Irvine, CA, March 26, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- TRIMEDYNE, INC. (OTC PINK “TMED”) today announced with sorrow the death of Marvin P. Loeb, Sc. D. Dr. Loeb was the Founder and a director of Trimedyne since 1980 and its Chairman of the Board from March 1981 to July 15, 2018. He also served from time to time as its President and/or CEO.
Marvin P. Loeb died a few days after a recent surgery on March 24, 2019 in Lake Forest, CA. He was 92 years of age.
Dr. Loeb was a scientist with many significant contributions to medicine, an inventor who has been issued about 60 U.S. Patents and was an experienced entrepreneur in the medical field. Dr. Loeb founded 30 companies in the healthcare and related fields and four companies in the life and health insurance fields and recently created two new healthcare companies, a total of 36 ventures over a period of forty-five years.
Dr. Loeb took Trimedyne and 12 of the other companies public by IPOs. Two of these publicly-held companies reached market capitalizations of $1.6 billion and $1.1 billion, respectively. Twelve of the 15 companies Dr. Loeb took public were sold to larger companies and six of the privately-held companies were sold to larger companies, without going through an IPO. Of these 34 ventures, only 5 failed.
Glenn D. Yeik, who was recently appointed the interim Chairman, CEO and President of Trimedyne, said, “Marvin was an entrepreneur with an impressive track record and a relentless drive to succeed. His impact on Trimedyne over the years formed and shaped the company into what it is today. He will be mourned and greatly missed.”