TORONTO, Aug. 15, 2016 (GLOBE NEWSWIRE) -- Profound Medical Corp. (TSXV:PRN) (“Profound” or the “Company”), an emerging medical device company focused on prostate cancer care, today announced the appointment of Arun Menawat, Ph.D. as its new Chief Executive Officer. Steven Plymale, the Company’s current CEO, will transition to President and Chief Operating Officer.
Dr. Menawat has been a member of Profound’s Board of Directors since October 2014. He has an accomplished history of executive leadership success in the healthcare industry. Most recently, Dr. Menawat served as the President and CEO of Novadaq Technologies Inc. (NASDAQ:NVDQ) (TSX:NDQ), guiding that company as it pioneered the field of fluorescence imaging and built a powerful new clinical ecosystem that provides relevant imaging solutions for use in multiple points throughout the patient care continuum. Before joining Novadaq in 2003, Dr. Menawat held senior management positions at Cedara Software Corp., Tenneco, Inc. and Hercules, Inc. He obtained a Ph.D. in Chemical (Bio) Engineering from the University of Maryland, while concurrently completing a fellowship in biomedical engineering at the U.S. National Institute of Health, and holds an Executive MBA from the J.L. Kellogg School of Management, Northwestern University. In 2014, Dr. Menawat was named the EY Ontario Entrepreneur of the Year in the health sciences category. His leadership experience will bring an important depth of knowledge of the global medical device space to Profound’s management team.
"I had the privilege of working with Arun at Cedara Software and have continued to benefit from his mentorship in the years since,” said Mr. Plymale. “I was pleased to have personally recruited him to join Profound’s Board in 2014 and believe that he is exceptionally well qualified to help us accelerate our growth as CEO. Arun is a seasoned leader with an exceptional track record and reputation, who has helped nurture and build great medical device businesses."
“Steve possesses a unique combination of management skills and experience that spans multiple corporate functions, including operations, quality control, regulatory affairs and strategic planning, and I am very excited to be working closely with him once again,” commented Dr. Menawat. “Together, I believe that we will be able to help Profound realize its enormous potential, establishing the Company as a valuable leader in prostate cancer care.”
The Company is also pleased to announce that Rashed Dewan has been promoted from Corporate Controller to Vice President, Finance. In his new expanded role of principal finance officer, Mr. Dewan has overall responsibility for financial reporting and planning, treasury and taxation. He will also help manage Profound’s relationships and interactions with the investment community. Mr. Dewan has over 18 years of finance and accounting experience in public and private companies, with particular expertise in the medical device sector. He is a Certified Public Accountant, and has a Bachelor of Science Degree with a concentration in Accounting from the University of Southern California.
“On behalf of the Board, management and staff of Profound, I would like to congratulate Arun on assuming the role of CEO and Rashed on his promotion to Vice President, Finance,” said Damian Lamb, Chairman of the Company. “Profound is entering a stage of anticipated rapid global growth. Importantly, with these management changes, we now have a leadership team that is optimally structured to support both our current business and the successful execution of our long-term strategy.”
About Profound Medical Corp.
Profound is a Canadian medical device company that has developed a unique and minimally invasive treatment to ablate the prostate gland in prostate cancer patients. Profound’s novel technology combines real-time MR imaging with transurethral therapeutic, robotically-driven ultrasound and closed-loop thermal feedback control. It provides a highly precise treatment tailored to patient-specific anatomy and pathology. This method of prostate ablation offers short treatment times and low morbidity, allowing for fast patient recovery. For more information, visit profoundmedical.com
Notice regarding forward-looking statements:
This release includes forward-looking statements regarding Profound and its business which may include, but is not limited to, the expectations regarding the efficacy of Profound’s technology in the treatment of prostate cancer. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements are based on the current expectations of the management of each entity. The forward-looking events and circumstances discussed in this release, may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company, including risks regarding the pharmaceutical industry, economic factors, the equity markets generally and risks associated with growth and competition. Although Profound has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Profound undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, other than as required by law.