GALWAY, Ireland–(BUSINESS WIRE)–December 5, 2016–
4Tech Inc., a privately held clinical-stage company that is developing the breakthrough TriCinch™ System for repair of the Tricuspid heart valve, today announced the appointment of Michael Ennen, M.D., as President and Chief Executive Officer, effective immediately. Dr. Ennen succeeds co-founder Carine Schorochoff, who will continue to serve 4Tech as an advisor and board observer.
Dr. Ennen has more than 16 years of experience advancing early-stage medical devices and leading commercialization of breakthrough technologies. Most recently, Dr. Ennen served as Vice President and General Manager of Interventional Products at Thoratec prior to its acquisition by St. Jude Medical. In this role he advanced the company’s first catheter-based product to CE Mark, began European commercialization, and initiated the pivotal IDE trial in the United States. He also served as Vice President EMEA, where he restored positive growth to the company’s surgical products and set the stage for a successful launch of the company’s next-generation ventricular assist device.
“I’m delighted to welcome Mike to 4Tech as President and CEO. His track record of rapidly advancing breakthrough technologies, combined with his commercial experience, make him an ideal fit for the company. Mike brings deep cardiovascular expertise to the role, as well as tremendous leadership, insight and passion, which we are confident will help drive the success of the TriCinch System and the broader company,” said Bill Hawkins, Chairman of the Board of Directors. “I also want to thank Carine for leading 4Tech into the strong clinical-stage position the company is in today and look forward to working with her as an advisor and a board observer.”
“I am honored to be joining 4Tech, which I believe is positioned to create the category-defining percutaneous solution for tricuspid valve disease,” said Dr. Ennen. “4Tech has advanced an innovative repair technology, and I am excited to build on that foundation and to accelerate our development efforts. Tricuspid regurgitation remains a significant unmet need, and I’m confident that the TriCinch System will meaningfully advance the portfolio of structural heart products and help patients worldwide.”
“Dr. Ennen will be invaluable in leading 4Tech’s next efforts to affirm the clinical utility and ensuing commercial adoption of the TriCinch System,” said Jan Pensaert, CEO of Valiance (London) and a director of 4Tech. Mr. Pensaert continued, “I also want to acknowledge the Board’s appreciation for Carine Schorochoff’s many contributions to 4Tech since its founding, which includes building the company through multiple rounds of funding, the advancement of the technology into a regulated human trial in Europe, and the development of a robust pipeline. She has earned tremendous respect through her leadership and professionalism, and we welcome her continued support.”
“This is the perfect time in the evolution of 4Tech for Mike to become its next President and CEO,” said Carine Schorochoff. “Mike has consistently demonstrated a superior ability to amplify the commercial viability of medical technology. The 4Tech Team is looking forward to continuing to deliver on 4Tech’s mission under Mike’s leadership and is keen to welcome him and his family to Galway.”
Dr. Ennen previously served as Chief Scientific Officer, Vice President of Strategic Marketing, and Vice President of Global Marketing at ev3/Covidien and Foxhollow Technologies, where he advanced numerous innovative technologies and clinical-regulatory programs. His background also includes roles as a commercial operations executive at TPG Capital/Immucor and as a leader of McKinsey & Company’s healthcare practice. Dr. Ennen earned his medical degree from Stanford University School of Medicine.
About Tricuspid Regurgitation (“TR”)
Tricuspid Regurgitation (TR) afflicts more than three million patients in the U.S. and Europe, making the potential TR patient population approximately 2/3 the size of the MR (Mitral Regurgitation) patient population. TR is a difficult-to-manage, age-related disease in which blood “backflows” into the right side of the heart. Today’s standard of care for TR is medical management. Surgical intervention is very high-risk. In-hospital death post-cardiac surgery for isolated TR can be as high as 37% (Source: McCarthy et al. Journal of Thoracic and Cardiovascular Surgery 2004). Unfortunately, TR patients tend to be non-compliant with their medications. Thus, TR and related complications induce substantial healthcare spending due to frequent re-hospitalizations. Furthermore, TR leads to chronic renal failure and end-stage dialysis. The combination of these negative outcomes results in a significant unmet need for an interventional cardiology solution to TR.
About 4Tech Inc.
4Tech Inc. (www.4techtricuspid.com) is incorporated in Delaware, USA, with operations in Galway, Ireland (4Tech Cardio Ltd). 4Tech has developed a proprietary transcatheter solution for the treatment of TR. With its unique anchoring and tensioning mechanism, the 4Tech TriCinch™ System for Transcatheter Tricuspid Valve Repair (TTVR) allows a simple and reproducible percutaneous procedure, designed not only to reduce TR and restore patient quality of life, but also allow substantial potential cost-savings for healthcare systems.
Caution: The 4Tech TriCinch™ System for Transcatheter Tricuspid Valve Repair is in the early clinical phase of development. It will not be available in the USA for clinical trials until further notice and is NOT available for sale.
Ronald Trahan Associates, Inc.
Ronald Trahan, APR, 508-359-4005-x108