A Medical Device Daily
IntraOp Medical (Sunnyvale, California) said it has received $5.4 million of new equity and arranged for the extinguishment of over $8.7 million of notes and payables. In addition to the capital restructuring, a new president and CEO has been named, and a new board of directors has been appointed.
John Powers, the new president/CEO of IntraOp, comes from a strong business operations background with more than 20 years of experience in the wireless industry, including executive posts at metroPCS, VelociTel, Crown Castle International and Motorola.
“IntraOp Medical has a great product with strong clinical results showing the Mobetron as a highly effective treatment solution for a wide variety of cancers,” said Powers. “I am inheriting a great team to build upon and I look forward to working with the leaders in the field to make intraoperative electron-beam radiation therapy (IOERT) available to everyone.”
IntraOp’s flagship product Mobetron is described by the company as the “first OR-ready, fully portable, self-shielding electron-beam linear accelerator designed for use in any operating room.” With Mobetron, radiation and surgical oncologists can pinpoint the exact area that requires radiation and immediately deliver high doses directly to the affected tissue during cancer surgery. Key patient benefits of this early and powerful start to radiation therapy include: increased survival rates, better local tumor control, shorter treatment cycles, and fewer side effects, according to the company.
Donald Goer, PhD, former president/CEO of IntraOp, and now its chief scientist said, “The new capital and debt restructuring will provide IntraOp with the resources it needs to accelerate its growth strategy. With the addition of John to our team, I can focus my efforts on working with the leading clinical practitioners to enhance and expand the technology needed to make IOERT a standard of care for cancer patients.”
IntraOp’s new board of directors consists of Powers; chairman Oliver Janssen, Hultquist Capital; Rawleigh Ralls, Lacuna Gap Capital; Greg Koosman, VMG Health; and former board Members Keith Jacobsen, Steven Kessler, and Michael Friebe, PhD.
IntraOp, founded in 1993, provides technology solutions for the treatment and eradication of cancer.