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Medicsight (MSHT.OB) Restructures Management Team; New CEO


2/20/2009 7:47:22 AM

NEW YORK, Feb. 19 /PRNewswire-FirstCall/ -- Medicsight PLC, a subsidiary of MGT Capital Investments, Inc. (NYSE-A: MGT) and an industry leader in the development of Computer-Aided Detection (CAD) and image analysis software, which assists radiologists in the early detection of disease, today announces the following restructuring of its management team effective March 19, 2009.

Allan Rowley, currently Chief Financial Officer, becomes Chief Executive Officer; David Sumner, currently Chief Executive Officer, becomes Executive Chairman; and Tim Paterson-Brown becomes a non-executive Director of Medicsight. Mr. Paterson-Brown will remain as Chairman and Chief Executive Officer of MGT Capital Investments.

As Chief Executive, Allan will drive forward a revised plan focused on increasing revenues from existing products and streamlining all areas of the business. This will be an ongoing process throughout the year. Allan also takes charge of the financial and operational performance of the Company.

Allan has been CFO of Medicsight since 2006. Previously he worked for ComMedica Limited, a medical software company specialising in Picture Archiving & Communication System ("PACS") software. Before joining ComMedica, Allan was revenue controller and the director of European Finance at Bea Systems, a NASDAQ-listed software company. Allan has several years of experience in public accounting in the United Kingdom and United States with Arthur Andersen and Ernst & Young, respectively.

Allan will be supported by Troy Robinson who has been promoted to Chief Financial Officer, although this is not initially a Board position. Troy joined Medicsight in February 2007 as Group Financial Controller. Prior to this he was the Finance Manager for IVAX Pharmaceuticals and HP Foods. Troy is an associate of the Chartered Institute of Management Accountants.

As Executive Chairman, David Sumner will determine the overall strategy of the Company and will ensure that this strategy is agreed and effectively implemented. In addition, David will lead the promotion of best practice and the highest standards of corporate governance.

Mr. Sumner commented: "We see 2009 as a pivotal year for the Company with the expected U.S. and Japanese regulatory approvals around the corner. Medicsight, with its strong year end cash position of 18 million pounds Sterling is in an excellent position to grow robust future revenues from these two strategic territories that already use CT Colonography routinely in the detection and management of colorectal cancer. The structural changes to our management team will enable me personally to focus on international developments and strategic partner discussions as part of our global drive for excellence and improvement of shareholder value. Allan's focus is to continue to help increase revenues, embark on streamlining the Company, and maximizing all efforts at this critical stage of the Medicsight's development. We look forward to him working in this new capacity."

Mr. Paterson-Brown commented, "I look forward to taking on my new role as a non-executive director of Medicsight, as this will allow me to dedicate more time to MGT Capital. The current economic market has recently opened up several opportunities in the healthcare technology space. In order to take their businesses to the next level, many healthcare IT companies with exciting new technologies are looking for the type of investment and management experience MGT offers."

About MGT Capital Investments, Inc.

MGT Capital Investments, Inc. is a technology holding company that focuses on investments in the global healthcare information technology market. The Company has two subsidiaries, Medicsight PLC and Medicexchange PLC.

Medicsight PLC (AIM: MDST) is a UK-headquartered, research driven, leading developer of computer-aided detection (CAD) and image analysis software for the medical imaging market. The CAD software automatically highlights suspicious areas on computerized tomography (CT) scans of the colon and lung, helping radiologists to identify, measure and analyze potential disease and early indicators of disease. Medicsight's CAD software has been validated using one of the world's largest and most population diverse databases of verified patient CT scan data. Medicsight's ColonCAD(TM) and LungCAD(TM) software products are seamlessly integrated with the advanced 3D visualization workstations of several industry-leading imaging equipment partners.

Medicexchange PLC provides medical imaging professionals with a global web portal containing an online sales, jobs and information channel for diagnostic, treatment and surgery planning solutions. This combined with a variety of relevant clinical papers, training materials and content gives these professionals access to information and products that they otherwise would have difficulty accessing.

Additional information can be found at www.mgtci.com.

All forward-looking statements are made pursuant to the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. Potential risks and uncertainties include, but are not limited to, the risks described in company filings with the Securities and Exchange Commission.


Read at BioSpace.com

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