Innovative Spinal Technologies Inc. Names Paul G. Thomas As Chairman Of The Board
Published: Mar 21, 2006
MANSFIELD, Mass., March 21 /PRNewswire/ -- Innovative Spinal Technologies, Inc. (IST) announced today that Paul G. Thomas has been elected to serve as Chairman of the company's Board of Directors.
"Paul brings extraordinary expertise, strategic thinking and strong ethics to IST," said Scott Schorer, President and CEO of IST. "I couldn't be more pleased to have him join us as Chairman of the Board. Paul's proven track record of creating highly profitable operations and driving explosive growth will prove invaluable."
"I view IST as having the best growth potential in the spine market," commented Paul G. Thomas, President and CEO of LifeCell Corporation. "IST's products are incredibly innovative, and the team is strong. I am delighted to join IST."
Mr. Thomas replaced the outgoing Chairman Stephen Hochschuler, M.D. "We owe Dr. Hochschuler a debt of gratitude," said Mr. Schorer. "We would not be in the position we are in without the hard work and vision with which Steve infused IST."
Mr. Thomas currently serves as Chairman of the Board, Chief Executive Officer and President of LifeCell Corporation , a leader in tissue regeneration through the development and commercialization of biological products for use in reconstructive, orthopedic and urogynecologic surgical procedures. Prior to joining LifeCell, Mr. Thomas was President of the Pharmaceutical Products Division of Ohmeda Inc., a world leader in inhalation anesthetics and acute care pharmaceuticals. He was responsible for the overall operations of Ohmeda's Pharmaceutical Division, which had worldwide sales of approximately $200 million in 1997. Mr. Thomas received an M.B.A. degree, with an emphasis in marketing and finance, from Columbia University Graduate School of Business, and completed his postgraduate studies in chemistry at the University of Georgia Graduate School of Arts and Science. He received his B.S. degree in chemistry from St. Michael's College in Vermont, where he graduated Cum Laude.
About IST: Innovative Spinal Technologies, Inc.
Headquartered in Mansfield, MA and founded in 2002, IST is a privately held spine technology company committed to advancing patient treatment by developing the world's most innovative spinal products. IST focuses on addressing areas of minimally invasive spine surgery and motion preservation with breakthrough solutions and is well funded with primary investors JPMorgan Partners, MPM Capital, and Orbimed Advisors. IST's product collaboration partners include some of the world's most advanced clinical leaders. More information about IST can be found at www.ISTspine.com.
About LifeCell Corporation
LifeCell develops and markets products made from human tissue for use in reconstructive, orthopedic and urogynecologic surgical procedures. The Company's patented technology produces a unique regenerative human tissue matrix -- a complex three-dimensional structure that contains an array of proteins, growth factor binding sites and vascular channels -- that provides a complete template for the regeneration of normal human tissue. LifeCell's current products include: AlloDerm(R) for plastic reconstructive, general surgical, burn and periodontal procedures; Cymetra(R), a particulate form of AlloDerm suitable for injection; GraftJacket(R) and GraftJacket(R) Xpress for orthopedic applications and lower extremity wounds; AlloCraft(TM)DBM, for bone grafting procedures; and Repliform(R) for urogynecologic surgical procedures. LifeCell markets AlloDerm for plastic reconstructive, general surgical and burn applications through its direct sales organization. The Company's strategic sales and marketing partners include: Wright Medical Group, Inc. for GraftJacket, Stryker Corporation for AlloCraftDBM, Boston Scientific for Repliform, and BioHorizons for periodontal applications of AlloDerm. The Company's research and development initiatives include programs focused on extending the use of its regenerative tissue matrix products into new surgical applications, leveraging its core technology to other tissues, including non- human tissues and expanding its product line in the rapidly growing biologic market. LifeCell maintains a website at www.lifecell.com.Innovative Spinal Technologies, Inc.
CONTACT: Rob Brown, Vice President of Product Marketing of InnovativeSpinal Technologies, Inc., +1-508-618-1295, or rbrown@ISTspine.com