The Cerephex Corporation is pleased to announce that William G. Mavity has joined the company and will assume the role of President and Chief Executive Officer , effective immedi ately . Mr. Mavity brings more than 20 years of experience leading medical technology and life sciences companies in a variety of fields, including cardiac surgery, laparoscopy , biomaterials, and heart failure . He will lead the C ompany’s effort s to gain regulatory clearance for and commerciali z e its non - invasi ve cortical stimulation technology, in development for the treatment of central ized pain in fibromyalgia and other chronic pain conditions . Prior to joining Cerephex, Mavity was C hairman a nd CEO of Paracor Medical Inc. Previously he served as the President and CEO of two public medical technology companies, Cohesion Technologies Inc. and InnerDyne Medical Inc. , both acq uired by larger entities result ing in attractive shareholder returns. Mavity is a director of USGI Medical Inc., Hotspur Technologies, Inc., Chairman of BioSurface Engineering Technologies, Inc., and serves on the Advisory Council of the College of Engineering at the University of Delaware. He replaces company founder and c urrent CEO Jeff Hargrove, PhD, who will become the company’s Chief Scientific Officer.
“We are extremely excited that Bill will be leading our company as we pursue regulatory clearance and commercialize our proprietary treatment approach and other related medical technologies for these important indications,” said Dr. Hargrove . “ His background in the execut ive management of medical technology companies and the le adership skills he has demonstrated over the course of his career will be of great value to Cer ephe x .”
The addition of Mr. Mavity significantly strengthens Cerephex’s existing management team and follows a series of strategic developments that includ e public ation of results from a randomized , sham controlled human clin ical trial de monstrating efficacy and safety of the company’s proprietary treatment technology i n 77 fibromyalgia patients . Follow up data from that study , which were present ed at the 2011 American College of Rheumatology annual meeting , demonstrated continu ed symptom relief at an average of 45 months post - therapy in a significant percentage of patients , along with reduced use of pain medicine s and caregiver office visits . Cerephex is currently pursuing regulatory clearance in anticipation of the market lau nch of its first product , NeuroPoint TM , targeted for the treatment of fibromyalgia in pain management and rheumatology clinics.
Mr. Mavity commented, “I am extremely pleased to have the opportunity to join Cerephex, and help to move its technology forward into clinical practice. Fibromyalgia is a debilitating condition affecting millions, and the currently available pharmaceutical treatments have side effects that are troublesome to many patients. An efficacious therapy that can be delivered non - invasive ly could represent a substantial patient benefit that can also posit ively impact the cost of treatment .”
Cerephex also announced that it has retained the firm of Wilson, Sonsini, Goodrich & Rosati as its corporate counsel.
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