invendo medical Appoints Nachum (Homi) Shamir To The Company's Board Of Directors

USA - Deutsch

Key addition to board to strengthen invendo's U.S. footprint

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Jul 30, 2014, 08:22 ET

NEW YORK and KISSING, Germany, July 30, 2014 /PRNewswire/ -- invendo medical GmbH, manufacturer and distributor of a single use and computer-assisted ("robotic") colonoscopy system, today announced the appointment of Nachum (Homi) Shamir, a worldwide recognized medical device executive, as a new member of its supervisory board.

invendo medical LOGO. (PRNewsFoto/invendo medical) (PRNewsFoto/invendo medical)

Mr. Shamir is a highly respected global visionary in the medical device industry. In his most recent assignment he served as President and Chief Executive Officer at Given Imaging Ltd. (NASDAQ/TASE: GIVN), the pioneer in capsule endoscopy technology which revolutionized the way gastroenterologists diagnose and monitor diseases of the GI tract through the development and marketing of a game-changing diagnostic tool in the form of small capsule cameras (PillCam). Given Imaging was acquired by Covidien plc (NYSE: COV) in February 2014 in a transaction valued at approximately $1 billion. Under Mr. Shamir's tenure Given Imaging has grown revenues from $ 85 million annually to close to $200 million and achieved significant profitability based on diversified GI product portfolios and a globalized commercial footprint.

Mr. Shamir replaces Mr. Sidney Braginsky, former President of Olympus America Inc., who retired from the board. Furthermore Stefan Fischer, General Partner and CFO of TVM Capital replaced Dr. Axel Polack.

Timo Hercegfi, CEO of invendo medical, commented, "Following our first system installations in the U.S. invendo is at an exciting time of its company life. We are planning to have a significant impact on colon cancer screening in the US with our computer assisted invendoscope as well as additional single-use endoscopes to be added to the invendo product portfolio. In light of recent public discussions about the outbreak of an antibiotic-resistant superbug in Illinois, which was traced to contaminated GI endoscopes - although reprocessing standard operating procedures had been adhered to - we are certainly at the right place at the right time with our single-use colonoscopy solution. Homi Shamir is a highly professional individual with an outstanding track record of generating commercial success. I am convinced that he will give us a major boost in creating value for our customers, patients opting for invendoscopy, payers and last but not least our shareholders."

Given Imaging was the second successful exit for Mr. Shamir who previously sold Scitex Digital Printing Ltd. in 2004 to Eastman Kodak for $ 262 million. Prior to joining Given Imaging Ltd. Mr. Shamir served as Corporate Vice President of the Eastman Kodak Company and as the President of Eastman Kodak's Transaction and Industrial Solutions Group. From June 2003 to January 2004, Mr. Shamir served as the President and Chief Executive Officer of Scitex Corporation, a NASDAQ listed company, following service in various roles in Scitex and its affiliates from 1993. Before joining Scitex Mr. Shamir held senior management positions at various international high tech companies mainly in the Asia Pacific region. Mr. Shamir holds a B.Sc from the Hebrew University of Jerusalem and an M.P.A. from Harvard University.

About the invendoscopy™ system

The invendoscope™ SC20 has several features that are new to the field of colonoscopy:

it is a single-use colonoscope with a working channel
it is not pushed or pulled, but uses a computer-assisted ("robotic") gentle drive technology
all endoscopic functions are performed using a handheld device and
it reduces forces on the colon wall

invendo medical is also developing further single-use GI endoscopes based on its unique technology platform.

About invendo medical - www.invendo-medical.com
Based in New York, U.S.A. and Kissing (near Munich), Germany, invendo medical is a leading developer of disposable endoscopy products in the field of gastroenterology that are hygienically safe and employ "robotic" computer-assisted, gentle advancement technology.

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SOURCE invendo medical