Press Release - Mar 29, 2016 19:15
Trinity Medical Devices Acquires Neonatal Product Line From CASMED
Parsippany, NJ, March 29, 2016 (Newswire.com) - Trinity Medical Devices Inc., a company intensely focused on delivering high-quality single use medical products at lower costs to the global health care market; today announced the purchase of assets related to CAS Medical Systems, Inc. neonatal intensive care disposables product line. The purchase is in the amount of $3.35 million, with up to $400,000 of additional proceeds if certain sales targets are reached within the next 12 months. The neonatal product line includes the Klear-Trace® electrodes and NEOGUARD® disposable temperature probes, reflectors, and arm boards.
"I can't express enough how pleased we are to complete this transaction," said John Easom, Chief Executive Officer of Trinity Medical Devices. "I believe we will see more and more opportunities where consumable medical devices do not fit with the infrastructure of a technology or equipment based business, or fit with companies requiring overburdening overhead to accommodate a wide variety of products other than consumables. We are excited about the addition of the neonatal disposables product line and look forward to building relationships with our new customers. With the highly regarded Klear-Trace and NEOGUARD brands, the neonatal product line has great potential to fulfill the needs of an expanded range of customers and fits strategically within our product portfolio."
Mr. Easom went on to say; "I'd like to thank Trinity's Board of Directors, our Chairman Tony Dimun, our Investment Advisor Blakely Page of Spouting Rock, and the Trinity Management Team for working tirelessly to bring this transaction home to Trinity."
"The NEOGUARD and Klear-Trace neonatal products will integrate smoothly into our highly efficient Supply Chain & Customer Based Systems, and is consistent with our mission to lead the industry in offering value to healthcare providers. Trinity intends to maintain and grow the Klear-Trace® and NEOGUARD® product lines with long established distributors and customers." explains Benn Vennesland, Trinity's President & COO.
"The sale of this legacy product line allows CASMED to tighten further our strategic focus on our high growth FORE-SIGHT cerebral oximetry business where we see opportunities for continued market penetration and expansion," remarked Thomas M. Patton, President and Chief Executive Officer of CASMED.
Under the agreement, CASMED will provide certain transition services as necessary, including manufacturing and customer service through a period not to extend beyond the end of 2016 to ensure that all customer needs will be satisfied without interruption while operations are transitioned to Trinity Medical Devices.
CASMED is a leading developer and manufacturer of medical devices for non-invasive patient monitoring.
TRINITY MEDICAL DEVICES INC. is an FDA registered, ISO 13485 certified, private medical device company focused on providing high-quality cost-effective alternatives in the commodity medical device market.
Trinity Medical Devices Inc., Parsippany,
Press Release - Nov 2, 2015
Trinity Medical Devices Announced That Industry Veteran Andrew Kovach Has Been Appointed as a Director of the Company
Parsippany, New Jersey, November 2, 2015 (Newswire) - Trinity Medical Devices Inc., a private medical device company pioneering the emerging field of Generic Medical Devices; today announced that industry veteran Andrew Kovach has been appointed as a Director of the Company.
Andrew L. Kovach (retired) is the former Vice President of Human Resources and Chief Administrative Officer of Atlantic Health Systems. Atlantic Health Systems is an Integrated Delivery System consisting of 96 sites, 16,000 employees, and $3 billion in revenues. He was responsible for matters throughout the organization, which included Morristown, Overlook, Newton and Chilton medical centers; and Goryeb Children’s Hospital. His leadership helped guide Atlantic Health System to rise as a nationally-recognized leader in health care, including its positive workplace, patient-centered culture, strategic sourcing and numerous key initiatives.
Having joined Morristown Memorial Hospital as a senior VP in 1988, he was an instrumental part of founding Atlantic Health Systems in 1996. Mr. Kovach has led the organization to multiple prestigious recognitions, most notably being named to FORTUNE’s list of “100 Best Companies to Work For®” seven consecutive times. During his tenure, Mr. Kovach has worked through multi-hospital consolidation, and sat on many of Atlantic Health’s boards.
“It is very exciting to welcome Andy to our Board of Directors, as he brings us insight to the strategic thinking of these consolidating Health Care Systems. Andy is a seasoned executive with significant leadership experience in an evolving health care environment. We look forward to his contribution to Trinity Medical Devices. I believe he will bring tremendous value to Trinity Medical Devices,” said John Easom, Chief Executive Officer of Trinity Medical.
"I am pleased to be joining Trinity Medical’s Board of Directors, and look forward to contributing to the company's success," said Mr. Kovach as orchestrated by the Affordable Care Act. "I personally know that cost reduction in health care systems is a major initiative. Trinity Medical is at an exciting stage in its development as a company. At this time in the medical device industry, having a company like Trinity that can offer high quality products, at very favorable, cost effective prices offering IDN healthcare systems significant cost savings thus reducing costs in the supply chain; is critical to the survival of most healthcare providers. I’m pleased Trinity has achieved milestone success with numerous single use products and has impressively established strong long term business relationships with major medical device distribution partners".
About Trinity Medical Devices Inc.
