GI Dynamics, Inc., Appoints Oern R. Stuge, MD, Amid Change to Company’s Board of Directors
January 04 2017 - 4:35PM
Business Wire
GI Dynamics, Inc. (ASX:GID), a medical device company that has
developed an innovative device to improve outcomes for patients
diagnosed with type 2 diabetes and obesity, today announced the
appointment of veteran medical device executive Oern Stuge, M.D.,
MBA, to the company’s board of directors, effective
immediately.
Concurrent with the appointment of Dr. Stuge, the Board of
Directors of GI Dynamics has accepted the resignation of Jack
Meyer, former chairman of the company.
Dr. Stuge has held executive and board positions in numerous
medical device companies over the past 30 years. As director, he
has helped lead several successful exits, raised significant
capital and launched an IPO.
“Dr. Stuge brings significant experience in medical devices and
specifically in type 2 diabetes and obesity. He has also led
successful clinical development programs and global
commercialization efforts,” said Dan Moore, chairman of GI
Dynamics. “Dr Stuge’s broad experience will help the board in
guiding GI Dynamics’ global clinical, operational and commercial
efforts.”
Moore added, “The board of directors would also like to
acknowledge the hard work and significant contributions of Jack
Meyer during his tenure on the board and thank him for his service.
Under his guidance, GI Dynamics created the first device treatment
for type 2 diabetes, launched an IPO and achieved multiple
regulatory approvals around the world.”
Dr. Stuge holds several executive memberships, nonexecutive
board memberships and advisory roles within multiple life science
companies. Previously, Dr. Stuge served in a variety of positions
of increasing responsibility at Medtronic, including senior vice
president (SVP) and president of Europe and Central Asia divisions
as well as SVP and president of Medtronic Cardiac Surgery.
As a member of the Medtronic Executive and Operating Committee,
Dr. Stuge successfully transformed Medtronic’s global cardiac
surgery business and accelerated the growth of its neurological and
cardiovascular business units in Europe, the Middle East and
Africa. Before his time at Medtronic, Dr. Stuge held several senior
management positions at Abbott Laboratories, Inc.
“This is an exciting time for GI Dynamics as the company
advances global commercialization of EndoBarrier®, bringing
patients with type 2 diabetes and obesity a much-needed therapeutic
option,” said Dr. Stuge. “I look forward to working with the GI
Dynamics Board and executive team as we lead GI Dynamics into the
future.”
About GI Dynamics
GI Dynamics, Inc. (ASX:GID), is the developer of EndoBarrier,
the first endoscopically delivered device therapy approved for the
treatment of type 2 diabetes and obesity. EndoBarrier is approved
and commercially available in multiple countries outside the United
States. EndoBarrier is not approved for sale in the United
States and is limited by federal law to investigational use only in
the United States. Founded in 2003, GI Dynamics is headquartered in
Boston, Massachusetts. For more information, please
visit www.gidynamics.com.
Forward-Looking Statements
This announcement contains forward-looking statements concerning
our development and commercialization plans; potential revenues and
revenue growth, costs, excess inventory, profitability and
financial performance; ability to obtain reimbursement for our
products; clinical trials and associated regulatory submissions and
approvals; the number and location of commercial centers offering
the EndoBarrier; and our intellectual property position. These
forward-looking statements are based on GI Dynamics management’s
current estimates and expectations of future events as of the date
of this announcement. Furthermore, the estimates are subject to a
number of risks and uncertainties that could cause actual results
to differ materially and adversely from those indicated in or
implied by such forward-looking statements. These risks and
uncertainties include but are not limited to, risks associated with
the consequences of terminating the ENDO trial and the possibility
that future clinical trials will not be successful or confirm
earlier results. Further risks are associated with obtaining
funding from third parties; the timing and costs of clinical
trials; the timing of regulatory submissions; and the timing,
receipt and maintenance of regulatory approvals. The timing and
amount of other expenses and the timing and extent of third-party
reimbursement risks associated with commercial product sales,
including product performance, competition, risks related to market
acceptance of products, intellectual-property risk; risks
related to excess inventory; and risks related to assumptions
regarding the size of the available market, the benefits of our
products, product pricing, timing of product launches, future
financial results and other factors, including those described in
our filings with the U.S. Securities and Exchange Commission. Given
these uncertainties, one should not place undue reliance on these
forward-looking statements. We do not assume any obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information or future events or otherwise,
unless we are required to do so by law.
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Investor RelationsGI Dynamics, Inc.United States:Monica
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