PROVIDENCE, R.I.--(BUSINESS WIRE)--June 20, 2006--Afferent Corporation, an early-stage medical device company focused on treating chronic neurologic dysfunction, announced today that industry veteran David M. Hable has joined the company as President and CEO. Mr. Hable was also named to the company's board of directors. A seasoned medical device industry executive, Mr. Hable formerly served as the Worldwide President of Codman & Shurtleff, a division of Johnson & Johnson, a market leader in medical devices for neurosurgery.
Mr. Hable will be responsible for the overall strategic direction and management of Afferent, with a focus on developing the company's management team, advancing Afferent's clinical programs, and increasing the company's visibility within the venture capital community.
"I am extremely pleased to have David join Afferent as our President and CEO," said Jason D. Harry, Ph.D., founding CEO of Afferent. "I have been greatly impressed with David's deep experience in the neuroscience-based medical device sector, his proven track record of success, and the passion he brings to the pursuit of our goal to become a leading player in the emerging field of neurotherapeutic devices." Simultaneous with Mr. Hable's appointment, Dr. Harry was named Executive Vice President and Chief Technical Officer.
"What has impressed me greatly about Afferent is the scientific significance of the technology originally developed by Prof. James Collins at Boston University and the company's progress under Jason Harry's leadership" stated Mr. Hable. "It's a technology with game-changing potential in a field that I know well. The company has clinical programs underway at a number of leading biomedical research institutions, and has obtained significant private and NIH funding for development of the technology in multiple clinical indications. It's a terrific opportunity to be joining Afferent as it embarks on its next stage of development."
Prior to Afferent Corporation, Mr. Hable held numerous senior management positions in the medical device industry, including Johnson & Johnson's Codman & Shurtleff Division, where he was employed from 1979 to 2003, and President and CEO of BrainsGate, Ltd., an Israel-based startup developing implantable neurostimulation devices. He serves on the boards of directors of ONI Medical Systems, Inc., a developer and marketer of medical imaging systems, and Neurodynamics, Inc., a medical device company developing products for managing traumatic brain injury. He also has served on the management advisory board of PureTech Ventures, an international life science business development and partnership advisory organization.
Gina Raimondo, Afferent board member and General Partner of Point Judith Capital, said, "We are extremely pleased to have David join the Afferent team as President and CEO. He brings key breadth of experience and strategic thinking to the enterprise, and we are confident that he will advance product commercialization efforts and create new business opportunities for the company."
To date, Afferent Corporation has secured over $7.5 million in financing. The company completed a $4 million Series A financing in October 2004, and has received more than $2.5 million in grant funding from NIH. New Science Ventures, LLC of New York led the Series A and was joined by Point Judith Capital Partners, Long River Ventures, Village Ventures, and Nitta Corporation of Japan. Other investors include the venture capital affiliate of Boston University, the Slater Technology Fund, and Pharos, LLC, an investment firm founded by George Hatsopoulos, former CEO of Thermo Electron Corporation.
"Bringing on board a CEO with the background and experience of David Hable is a signal accomplishment for Afferent," said Richard G. Horan, managing director of the Slater Technology Fund. "It is one of the most important milestones in the development of an early stage, biomedical technology company. The management and Directors of Afferent deserve great praise for attracting an individual of Dave's caliber." Slater has invested in three successive rounds of financing since Afferent's founding in 2000.
About Afferent Corporation
Afferent Corporation, based in Providence, Rhode Island, is pioneering the development of a new class of medical devices to treat chronic neurological dysfunction. Its lead technology enhances the function of mechanoreceptor cells involved in sensory perception as a means of addressing complications resulting from diabetic neuropathy, restoring brain function following stroke, and improving elderly balance. Afferent's development efforts are being pursued in collaboration with leading biomedical and clinical researchers throughout the United States. Building on this technology platform, Afferent aims to establish a leadership position in the emerging field of neurotherapeutic devices.
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Andy Cutler, 401-743-7842 (cell)
Source: Afferent Corporation