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IMI Intelligent Medical Implants AG Announces the Appointment of Dr. Stephen J. McCormack as Chief Executive Officer


6/10/2008 7:21:35 AM

ZUG, Switzerland--(BUSINESS WIRE)--IMI Intelligent Medical Implants AG (“IMI”) (www.intmedimplants.com), announced today that it has appointed Dr. Stephen J. McCormack as CEO. He was previously Chairman of the Board of Directors and will remain as a board member.

Tim Haines, a member of IMI’s Board of Directors and Partner at Abingworth Management, stated, “IMI is reaching a new level which requires the international management experience that Stephen provides to the company.”

Dr. McCormack has more than 20 years experience in medical technologies, from fundamental research to product development. He was previously a partner of Global Life Science Ventures (GLSV) and led their investment in IMI. Prior to GLSV, he co-founded NeuroSystec for the development of therapeutics to treat neurological diseases and AlleCure which was merged with two other biotechnology companies and taken public as MannKind Corporation.

Dr. McCormack received his PhD in the Biomolecular Science and Engineering program from University of California, Santa Barbara and completed the Advanced Management Program at Harvard Business School. He obtained a bachelor’s degree in biology from the College of the Holy Cross in Worcester, MA.

“We are very pleased to have Stephen leading IMI,” said Vin Bucci, Chairman of IMI. “His experience and familiarity with the field will be crucial to the success of the company”.

“I am delighted to have assumed an operational role in this extraordinary company” said Stephen J. McCormack, PhD, “The IMI retinal implant is the most advanced retinal stimulator and will make a significant contribution to society by restoring visual perception to the blind”.

About the Learning Retinal Implant System™

IMI’s Learning Retinal Implant System™ replaces the signal-processing functions of a healthy retina and provides input to the retinal nerve cells (the ganglion cells) that, in turn, provide input to the optic nerve and the brain. The System comprises three main components: (1) an implant, “The Retinal Stimulator”, which is surgically placed into the eye of a patient, who (2) wears a pair of spectacles containing an integrated mini-camera and transmitter components for wireless signal and energy transmission (“The Visual Interface”). Via a cable, the spectacles are connected to (3) “The Pocket Processor” worn at the patient’s waist. This device replaces the information processing function of the formally healthy retina. The use of a high-speed digital signal processor allows the provision of “intelligent information” to the implant (and the nerve cells) by using tuneable software to approximate the information processing normally carried out by the healthy retina. The entire process enables patients to optimize their visual perception during the learning phase. Indeed, using the patient’s feedback on perception as an input for the tuning of The Pocket Processor is the unique, patent-protected feature of the System and constitutes the ‘learning’ capability of the Learning Retinal Implant System™.

About IMI Intelligent Medical Implants (“IMI”)

IMI Intelligent Medical Implants AG, based in Zug, Switzerland — with its subsidiary IMI Intelligent Medical Implants GmbH in Bonn, Germany — is developing the Learning Retinal Implant System™, the first product of its developing neuro-prosthetics technology platform. The Company’s platform aims to give blind people useful visual functionality. The technology integrated into the Company’s first product will permit the development, marketing and licensing of further learning neural prostheses for active “intelligent” implantable medical devices. Current investors in IMI include Abingworth Management, Global Life Science Ventures, Polytechnos Venture Partners and Quantum Technology Partners.

Safe-Harbor Statement

This press release may contain forward-looking statements, including ‘forward-looking statements’ within the meaning of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon current expectations and assumptions regarding anticipated developments and other factors affecting the Company. They are not historical facts, nor are they guarantees of future performance. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements.

Contact:

IMI Intelligent Medical Implants AG Stephen McCormack, +41 41 723 3838 stephen.mccormack@intmedimplants.com

Source: IMI Intelligent Medical Implants AG


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