PITTSBURGH, Dec. 19 /PRNewswire/ -- ALung Technologies, Inc., the leading developer of lung replacement therapy, announced today that it has appointed Peter DeComo, former CEO of Renal Solutions Inc. (RSI), to the position of chief executive officer effective January 1, 2009. Mr. DeComo has served as the ALung Chairman for the past six months. Additionally, former chairman of Respironics, Gerald McGinnis, has committed to provide up to $1.8M in the form of convertible debt for bridge funding, to allow the company to complete necessary research and development of its Hemolung device, as it readies for 2009 clinical trials. Nick Kuhn, who has served as CEO of ALung since 2001 and was instrumental in bringing DeComo and McGinnis into their current roles, will assume the role of chief operating officer for ALung.
"This is a very exciting juncture for ALung," said Mr. Kuhn. "To have this significant support from such medical device luminaries as Pete DeComo and Jerry McGinnis is a real tribute to ALung and the work we have accomplished to date."
"I am very impressed with the progress that Nick Kuhn and his team have made over the years," said Mr. DeComo. "I believe my experience with Renal Solutions will be valuable in building upon ALung's many successes in product development, clinical trial planning and business development. I'm honored by the opportunity to contribute to a company with such immense promise for the medical device industry and for the patients who will benefit from this new technology."
"I have been very impressed with the technology developed by ALung," said Mr. McGinnis, "and I believe strongly that the therapy will benefit patients greatly by eliminating dangerous side effects of current methods while dramatically reducing hospital's cost of care in this patient population."
Mr. DeComo was chairman, chief executive officer and cofounder of RSI, a vertically integrated medical device and service company developing a revolutionary dialysis technology system for patients suffering from kidney failure. When RSI was acquired by Fresenius Medical Care Holdings (FMCHI) in November of 2007, he became chief executive officer of the wholly owned subsidiary.
Mr. Kuhn joined ALung in November 2001, was the key driver in raising $13 million in funding for the Company, and guiding the successful development of the Hemolung and the Hattler Catheter to clinical trials. In this role, he will continue to stay actively involved in driving research and development, manufacturing, regulatory and clinical affairs, and eventual commercialization of the Hemolung system.
Currently 450,000 patients in the U.S. are ventilated each year for temporary, acute respiratory failure. The Hemolung System removes carbon dioxide and delivers oxygen directly to the patient's blood via a small catheter, inserted into the jugular or femoral vein, similar to acute kidney dialysis. This provides a significant benefit over intubation and mechanical ventilation, in that it allows the patient to talk and eat, and avoid sedation. Furthermore, this form of treatment may reduce the incidence of pneumonia associated with being on a ventilator, as well as length of hospital stay.
About ALung Technologies
ALung Technologies, Inc. is commercializing artificial lung devices for the treatment of acute and chronic respiratory disorders. The company's Hemolung System, designed to replace the use of ventilators for patients with acute respiratory failure, is scheduled to begin clinical trials in June 2009. Learn more about ALung and Hemolung at www.alung.com
Source: ALung Technologies, Inc.