IRVINE, Calif.--(BUSINESS WIRE)--MiCardia Corporation announced today that Mr. Paul Molloy has joined the Company as Chief Executive Officer, and has been appointed to the Companies Board of Directors.
Mr. Molloy has twenty years of medical device experience in large corporations and venture funded businesses at the senior management level. Mr. Molloy began his career as a CRNA practicing in The Netherlands before joining Datascope Corporation in 1989, where he managed the international Cardiac Assist business. He has progressed through senior management positions at Baxter CVG (now Edwards), US Surgical Corporation (now part of Covideon) and Radiance Medical Systems and Endologix, Inc. In February 2003, Paul was appointed President and Managing Director at LMA International N.V., and was instrumental in the 2005 Initial Public Offering of the firm at a market capitalization in excess of $300 million.
Commenting on Mr. Molloy’s new position with MiCardia, Michael Henson, Chairman and Co-Founder of MiCardia said, “Paul has experience in building technical and commercial organizations, managing medical technology products through the IDE/PMA process and working with investors to finance growth. All of these are skills that will enable MiCardia to move our products through the regulatory process to commercialization.”
MiCardia is an emerging company developing the novel Dynaplasty Technology for the percutaneous and non-invasive treatment of structural heart disease including Mitral Valve Regurgitation, Tricuspid Valve Regurgitation and Congestive Heart Failure (“CHF”). Dynaplasty Technology provides devices that can be implanted into the heart and then dynamically adjusted either during a procedure or post-operatively for the proper shape and size to produce the maximal clinical outcome both at the time of the procedure or at long-term time periods (e.g. 2 -3 years) post-operatively.
MiCardia’s Dynaplasty Technology platform will provide intra-operative, percutaneous and completely non-invasive dynamically adjustable devices for the $15 billion CHF market.
MiCardia Receives Additional U.S. Patent
The United States Patent Office has notified the Company that a new patent has been issued, bringing the total number of issued patents to six. This key patent, titled, “Magnetic Devices and Method for Reshaping Cardiac Anatomy”, surrounds the foundation of MiCardia’s Dynaplasty Technology.
The Company continues to expand its intellectual property portfolio and currently has 6 issued and 30 filed patents surrounding late-stage heart failure as well as the ability to expand this platform to other clinical applications (e.g. adjustable aortic heart valves, etc).
Commenting on these new patents, MiCardia Founder and Chief Technology Officer, Samuel Shaolian said, “This patent provides additional intellectual property coverage for MiCardia’s fundamental technology. We expect a number of additional patents to be issued over the next year. As we continue build a strong intellectual property position and build a strong management team, MiCardia is well positioned to meet the exciting challenges ahead.”
MiCardia is a development-stage company located in Irvine, California. MiCardia is developing dynamically activated implantable devices for the treatment of heart disease. For more information about MiCardia, please visit the Company’s website at www.micardia.com.
Contacts
MiCardia Corporation
Paul Molloy, +1-949-951-4888, ext 36
