SUNNYVALE, CA--(Marketwire - 04/26/11) - Avantis Medical Systems, Inc., a technology leader in developing novel catheter-mounted digital imaging devices for use in gastroenterology procedures, is pleased to announce the appointment of Rick Randall as Chairman and Chief Executive Officer.
"The Avantis Third Eye® Retroscope® technology has been clinically demonstrated to improve the detection of pre-cancerous adenomas during colonoscopy. The combination of a novel, life-saving technology, compelling clinical data, and Medicare reimbursement positions Avantis well for dramatic growth in the coming years. The addition of Rick as the Chairman and Chief Executive provides one of the last key ingredients to effectively commercializing the technology and providing its benefits to the 15 million patients undergoing this important procedure in the United States each year," commented Matthew Jenusaitis, Avantis' Vice Chairman.
Mr. Randall has over 20 years of general management experience with companies introducing innovative medical devices to global healthcare markets. He joins Avantis Medical from TranS1 Inc., where he was most recently Chief Executive Officer. Prior to TranS1, Mr. Randall held Chief Executive Officer positions with Innovasive Devices, Inc. and Target Therapeutics, Inc.
"I am enthusiastic about the opportunity to join the Avantis Medical Systems Team," commented Mr. Randall. "The published clinical outcomes, generated by several studies involving more than 1,000 patients examined with the Third Eye Retroscope, will enable Avantis to redefine the role of colonoscopy in the diagnosis and management of colorectal cancer. I look forward to working with our team to commercialize and establish the Third Eye as the diagnostic standard of care for patients at risk for colorectal cancer."
About the Third Eye Retroscope and Avantis Medical Systems, Inc.
Avantis Medical Systems, Inc. markets the Third Eye Retroscope, an FDA-cleared, disposable, catheter-based camera indicated for use with a standard colonoscope to provide an additional view of the colon for diagnostic purposes. Deployed through the instrument channel of a standard colonoscope, the Third Eye provides the physician with a backward view to complement the colonoscope's forward view of the lining of the colon. The device is commercially available to physicians who perform colonoscopies.
The Third Eye is the only technology cleared by the FDA that enhances polyp detection when used in conjunction with a colonoscope. Although colonoscopy is the gold standard for preventing colon cancer by finding and removing polyps and other lesions, clinical literature documents that up to 22-24% of adenomas of all sizes can be missed.(1),(2) In one study, 12% of large adenomas (at least 10 mm in size) were missed, and two-thirds of those missed adenomas were located behind folds.(3) The retrograde view provided by the Third Eye can reveal lesions that are hidden behind folds where they cannot be seen with the colonoscope's forward view alone. Studies have shown additional adenoma detection rates with the Third Eye Retroscope compared to the colonoscope alone are 23% - 25%.(4),(5)
Avantis Medical is focused on delivering cost-effective solutions for improved detection and prevention of cancers of the gastrointestinal tract. The company has an extensive portfolio of patents covering innovative devices based on the convergent technologies of micro-chips, enhanced video processing and catheter-based delivery systems. For more information, visit www.AvantisMedical.com or www.ThirdEyeRetroscope.com.
(1) Rex DK, Cutler CS, Mark DG, et al. Colonoscopic miss rates of adenomas determined by back-to-back colonoscopies. Gastroenterology 1997;112:24-8.
(2) Van Rijn JC, Reitsma JB, Dekker E, et al. Polyp Miss Rate Determined by Tandem Colonoscopy: A Systemic Review. Am J Gastroenterol 2006;101:343-50.
(3) Pickhardt PJ, Nugent PA, Schindler WR, et al. Location of adenomas missed by optical colonoscopy. Ann Intern Med 2004;141:352-9.
(4) DeMarco DC, Odstrcil E, Lara LF, et al. Impact of Experience with a Retrograde-Viewing Device on Adenoma Detection Rates and Withdrawal Times during Colonoscopy: the Third Eye Retroscope Study Group. Gastrointest Endosc 2010;71:542-50.
(5) Leufkens AM, DeMarco DC, Siersema PD, et al. Effect of a Retrograde-Viewing Device on Adenoma Detection Rate during Colonoscopy: The "TERRACE" Study. Gastrointest Endosc 2011;73:480-9.
Chief Financial Officer
Avantis Medical Systems, Inc.