Johnson & Johnson Announces Formation Of Verb Surgical Inc., In Collaboration With Verily

News provided by

Dec 10, 2015, 09:00 ET

NEW BRUNSWICK, N.J., Dec. 10, 2015 /PRNewswire/ -- Johnson & Johnson (NYSE: JNJ) today announced the formation of Verb Surgical Inc., an independent surgical solutions company, in collaboration with Verily Life Sciences LLC (formerly Google Life Sciences). This new company was formed in connection with the strategic collaboration between Ethicon, a Johnson & Johnson medical devices company, and Google Life Sciences, which was announced in March 2015. Scott Huennekens, an experienced business leader with over 20 years in the medical device industry, has been appointed as Verb Surgical's President and CEO.

"We believe Verb Surgical has the potential to change the future of surgery, not just robotic surgery," said Gary Pruden, Worldwide Chairman, Johnson & Johnson Medical Devices. "The team has already made meaningful progress on the robotics platform, which is being developed for application across a host of surgical specialties." Ethicon, which has deep expertise in minimally invasive surgery and advanced instrumentation, is developing surgical instruments for Verb Surgical's new robotics-assisted platform.

In the coming years, Verb Surgical aims to develop a comprehensive surgical solutions platform that will incorporate leading-edge robotic capabilities and best-in-class medical device technology for operating room professionals. The goal of Verb Surgical is to develop these new technologies in partnership with surgeons and hospitals to enable better patient outcomes, improve access to minimally invasive surgery, and achieve greater hospital efficiency.

Verb Surgical is supported by investments from Ethicon, Johnson & Johnson Innovation – JJDC, Inc., and Verily. Both Ethicon and Verily have contributed intellectual property, in-process R&D assets, and other resources to Verb Surgical, including managerial, technological, and surgical expertise. Verb Surgical will be headquartered in Mountain View, Calif. Under Mr. Huennekens' leadership, the company will be overseen by a Board of Directors, which will include members from Ethicon, Johnson & Johnson Innovation, LLC, Verily and Google.

"I'm very excited about the possibilities that we can realize through our new surgical solutions company," said Scott Huennekens, President and CEO, Verb Surgical. "By maximizing the distinct capabilities of these two market-leading companies, we aim to develop novel technologies and solutions to help improve the standard of care around the world. Our name speaks for itself. We are a company dedicated to action and to making a difference in people's lives, in partnership with surgeons globally."

Additional details regarding Verb Surgical Inc. and the development of its technologies will be communicated in the future by Verb Surgical.

About Johnson & Johnson

Caring for the world one person at a time inspires and unites the people of Johnson & Johnson. We embrace research and science - bringing innovative ideas, products and services to advance the health and well-being of people. Our approximately 128,000 employees at more than 265 Johnson & Johnson operating companies work with partners in health care to touch the lives of over a billion people every day, throughout the world.

About Ethicon

From creating the first sutures, to revolutionizing surgery with minimally invasive procedures, Ethicon has made significant contributions to surgery for more than 60 years. Our continuing dedication to Shape the Future of Surgery is built on our commitment to help address the world's most pressing health care issues, and improve and save more lives. Through Ethicon's surgical technologies and solutions including sutures, staplers, energy devices, trocars and hemostats and our commitment to treating serious medical conditions like obesity and cancer worldwide, we deliver innovation to make a life-changing impact. Learn more at www.ethicon.com, and follow us on Twitter @Ethicon. Ethicon represents the products and services of Ethicon, Inc., Ethicon Endo-Surgery, Inc., and certain other affiliates.

Cautions Concerning Forward-Looking Statements

This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 related to product development. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Ethicon and/or Johnson & Johnson. Risks and uncertainties include, but are not limited to: challenges and uncertainties inherent in new product development, including the uncertainty of development success and obtaining regulatory approvals; the potential that the expected benefits and opportunities related to the robotics collaboration may not be realized or may take longer to realize than expected; competition, including technological advances, new products and patents attained by competitors; uncertainty of commercial success for new products; impact of business combinations and divestitures; challenges to patents; adverse litigation or government action; changes in behavior and spending patterns or financial distress of purchasers of health care products and services; changes to applicable laws and regulations, including global health care reforms; and trends toward health care cost containment. A further list and description of these risks, uncertainties and other factors can be found in Johnson & Johnson's Annual Report on Form 10-K for the fiscal year ended December 28, 2014, including in Exhibit 99 thereto, and the company's subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. Ethicon, Johnson & Johnson Innovation, LLC and Johnson & Johnson do not undertake to update any forward-looking statement as a result of new information or future events or developments.

SOURCE Johnson & Johnson