Sommetrics Expands Board Of Directors And Management Team To Prepare For Canadian Launch Of New Sleep Apnea Therapy

Wally McCloskey joins board of directors and Corbet “Cory” Lancaster is appointed as senior vice president of finance to accelerate company growth

SAN DIEGO--(BUSINESS WIRE)--Sommetrics, a company providing products and services to improve sleep quality, today announced the addition of Wally McCloskey to its board of directors and the appointment of Corbet “Cory” Lancaster as senior vice president of finance. Both seasoned executives bring with them unique skillsets and creative initiatives to aid in accelerating Sommetrics’ growth as a leader in the sleep quality space. The company recently announced that its sleep apnea therapy system, aerSleep^TM, received a Health Canada Medical Device License – allowing it to be marketed in Canada.

“Their experience will be invaluable to Sommetrics as our company makes the transition from research and development to a commercial business.”

“We are approaching a pivotal time in the company’s evolution and the additions of Wally and Cory will play a critical role in scaling our business,” said Richard Rose, M.D., chief executive officer, chief medical officer and board chair at Sommetrics. “Their experience will be invaluable to Sommetrics as our company makes the transition from research and development to a commercial business.”

A seasoned business executive with a background in research and development and operations management, McCloskey joins five other executives from various health and technology sectors on the Sommetrics board, including board vice chairman Avram Miller, co-founder of Intel Capital and former vice president, business development for Intel Corporation (NYSE: INTC).

“Wally brings extensive experience in navigating highly regulated industries and his breadth of management skills will add valuable support to Sommetrics as we advance in the commercial and consumer healthcare spaces,” said Miller. “We look forward to benefitting from Wally’s counsel and entrepreneurial spirit.”

“I am honored to bring my expertise to Sommetrics’ team of renowned executives and board members,” said McCloskey. “It’s clear the entire company is personally invested in making a positive impact in the lives of people globally and I look forward to working closely with them to solidify Sommetrics’ position as the leader in sleep quality technology.”

McCloskey is currently the president of Norac Inc., a specialty chemical manufacturer. He has managed the turnaround, successful growth and sale of several businesses, including a pharmaceutical ingredient manufacturer.

Lancaster joins Sommetrics with more than 25 years of experience ranging from financial modeling, business valuations, strategic planning, financial reporting and analysis, and working capital management. He has previously held executive and director level finance positions with venture-backed, mid-size and large organizations including the vice president of finance, Americas, for ResMed (NYSE: RMD).

“I’m eager to leverage my experience in financial management to help Sommetrics pioneer new paths within the global sleep aids market, which is estimated to reach $80 billion in value by 2022,” said Lancaster. “Sommetrics’ innovative technology capitalizes on the need for obstructive sleep apnea and snoring solutions, both in the commercial and consumer markets. The company’s mission of improving health and well-being by optimizing sleep quality is one I fully support.”

At Sommetrics, Lancaster will lead the company’s finance and administrative activities, implementing new strategies and processes to support commercial expansion, product development and global strategic partnerships, while driving operational excellence. He will also participate in the company's capital raising efforts.

About Sommetrics

Sommetrics, a privately funded company based in San Diego, develops products and services aimed at enhancing health and well-being by improving sleep quality. The company’s proprietary aer^+TM technology targets disorders related to the narrowing of the airway during sleep, such as obstructive sleep apnea and chronic snoring. Sommetrics has an FDA-cleared and CE-marked acute care product, which addresses airway narrowing commonly caused by mild to moderate sedation. For more information, visit www.sommetrics.com and follow the company on Twitter, Facebook and LinkedIn.