses a unique combination of management skills and experience that spans multiple corporate functions, including operations, quality control, regulatory affairs and strategic planning, and I am very excited to be working closely with him once again,” said Menawat. “Together, I believe that we will be able to help Profound realize its potential, establishing the company as a valuable leader in prostate cancer care.”
 
The company also promoted Rashed Dewan from corporate controller to vice president of finance. In his new expanded role of principal finance officer, Dewan has overall responsibility for financial reporting and planning, treasury and taxation. He will also help manage Profound’s relationships and interactions with the investment community. Dewan has more than 18 years of finance and accounting experience in public and private companies, with particular expertise in the medical device sector. He is a certified public accountant, and has a bachelor of science degree with a concentration in accounting from the University of Southern California.
 
“On behalf of the Board, management and staff of Profound, I would like to congratulate Arun on assuming the role of CEO and Rashed on his promotion to vice president of finance,” said Damian Lamb, board chairman. “Profound is entering a stage of anticipated rapid global growth. Importantly, with these management changes, we now have a leadership team that is optimally structured to support both our current business and the successful execution of our long-term strategy.”
 
Profound is a Toronto, Canada-based medical device company that has developed a minimally invasive treatment to ablate the prostate gland in prostate cancer patients. Profound’s technology combines real-time magnetic resonance imaging with transurethral therapeutic, robotically-driven ultrasound and closed-loop thermal feedback control. It provides a highly precise treatment tailored to patient-specific anatomy and pathology. This method of prostate ablation offers short treatment times and low morbidity, allowing for fast patient recovery.