GI Dynamics taps medtech vet Schorer for CEO | Personnel Moves March 24, 2016

GI Dynamics taps medtech vet Schorer for CEO

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Troubled GI Dynamics (ASX:GID) said this week that it named a veteran medical device executive, Scott Schorer, to be its new president & CEO effective immediately.

Schorer spent the last 6 years as a consultant, advising and helping run companies including stealthy Auris Robotics and Neograft Technologies, and led sales improvement efforts at Medtronic (NYSE:MDT), Zimmer Biomet (NYSE:ZBH), Covidien, Teleflex (NYSE:TFX) and Stryker (NYSE:SYK), according to his LinkedIn profile. He spent a year as Americas president at Systagenix, the wound care business spun out of JNJ in 2009. Schorer was also founder & CEO of Innovative Spinal Technologies for 8 years, before that company declared bankruptcy and was sold to Integra LifeSciences for $9 million in 2009.

“I know that the company has experienced issues recently, and I intend to develop a path forward that will help EndoBarrier achieve its full potential as a potentially life-changing solution for patients with Type II diabetes,” Schorer said in prepared remarks. “I have been impressed by the positive data generated through GI Dynamics’ multiple clinical studies and thousands of patients receiving EndoBarrier Therapy, as well as the vocal advocacy of the clinicians who have implanted EndoBarrier.”

“Scott has an impressive record in leading and growing medical device companies,” added chairman Jack Meyer. “His leadership skills, broad healthcare experience, ability to quickly develop strategic focus, and rationalize resource allocation make him well suited to lead GI Dynamics through its current challenging times. We are excited to have him join us as the leader of GI Dynamics.” Read more

Last week Lexington, Mass.-based GI Dynamics said it plans to press on, despite missing the safety and efficacy endpoints of a pivotal U.S. trial last year. The company shut down the trial last July after the FDA ordered it to cease enrolling patients due to a higher-than-expected rate of hepatic abscess. The EndoBarrier is a plastic sleeve designed to promote weight loss and relieve the symptoms of diabetes by slowing the uptake of nutrients from food.

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