VANCOUVER, BC, Jan. 10, 2022 /CNW/ - Principal Technologies
Inc. (the "Company") (TSXV: PTEC.P), which is focused on
building a diverse portfolio of investments in healthcare
technology companies, is pleased to announce that Rick Geoffrion will be joining the Company as a
Senior Advisor.
Geoffrion has more than 35 years of management experience in the
healthcare technology sector and has founded or co-founded seven
medtech companies, raised more than $200
million to support his various ventures, and has completed
successful exits for several of those companies. He is currently
serving as President and CEO at Cyrano Therapeutics.
"Principal Technologies is unique compared to other models that
I have seen in the market. In particular, I am excited about the
Company's specific focus on European companies that have been very
successful regionally, but haven't expanded beyond a relatively
small geographic area. There are many companies in Europe with great products and businesses that
have the potential to expand globally," said Geoffrion. "Over the
past 5-10 years, the regulatory pathways for many medical
technologies have changed. It used to be easier to perform early
stage clinical investigation in Europe, but now it is actually easier to do so
in the U.S., which could be a tremendous opportunity for some of
these companies."
Geoffrion is also a member of the Executive Committee and the
Board of Directors of the Medical Device Innovation Consortium
(MDIC), a non-profit, public-private partnership between the Food
and Drug Administration (FDA), Centers for Medicare and Medicaid
Services (CMS) and the medical device industry, providing him with
critical insights on the leading edge of regulatory and
reimbursement policy.
"In Europe, a significant
number of medical device companies are family run organisations
that raise money through private banks and have slowly and
thoughtfully built their businesses over many years or decades.
Many of these European businesses have very good bones and are
profitable, but just need the right support and a strategic capital
injection in order to scale to increased success and
profitability," Geoffrion added. "The reality in the U.S. is quite
different because historically there has been a much stronger bias
toward raising early stage venture capital and focusing on quickly
getting a product to market in order to secure a return for those
investors."
Principal Technologies is focused on identifying and
accelerating the growth of companies that have IP capable of
enhancing medical treatment quality, cost efficiency, optimization
of the patient pathway, and implementation of point of care
technologies.
"Rick will be instrumental in supporting the growth and success
of our portfolio companies, as well as identifying new potential
portfolio companies, market trends, deal flow, and emerging areas
in industry for us to assess," said Jerry
Trent, CEO, and President of Principal Technologies. "He has
tremendous expertise in the business of scaling healthcare
technologies in countries around the world. We look forward to
working with him to drive the success of our portfolio."
The Company also announces that it has granted 100,000 stock
options under the Company's stock option plan to a consultant of
the Company at a price of C$0.16,
exercisable for a period of ten years from the date of grant,
subject to approval of the TSX Venture Exchange.
About Principal Technologies Inc.
Principal Technologies Inc. (TSXV: PTEC.P), is
building a diverse portfolio of investments in healthcare
technology companies with a focus on those with global distribution
potential, that have achieved regional success. Principal
Technologies will also focus on companies that have IP capable of
enhancing medical treatment quality and efficiency, cost
efficiency, optimization of the patient pathway, and implementation
of point of care technologies. In addition to providing growth
capital, the company also aims to support the growth of its
portfolio with the expertise of its management team, board, and
advisers.
Learn more: https://principal-technologies.com/
For investor inquiries or further information, please contact:
Jerry Trent, Chief Executive
Officer: office@principal-technologies.com
For media inquiries, please contact: Brittany@Exvera.com
Neither TSXV nor its Regulation Services Provider (as that
term is defined in the policies of the TSXV) accepts responsibility
for the adequacy or accuracy of this news release.
SOURCE Principal Technologies Inc.
