NEW YORK, Nov. 12 /PRNewswire/ -- RenalTech International, a New York/New Jersey-based medical device company, today announced that Al Kraus has joined the company as President and CEO. Mr. Kraus, with more than 20 years leadership experience in the dialysis industry, and former President and CEO of medical startup NOvoVascular Inc., takes over the top position, replacing interim CEO Bruce Davis.
Mr. Kraus played a leadership role at NOvoVascular in the development of drug-coated stents for the treatment of cardiovascular disease, and facilitated the licensing of the company's core intellectual property. Prior to NOvoVascular, Mr. Kraus was President and CEO of Althin Healthcare and Althin Medical, manufacturers of a complete line of hemodialysis products with revenues exceeding $100 million. In 1995 Althin Medical became a public company, and later was sold to Baxter International for $130 million. Mr. Kraus had previously been U.S. Manager and COO of Gambro, Inc., a leading medical technology and healthcare company that makes dialysis products, operates dialysis clinics and supplies blood bank technology worldwide. He directed the Initial Public Offering of Gambro in the United States in 1983 and substantially grew sales volume. Gambro is now the second largest vertically integrated supplier of dialysis products and services worldwide, with revenues exceeding $2.7 billion.
"This is a planned leadership transition and we are fortunate to find a leader with strong dialysis industry experience," said Mr. Davis, who now joins the RenalTech Board of Managers. "Al's experience in running publicly-traded medical device companies will be invaluable in guiding RenalTech through the significant growth we anticipate over the next several years. His extensive experience in sales and marketing will be an important asset as we move forward in penetrating the market following FDA approval."
Mr. Kraus joins RenalTech as the company prepares to begin human clinical studies for three separate applications of its adsorbent polymer technology over the next six months. The next phase of the U.S. human clinical trial of the BetaSorb(TM) device for chronic renal failure is targeted to begin this month. The company also plans to begin studies of its CytoSorb(TM) device for preserving the function of donor organs and for reducing complications of cardiopulmonary bypass surgery in the first half of 2004.
"RenalTech has remarkable technology for blood purification using adsorbent polymers," said Mr. Kraus. "They have also assembled an excellent management team and a world class team of medical and scientific advisors. I believe we have an outstanding opportunity to significantly improve health care outcomes for both dialysis and critical care patients." In order to reflect the broadening scope of the company's applications of its adsorbent polymer technology, which now include cardiopulmonary bypass, organ transplantation and sepsis, RenalTech will change its name to MedaSorb Technologies, Inc. In addition, the corporate structure will change from a limited liability company to a C corporation effective January 1, 2004.
Company Profile: RenalTech is developing medical devices for blood purification. The BetaSorb(TM) device is designed to be used in a standard dialysis circuit for hemodialysis patients to remove toxins that are not efficiently removed by dialysis. These toxins accumulate and contribute to co-morbid conditions including cardiovascular disease, compromised immune system function, malnutrition, bone and joint diseases and high mortality. The CytoSorb(TM) device is designed to remove cytokines in critical care applications including acute renal failure, cardiopulmonary bypass, organ transplantation, multiple organ dysfunction syndrome, and sepsis.