BOCA RATON, Fla.--(BUSINESS WIRE)--Jan. 10, 2005--InnoMed Technologies, Inc., a medical device company that markets products to treat sleep and respiratory disorders, has named Sanjay Chandran as its new Chief Executive Officer. Previously, Mr. Chandran was a senior executive with GE Healthcare, where he grew a medical devices business from $11 million in annual revenues to over $40 million in just three years. Mr. Chandran, 31, succeeds Patrick Karem.
InnoMed designs, manufactures and markets the innovative Nasal-Aire(R), Nasal-Aire(R) II and the Nasal-Aire II(R) Critical Care. In May, InnoMed introduced its Nasal Pap(R) Freestyle, a compact and comfortable interface developed to complement InnoMed's line of state-of-the-art CPAP therapy devices.
"I'm excited to lead this innovative company in such fast growing markets like sleep apnea and respiratory care," said Mr. Chandran. "With cutting edge products, engineering expertise and excellent customer relationships, we are very well-positioned to grow 40-50% a year for the foreseeable future."
Mr. Chandran was with GE Healthcare from 1997 to September 2004 where he served as OEM Business Manager and he has extensive experience in the health care industry. He received his M.S. in Materials Engineering and Electrical Engineering from Pennsylvania State University and B.Tech in Materials Engineering from the Indian Institute of Technology, Mumbai (one of the foremost engineering schools in India where less than 0.5% of all applicants are accepted).
Mr. Chandran has successfully managed diverse sales, engineering, manufacturing and distribution organizations and has Green belt certification in Six Sigma. The Board of Directors at InnoMed Technologies believes that such talent is extraordinarily rare and that the company will benefit greatly from his management skills, engineering know-how and broad business acumen. His business and product development philosophies will take InnoMed to the next level.
As part of Mr. Chandran's leadership duties, he will also assist in running Mergenet Medical, a technology incubator. Once again, his abundant skills in engineering, product development, and management are expected to play a key role in the attracting and growing cutting edge health care businesses for Mergenet Medical.
InnoMed Technologies, Inc., is a research-oriented, privately held, 21st Century medical technologies company. The company is poised to bring new and more effective medical products and devices to the public through a medical development and engineering team, as well as acquisitions of other medical related companies. InnoMed holds several patents and has several patents pending. More information regarding InnoMed Technologies is available at http://www.innomedinc.com.
A Private Securities Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in written statements to be made) contain statements that are forward-looking, such as those relating to consummation of the transaction, anticipated future revenue of the Company, and success of current public offerings. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward looking statements.