Healthcare Industry News: Intravascular MRI
News Release - October 4, 2007
TopSpin Appoints Yaron Tal President and Chief Executive Officer, Erez Golan, TopSpin Medical's Founder and Current Chief Executive Officer, Will Continue as a Board Member and Consultant
TEL AVIV, Israel, October 4 (HSMN NewsFeed) -- TopSpin Medical (TASE: TOPMD), the developer of a unique technology for high-resolution MRI using an Intravascular MRI (IVMRI) catheter for the coronary arteries, announced today the appointment of Yaron Tal as President and Chief Executive Officer. Yaron Tal will be replacing Erez Golan who will continue to serve as a board member and consultant to the company.Mr. Golan founded Topspin in 1999, and has led the company from the initial development stage. During this time period, Mr. Golan spearheaded the development of the company's unique core MRI technology and its first cardiology product, obtaining CE mark, establishment of clinical infrastructure, initial distribution agreements in Europe as well as completion of data collection required for the FDA submission.
Mr. Tal joins Topspin Medical from Galil Medical, a global medical device company whose cryotherapy systems for Urology, Gynecology and Radiology related diseases were sold in 2006 for double-digit million dollars, where he held the position of President & Chief Executive Officer for the last 4 years. Prior to joining Galil Medical, Mr. Tal served as CFO and acting manager of DEP technology holding Ltd, the investment arm of Elron Electronic Industries Ltd and Discount investments Corporation Ltd. Mr. Tal began his professional career in the offices of Prof . Swary - Itzhak Swary & Co financial consulting - and has since accumulated significant experience in mergers and acquisitions.
Mr. Golan, TopSpin's CEO, commented: "Topspin has been my life work for almost a decade. I founded the company and lead it from its inception. After 8 intensive years of hard work and accomplishments, today Topspin is a mature company ready to take the next step. I feel that this is the right time for new forces to join ranks and I wish all the best to my successor Mr. Yaron Tal"
Mike Berman, Topspin's Chairman of the Board said: "Topspin is well positioned for our next stage. Erez's decision to embark on a new direction was made following lengthy and constructive discussion with the Board. I would like to wish Yaron Tal success in his new role; Yaron's extensive experience in managing medical device companies makes him the best candidate to lead Topspin to our next phase".
Mr. Tal said: "I'm proud to join the Topspin team as its new CEO. The unique platform technology will enable us to become a market leader in different imaging applications. I believe that the combination of technological breakthrough, long term vision and professional experienced team are the formula for success. I would like to thank Erez for his contribution to the company, and look forward to leading the company to further success."
About TopSpin
TopSpin Medical developed an innovative and unique technology for high-resolution MRI using an Intravascular MRI (IVMRI) catheter for the coronary arteries, without the need for an expensive and bulky external MRI setup. The catheter contains those components, which are usually found in a conventional MRI scanner, only that they are miniaturized to less than 2 millimeters in size. In 2006 TopSpin Medical began to develop its technology for imaging prostate cancer by an integrated endo-rectal MRI and ultrasound probe.
Statements in this press release which are not historical data are forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the company's control, which may cause actual results, performance or achievements of the company to be materially different from the results, performance or other expectations implied by these forward-looking statements. These factors include, but are not limited to, those detailed in the company's periodic filings with the securities authorities.
* Caution: TopSpin IVMRI system is not available for sale in the United States.
Source: TopSpin Medical
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