WALTHAM, Mass., Dec. 11 /PRNewswire-FirstCall/ -- Inverness Medical Innovations, Inc. (Amex: IMA - News) today announced that David Teitel has been promoted to the position of Chief Financial Officer and Jon Russell has assumed the position of Vice President, Finance. Mr. Teitel’s role will include responsibility for the company’s financial reporting and compliance functions, a role that he has been substantially performing since he joined Inverness in 2003. Mr. Teitel has over 20 years of public and private company finance experience including 9 years of audit experience at Arthur Andersen. Mr. Russell will oversee financial systems management and integration and will share responsibility for external communications with the CEO. Previously Mr. Russell was CFO of Inverness’ Wampole unit and guided the successfull improvement of the units financial performance. He has over 17 years of experience in finance and operations management.
“The continuing worldwide expansion of our company and the complexities surrounding current and future integration prompted the decision for additional leadership” stated Ron Zwanziger, Chief Executive Officer of Inverness “We are very happy to promote David and Jon to our senior leadership team. They are talented professionals who in their years at Inverness have demonstrated the leadership characteristics that we value. Their combined skills position us well to handle the continued growth we expect both in 2007 and beyond. We thank Christopher Lindop for his service to the company as CFO and wish him well in his new endeavor.” Mr Lindop has resigned to pursue another opportunity.
Inverness Medical Innovations is a leading global developer of advanced diagnostic devices and is presently exploring new opportunities for its proprietary electrochemical and other technologies in a variety of professional diagnostic and consumer-oriented applications including immuno-diagnostics with a focus on women’s health, cardiology and infectious disease. The Company’s new product development efforts, as well as its position as a leading supplier of consumer pregnancy and fertility/ovulation tests and rapid point-of-care diagnostics, are supported by the strength of its intellectual property portfolio. Inverness is headquartered in Waltham, Massachusetts.
For additional information on Inverness Medical Inc., please visit Inverness’ website at http://www.invernessmedical.com.
This press release may contain forward-looking statements within the meaning of the federal securities laws. These statements reflect Inverness’ current views with respect to future events and are based on management’s current assumptions and information currently available. Actual results may differ materially due to numerous factors, including without limitation, the risks and uncertainties described in periodic reports filed by Inverness with the Securities and Exchange Commission, including its quarterly report on Form 10-Q for the period ended September 30, 2006. Inverness undertakes no obligation to update any forward-looking statements contained herein.
Source: Inverness Medical Innovations, Inc.
