Entellus Medical Announces Promotion of Robert White to Chief Executive Officer, and Preliminary First Quarter 2015 Revenues ...
April 02 2015 - 4:05PM
Entellus Medical, Inc. ("Entellus Medical" or the "Company")
(Nasdaq:ENTL), a medical technology company focused on the design,
development and commercialization of products for the minimally
invasive treatment of chronic and recurrent sinusitis patients in
the physician office setting or operating room, announced that
effective today, Robert White, President and Chief Operating
Officer of the Company has been promoted to President and Chief
Executive Officer and appointed to its Board of Directors. In a
planned move, Brian Farley, the Company's current Chairman and
Chief Executive Officer, has transitioned to Executive Chairman of
the Board and part-time employment with the Company.
Brian Farley, Entellus Medical Chairman of the Board, said, "In
just over four months, Bob has clearly demonstrated that he is
ready to lead the Company. Bob has traveled extensively with our
field sales personnel, meeting with and listening to over 50 ENT
physician customers, observing procedures, and discussing the
future of sinus surgery. Bob has gained extensive insight into
the sinus surgery and balloon sinus dilation markets so that
together with our highly experienced and talented management team,
the Company is in a strong position to leverage our significant
body of clinical evidence and broad product portfolio to continue
driving our growth strategies." Mr. Farley continued, "Bob's
rapid pace at learning our business along with his long history of
successfully leading Med-tech businesses, positions Entellus
Medical very well for strong execution and results."
Mr. White said, "I am very excited to lead the organization in a
broader capacity. Entellus Medical has achieved an exceptional
record of sales execution, new product introductions and clinical
evidence development, and is well positioned to drive the trend
towards office-based treatment of sinusitis. I have been
thoroughly impressed by the strength and caliber of the Entellus
team and look forward to capitalizing on the significant
opportunities ahead. It has been a pleasure working closely
with Brian and I look forward to continuing to do so as we
transition into our new roles."
Board member Josh Baltzell commented on the management
transition, "On behalf of the Board of Directors, I want to thank
Brian for his tremendous leadership and excellent work since
joining Entellus Medical as CEO in 2010. Among other notable
accomplishments, Brian was responsible for directing the Company's
commercial launch of its XprESS family of products, its clinical
trial strategy, which includes REMODEL (the first prospective
randomized trial between balloon dilation and FESS), and for
leading the Company through the successful initial public offering
of its common stock. By moving to his new role as Executive
Chairman, Brian will remain a frequent and active contributor to
Entellus Medical's success but also be able to spend more time with
his family, which has been difficult to do given he lives in
California and the Company is based in Minnesota. The
promotion of Bob White to CEO was part of a succession plan we
implemented to reduce the demands on Brian and to provide the
Company with an accomplished CEO who is located in Minnesota.
We are grateful for Brian's efforts as CEO and look forward
to continuing to work with him in his new capacity as Executive
Chairman."
About Robert S. White
Mr. White joined Entellus Medical in November 2014 as President
and Chief Operating Officer and has been responsible for Sales,
Marketing, International, R&D, and Manufacturing Operations.
From January 2010 to March 2014, Mr. White served as President and
CEO of TYRX, Inc. which specialized in commercializing innovative,
implantable combination drug and device products focused on
infection control, and was sold to Medtronic Inc. Prior to
joining TYRX, Mr. White served as President of Medtronic Kyphon,
President of Medtronic Physio Control, and in various business
development positions at Medtronic Inc. and Eli Lilly and
Company. Mr. White serves on the Board of Directors of
publicly traded companies, Novadaq Technologies and Atricure Inc.,
as well as privately owned HyperBranch Medical Technology
Inc. Mr. White holds a B.S. in Aerospace Engineering from the
University of Missouri-Rolla and an M.B.A. from Cornell
University's Johnson Graduate School of Management.
Preliminary First Quarter 2015 Revenue
The Company also announced today that it anticipates first
quarter 2015 revenue will range from $13.4 to $13.5 million,
representing annual growth of 32% to 33% compared to the first
quarter of 2014. The Company plans to announce complete
financial and operating results for the first quarter 2015 when it
reports first quarter 2015 results.
About Entellus Medical, Inc.
Entellus Medical is a medical technology company focused on the
design, development and commercialization of products for the
minimally invasive treatment of chronic and recurrent sinusitis
patients in the physician office setting or operating room. Its
XprESS family of products is used by ENT physicians to open
narrowed or obstructed sinus drainage pathways using balloon sinus
dilation. When used as a stand-alone therapy, Entellus Medical's
balloon sinus dilation products are proven in a sufficiently
powered prospective, multicenter, randomized, controlled trial to
be as effective as functional endoscopic sinus surgery, or FESS.
Entellus Medical currently markets its products in the United
States and Canada and sells its products through a direct sales
force in the United States.
Forward-Looking Statements
All statements contained in this press release that do not
relate to matters of historical fact should be considered
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements include, without limitation, any risks, uncertainties,
assumptions, estimated future financial results and other factors
which, if they do not materialize or prove correct could cause
Entellus Medical's results to differ materially from historical
results or those expressed or implied by such forward looking
statements. Such risks and uncertainties include, among
others, the company's dependence on a limited number of products,
including the XprESS family of multi-sinus products; physicians'
willingness to change current practices and continue to adopt
office-based balloon sinus dilation procedures; inability to
maintain adequate levels of coverage or reimbursement for the
procedures using the company's products; the impact of competition
within the industry; the company's substantial dependence on a key
license agreement; and the company's ability to establish and
maintain intellectual property protection for its products or avoid
claims of infringement. Other factors that could cause actual
results to differ materially from those contemplated in this press
release can be found under the caption "Risk Factors" in the
company's Annual Report on Form 10-K filed with the Securities and
Exchange Commission, or SEC, and its other reports filed with the
SEC. Entellus Medical undertakes no obligation to update or revise
any forward looking statements, even if subsequent events cause our
views to change.
CONTACT: Leigh Salvo
415-513-1281
ir@entellusmedical.com
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