Ann: KarmelSonix appoints Mr. Michael Thomas as n, page-2

re: Ann: KarmelSonix appoints Mr. Michael Tho... 13th of June 2011 @ 21:50 | Source: Proactive Investors

KarmelSonix (ASX: KSX) has appointed a new chief executive officer, Michael Thomas, to lead the transformation of the company.

Thomas holds over 22 years of experience within the U.S. healthcare industry in various executive positions, and was recently the chief executive officer of Appian Partners, a healthcare advisory firm focussed on strategy development and implementation for medical device and healthcare services firms.

Thomas said,
?we intend to build on KarmelSonix?s clinical validation and create a global, market-leading franchise for a technology-enabled solution for the improvement of substantive outcomes for patients suffering from asthma.?

Asthma affects 6% - 16% of the population in developed countries, with a cost exceeding $US15 billion in the U.S. alone.

KarmelSonix has focussed on supplying innovative, non-invasive acoustic tools for disease management of asthma and related pulmonary disorders.

The company?s product offerings afford KarmelSonix a unique opportunity to adopt a business model that combines device sales with high margin recurring revenues in a global $30 billion respiratory disease management market.

In the remainder of 2011, the company plans to expand its footprint in the U.S. by completing KarmelSonix?s OTC QX listing in the September quarter this year, expanding the company?s marketing network through channel partnerships and introducing the company into the world?s largest medical device and disease management market.

Ross Haghighat, interim chief executive officer and will continue as executive chairman, said
?his [Thomas] proven track record in senior leadership positions with multinational pharmaceutical, medical device, medical service and coding / reimbursement organisations in the U.S. makes him an excellent choice to lead the transformation of the company.?

Prior to working at Appian, Thomas was president and chief executive officer of Sleep Solutions, a U.S. based medical device manufacturer and national healthcare service provider.

Thomas raised over $50 million in venture capital funding to develop and launch a new industry for in-home sleep apnoea diagnostic testing services in the $5 billion sleep medicine market.

During his tenure at Sleep Solutions, Thomas successfully lobbied the largest managed care organisations and centres for Medicare and Medicaid services to approve reimbursement for Sleep Solutions services, which has become a benchmark for the U.S. market.

Thomas worked at National Sleep Technologies before Sleep Solutions where during his tenure the company made 12 acquisitions representing over 80 sleep labs, which resulted in National Sleep Technologies becoming the largest U.S. sleep-testing company at the time.

Under Thomas?s leadership, the firm achieved a same-store sales growth rate that was two times greater than the industry average for four consecutive years.

Early in his career, Thomas held various sales and marketing positions, including seven years with Merck (NYSE: MRK) and Glaxo Wellcome, and was responsible for the launch of several leading asthma and chronic obstructive pulmonary disease medications by these firms.

KarmelSonix recently introduced its respiratory devices into a substantial and growing Asian market with orders taken for its PulmoTrack? and Wholter? devices for placement into respiratory units across South Korea, including one of Korea?s leading respiratory hospitals.

It followed a pivotal distribution agreement signed in early May with OMRON Healthcare, part of OMRON Corporation (TOKYO: 6645; ADR: OMRNY) of Japan to distribute KarmelSonix?s Clinical and Personal WheezoMeters? in multiple international territories.

The prevalence of asthma is estimated to be growing in many Asian markets and KarmelSonix's respiratory devices neatly cater to physicians as well as a device for patients.

The products meet an unmet need for accurate, low cost, easy-to-use devices to identify and quantify the presence of wheeze.

Wheeze is an indication of the severity of the patient?s asthma.