PITTSBURGH, July 7 /PRNewswire/ -- Both Jerry McGinnis and Pete DeComo joined ALung Technologies' board of directors at ALung's board meeting on July 3, 2008 at which time DeComo also was elected chairman of the board. The company also closed on the first $1 million of a $2.5 million financing on June 10.
Gerald E. McGinnis, recently retired from the position of chairman of the board of Respironics, Inc., a public company with annual sales exceeding $1.3 billion. McGinnis founded the company in 1976 and served as president and chief executive officer until assuming the chairman's position in November 1994. Under his direction, Respironics consistently appeared on annual lists of outstanding companies established by such national publications as Forbes and BusinessWeek. Prior to establishing Respironics, McGinnis served for five years as president and chief executive officer of Lanza Medical Products Corporation, a business he also founded. Lanza Medical Products Corporation was sold to a public corporation in 1976. Concurrent with his tenure at Lanza, McGinnis served on the critical care department staff of Pittsburgh's Presbyterian University Hospital.
Pete DeComo became the chief executive officer of Renal Solutions, Inc. (RSI), a wholly owned subsidiary of Fresenius Medical Care Holdings (FMCHI) subsequent to an acquisition and merger on November 26, 2007. Prior to this he was the chairman, chief executive officer and co-founder of RSI, a vertically integrated medical device and service company developing a revolutionary dialysis technology system for patients suffering from kidney failure. Since RSI's August 2000 inception, DeComo has been the key driver in raising $40 million in private equity financing and $25 million in debt financing, completing the development process of the company's innovative sorbent-based hemodialysis system, the Allient(R), obtaining FDA and CE Mark regulatory approvals and initiating commercialization in both the domestic and international markets. On November 26, 2007, RSI was acquired for $200 million by Fresenius. Before co-founding RSI, he was the chief operating officer of HemoTherapies Inc., a start-up company in San Diego, commercializing the only FDA-cleared liver dialysis system.
"We are excited to have both Pete and Jerry join our board of directors, as they bring a wealth of experience in respiratory critical care and extracorporeal therapies, in addition to financing and operational expertise," said Nicholas Kuhn, president and CEO of ALung Technologies. "We look forward to their immediate contribution to our board."
ALung also announced a closing of the first $1 million in a $2.5 million financing round. "These funds will allow us to meet operational needs into early fall, and continue with our FDA approval process to begin our clinical trials," said Kuhn.
ALung Technologies is developing and commercializing the Hemolung System, a device that provides support for the lungs of patients in critical care with acute lung failure. "We call it respiratory dialysis," said Kuhn. "We treat the patient by removing carbon dioxide and delivering oxygen directly to the patient's blood, like an artificial lung."
|SOURCE Pittsburgh Technology Council|
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