Trinity Medical Devices is an FDA registered, ISO 13485 certified, private medical device company focused on providing quality cost-effective alternatives in the commodity medical device market. Every year more products move from the specialty device category to the commodity category.
Parsippany, NJ - August 13, 2014 --
Trinity Medical Devices Inc., a private medical device company pioneering the emerging field of Generic Medical Devices; today announced that industry veterans Tony Dimun and Robert Coradini have been appointed as Directors of the Company.
"We are thrilled to welcome Tony and Bob to our Board of Directors, and look forward to their contributions to Trinity Medical Devices. As seasoned executives in the healthcare industry, Tony and Bob have significant leadership experience managing growing businesses, achieving sustainable revenue growth, driving operational improvements and acquiring strategic businesses for growth. I believe they will bring tremendous value to Trinity Medical Devices and to our Board of Directors as we pioneer generic medical devices. I also appreciate their vote of confidence by being significant investors in our company," said John Easom, Chief Executive Officer of Trinity Medical.
About Tony Dimun
Mr. Dimun is a serial entrepreneur with more than 30 years of successful operational, business development, and financial experience in the healthcare marketplace. During the last 20 years, Mr. Dimun has been a founder, investor, director, and mentor to over 21 emerging growth medical enterprises that have matured to commercial status. Of these enterprises, four became public companies and eleven were acquired.
Since 2001, Mr. Dimun has served as Chairman and Founder of Nascent Enterprises, a group of medical industry entrepreneurs focused on successful commercialization of promising medical device inventions. From 1987 to 2001, he served as Executive Vice President & Chief Financial Officer and member of the BOD of Vital Signs, a publicly held anesthesia, respiratory and sleep apnea medical device business. GE Healthcare acquired Vital Signs in 2008 for approximately $900 million. Prior to 1991, Mr. Dimun held positions as a Certified Public Accountant with national accounting firms and served as Senior Vice President for an international merchant banking firm specializing in mergers & acquisitions.
Mr. Dimun has been a director of several public companies, including MELA Sciences, Vital Signs, Bionx Implants, Colorado MedTech, Photomedix, ISS Surgical Systems and other numerous privately held companies in the healthcare industry. He has also served on the Board of Advisors of the Rutgers University Technology Center & the Biomaterial Institute of Rutgers University and, through Nascent Enterprises, provides the University of Pennsylvania and other universities with entrepreneurial assistance to commercialize their medical technology.
"I am pleased to be joining Trinity Medical’s Board of Directors, and look forward to contributing to the company's success," said Mr. Dimun. "I personally know and have worked with John and the team while at Vital Signs and welcome the chance to reengage with them on this exciting opportunity. Trinity Medical is at an exciting stage in its development as a company. At this time in the medical device industry, having a company like Trinity that can offer high quality products, at more cost effective prices reducing costs in the supply chain; is critical to the survival of most healthcare providers. I’m pleased Trinity has achieved milestone success with numerous single use products and has impressively established strong long term business relationships with major medical device distribution partners."
About Robert Coradini
Robert (Bob) Coradini, is President of Oak Tree Advisors, LLC., an advisory & consulting group for the global Healthcare & Biotech industry. He has done work with a number of companies that are either leaders in their field or developers of promising technology. Mr. Coradini has over 20 years experience in the health care industry, leading and managing businesses for Johnson & Johnson and GE Medical Systems (GE Healthcare) and recently served as interim CEO and Chairman of MELA Sciences.
Mr. Coradini was a former President of several Johnson & Johnson Companies, including Lifescan, Cordis Endovascular and Cardiovations, President of New Ventures for the J&J Consumer Group, and head of business development for J&J Medical Device & Diagnostics Group. He also ran OrthoNeutrogena and Colbar LifeSciences for J&J while being President of New Ventures of the Johnson & Johnson Consumer Group of Companies. Recently, the OrthoNeutrogena division was acquired by Valeant International.
Prior to J&J, Mr. Coradini was with General Electric for ten years, seven of which were with GE Medical Systems (GE Healthcare) a leader in diagnostic imaging. Mr. Coradini has also served on the Board of public companies MELA Sciences and WaferGen BioSystems as well as numerous private companies.
"I too am pleased to be joining Trinity Medical Devices as a Director, and have confidence in the approach they are taking to pioneer and lead in the up & coming field of Generic Medical Devices," said Mr. Coradini. "I hope to bring my know-how, leadership skills and industry contacts to Trinity Medical with its well experienced team. Our common goal is to become a leader in this space especially as the need for reducing healthcare costs weigh heavily against healthcare providers, payers and patients worldwide."
About Trinity Medical, Inc.
Trinity Medical Devices is an FDA registered, ISO 13485 certified, private medical device company focused on providing quality cost-effective alternatives in the commodity medical device market. Every year more products move from the specialty device category to the commodity category. The Company's initial focus is in consumable anesthesia and respiratory products including masks, circuits, and breathing tubes.
It’s unique benefit is a single source supplier via access to Trinity's Global network of ISO 13485 certified, FDA registered manufacturing partners, consolidating multiple order points and supplier qualifications to one US based contact.
Trinity Medical Devices Inc.