Navigation Links
Retired Respironics Chairman Jerry McGinnis and Renal Solutions CEO Pete DeComo Join ALung Technologies Board of Directors; ALung Closes on $1 Million Bridge Financing
Date:7/7/2008

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
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Increased Heart Risk Seen for Retired NFL Players
2. Mayo Clinic finds retired NFL players at increased risk for heart problems
3. Office of Administration Extends Retired State Employees Health Benefits Enrollment Period to March 21
4. Office of Administration Announces Plan to Preserve Health Care Benefits for Current, Future Retired Commonwealth Employees
5. Retired NYPD Lieutenants William E. Keegan, Jr., Owen McCaffery and John Moran and Tom Thees, a former COO in the financial industry, announce today the formation of H.E.A.R.T (Healing Emergency Aid Response Team) 911.
6. Royal Philips Electronics to Acquire Respironics for USD $66.00 Per Share
7. Dixtal Medical Purchases Novametrix Pulse Oximetry Business from Respironics
8. Alseres Pharmaceuticals, Inc.s Chairman, Peter Savas, Reviews Companys Progress in its Annual Letter to Stockholders
9. Cullen Elected to Chairman of YMCA of Metro Detroit - the Citys Oldest Not-for-Profit
10. Worcester Polytechnic Institute announces 2008 Chairmans Exemplary Faculty Prize winners
11. Statement by Steve Case, Co-Founder, AOL and Chairman of Accelerate Brain Cancer Cure (www.ABC2.org) on News of Senator Ted Kennedys Brain Cancer Diagnosis
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/3/2016)... ... May 03, 2016 , ... University ... announced today the launch of its Associates and Bachelor's degrees in Health Studies. ... The Rockefeller University, Dr. Torsten N. Wiesel; Chairman and CEO of Fortune 500® ...
(Date:5/3/2016)... ... 03, 2016 , ... Boston Children’s Hospital today announced its new pediatric Simulation ... tricky or rare procedures in an environment that looks and feels real. , Located ... to inventors and “hackers” to develop and test new devices or software platforms and ...
(Date:5/3/2016)... ... May 03, 2016 , ... Park Cities Pet Sitter has openings ... to the 75204, 75205, 75206, 75209, 75219, 75220, 75225, 75229, 75230, 75231 and 75235 ... Hollow, North Dallas, Plano, Preston Hollow and Park Cities areas of the Metroplex. ...
(Date:5/3/2016)... (PRWEB) , ... May 03, 2016 , ... ... the healthcare industry, announced today that Legacy Health is expanding its use of ... platform), after a highly successful initial proof of concept. The Portland, Oregon based ...
(Date:5/3/2016)... (PRWEB) , ... May 03, 2016 , ... Dr. Poneh ... on cosmetic dental treatments to both new and existing patients. Cosmetic dentistry allows patients ... for patients who have healthy smiles with some minor or more serious cosmetic flaws. ...
Breaking Medicine News(10 mins):
(Date:5/3/2016)... -- As a teenager, an active and athletic Randy ... heart. He continued enjoying sports and recreation throughout his ... was giving out and he was a few hours ... Mesa, Arizona resident received a ... transplant, the SynCardia TAH-t is the only approved device ...
(Date:5/3/2016)... , May 3, 2016  While you may be familiar with watching a film or TV ... known as ultra-high-definition or 8MP in the Medical Industry.  Ampronix  is a renowned authorized reseller ... technology. Photo - http://photos.prnewswire.com/prnh/20160502/362730 ... ... ...
(Date:5/3/2016)... 3, 2016 Pharmaceutical giant Johnson ... to a woman who says its talc-based powder products ... Gloria Ristesund $5 million in compensatory damages and ... http://photos.prnewswire.com/prnh/20160330/349511LOGO ) , This is ... company. In February, the same court awarded $72 million ...
Breaking Medicine Technology: