- Company Raises Equity and Strengthens Board of Directors -
GLASGOW, Scotland--(BUSINESS WIRE)--Mpathy Medical, a rapidly growing medical device company which has developed and brought to market a range of surgical solutions used to restore pelvic health to women, announced today that it has raised new equity finance from Archangel Informal Investment and Scottish Enterprise’s co-investment fund. The funds are being used to launch its products in the United States.
Mpathy has appointed George Borthwick, former President of Ethicon, Europe, as Non-Executive Chairman, and Ian Stevens, formerly Chief Financial Officer and US General Manager at Optos plc, as Chief Executive Officer.
“We believe that Mpathy Medical’s ultra lightweight mesh and less invasive products enable better surgical outcomes and contribute to lower complication risks for women receiving treatment for urinary stress incontinence and pelvic organ prolapse,” said Ian Stevens, Chief Executive Officer, Mpathy Medical. “The full commercial launch of Mpathy Medical’s products will take place in May 2008 and initial sales results from the US, where we have established a direct sales force, have been very encouraging.”
Outgoing chairman Gavin Gemmell commented, “We are very pleased that George Borthwick has agreed to join the board and take over the chairmanship. We look forward to his contribution as we make our presence known in the US women’s health medical device market.” Mr. Gemmell, who is chairman of Archangel, will remain a Non-Executive Director on Mpathy Medical’s board.
Mpathy Medical was founded by Consultant Gynecologist, Dr. James Browning, to develop a range of lightweight, implantable mesh products for the surgical repair of female urinary stress incontinence and pelvic organ prolapse.
Mpathy Medical will be the first company to launch a line of products in this space that were specifically designed by a surgeon and for a woman’s anatomy. These novel solutions provide ideal surgical outcomes by offering high efficacy along with lower complication rates.
“Surgeons are looking for better solutions for their current stress incontinence and pelvic floor prolapse procedures, and Mpathy Medical’s line of products will provide them with good alternatives to solve the surgical issues they face,” stated Dr. Browning, Chief Technology Officer.
About Mpathy Medical
Mpathy Medical is a rapidly growing medical device company which has developed and brought to market a range of surgical solutions used to restore pelvic health to women. Mpathy Medical’s core product lines - Minitape® and Restorelle™ - are used by surgeons specializing in urogynecology, obstetrics/gynecology, and urology to treat female urinary stress incontinence and pelvic organ prolapse. Founded in 2003 by Consultant Gynecologist, Dr. James Browning, Mpathy Medical supplies the only mesh surgical solution designed specifically for the female anatomy. The mesh - branded Smartmesh™ - is a physiologically compatible, ultra lightweight polypropylene mesh which encourages superior collagen growth and works in concert with the patient’s own natural tissue for optimum safety and results. The company is headquartered in Glasgow, Scotland with US operations in Raynham, MA and has received 510(k) clearance to market by the FDA in the US and CE marking in the UK for all its medical devices. To learn more about Mpathy Medical, visit www.mpathymedical.com.
About Archangel Informal Investment
Archangel Informal Investment is Scotland’s leading Business Angel Syndicate. Originally formed in 1992 and based in Edinburgh, the syndicate now comprises around 100 investor members and invests c. £9m per year in early stage Scottish companies. To learn more about Archangel Informal Investment, visit www.archangelsonline.com.
Contact:
Mpathy Medical Karen Whelan 866-319-8820 (US) 508-620-4745 (Outside the US) Communications Manager kwhelan@mpathymedical.com
Source: Mpathy Medical
