REDWOOD CITY, Calif.,
March 19, 2019 /PRNewswire/
-- Nevro Corp. (NYSE: NVRO) ("Nevro"), a global medical device
company that is providing innovative evidence-based solutions for
the treatment of chronic pain, today announced that D. Keith Grossman has been appointed President and
Chief Executive Officer of Nevro and a member of the Board of
Directors (the "Board"), effective today. Mr. Grossman succeeds
Rami Elghandour, who has stepped
down as President, CEO and a director of the Company. Nevro also
appointed two new independent directors, Elizabeth ("Bess")
Weatherman and Kevin O'Boyle,
effective immediately, and accepted the resignation of Ali Behbahani as a director. The leadership
appointments follow constructive engagement with Broadfin Capital,
LLC ("Broadfin"), a significant Nevro stockholder.
"On behalf of the Board and our entire company, I am excited to
welcome Keith Grossman to the Nevro
team," said Michael DeMane, Chairman
of the Nevro Board. "Keith brings over 30 years of experience in
leading innovative medical technology companies through periods of
strategic change to deliver growth and enhanced value for
stockholders. As we look to the future, I am confident that under
Keith's direction, Nevro will be well positioned to capture a
burgeoning market opportunity with its pioneering spinal cord
stimulation (SCS) technology to treat chronic pain."
"I am excited by this opportunity to join such a talented team
at a pivotal moment in Nevro's history," said Mr. Grossman. "Over
the past several years, Nevro has leveraged the strength of its
technology to enhance patient care and drive overall industry
growth. Nevro is now at an inflection point, and I am confident in
our ability to continue delivering value not only to our patients
and customers, but importantly, to our stockholders. I look forward
to working closely with the Board and the full Nevro team to
advance the Company into its next phase of growth."
Commenting on the leadership appointments and engagement with
Broadfin, Mr. DeMane said, "We're pleased to welcome Ms. Weatherman
and Mr. O'Boyle to Nevro as part of our commitment to maintaining a
well-balanced and engaged Board and upholding strong corporate
governance practices. In addition to bringing significant financial
and business acumen and public company Board and medical device
industry experience, our new directors provide fresh perspectives
that will complement our current directors' considerable skills and
experience. On behalf of the entire Board, I want to thank Rami and
Ali for their years of dedicated service as directors. Furthermore,
the Board would like to thank Broadfin's founding partner
Kevin Kotler for his constructive
engagement and leadership, and for helping us identify and recruit
the important appointments announced today."
Kevin Kotler, managing member of
Broadfin, said, "We are pleased to have worked constructively with
the Board to reach an agreement that enhances the Company's
leadership team and further positions the Company for future
success. We applaud the Board's willingness to engage with its
stockholders and we look forward to continuing to work with the
Board and management team to enhance value for all of the Company's
stockholders."
Mr. DeMane added, "The Board thanks Rami for his years of
dedicated service to Nevro since joining the Company in 2012. As
Nevro's CEO for the past three years, Rami has advanced our
leadership position in the SCS industry and built a strong
foundation for the Company's continued growth. We wish him the very
best in his future endeavors."
Mr. Elghandour commented, "I am incredibly proud of our talented
team and the work we have done, and believe the Company is well
positioned for continued growth and success."
Pursuant to the agreement between Broadfin and Nevro, Broadfin
will vote all of its shares in favor of each of the Company's Board
nominees at the 2019 Annual Meeting. Broadfin will also abide by
customary standstill provisions and voting commitments. Following
the changes announced today, the Nevro Board consists of nine
members. Additional information about today's announcement will be
filed on a Form 8-K with the U.S. Securities and Exchange
Commission.
2019 Revenue Guidance
Nevro is suspending revenue guidance while it assesses the business
under its new leadership.
About D. Keith
Grossman
D. Keith
Grossman has over 30 years of experience in the medical
device field. Grossman served most recently, and for the second
time, as the President, Chief Executive Officer and director of
Thoratec Corporation, leading up to its 2015 sale to St. Jude
Medical. Prior to Thoratec, he served as President, Chief Executive
Officer and director of Conceptus, a women's health medical device
company, leading up to its sale to Bayer Healthcare. Prior to
Conceptus, Mr. Grossman served as managing director of TPG (Texas
Pacific Group), a private equity firm, as a member of its
healthcare investment team. Prior to TPG, Mr. Grossman served as
Thoratec's President, Chief Executive Officer and director for the
first ten years of its growth as a commercial company. Mr. Grossman
currently serves as Chairman of the Board of Outset Medical, Inc.
(privately held), Board member of ViewRay, Inc. and previously
served as a member of the Board of directors of Intuitive Surgical,
Inc., Kyphon, Inc., and a number of privately held medical device
companies. Mr. Grossman received a B.S. in life sciences from The
Ohio State University and an M.B.A.
from Pepperdine University.
About Bess Weatherman
Bess Weatherman has served as
special limited partner of Warburg Pincus LLC, a leading global
private equity firm since 2016. Ms. Weatherman joined Warburg
Pincus in 1988, became a partner in 1996 and served as a member of
the Executive Management Group from 2001 to January 2016. She
led the firm's Healthcare Group from 2008 to January 2015. Ms. Weatherman currently serves as
a director of each of Wright Medical Group, Vapotherm and Silk Road
Medical. She received a Bachelor of Arts in English from
Mount Holyoke College and an MBA from
Stanford Graduate School of Business.
About Kevin O'Boyle
Kevin O'Boyle has 20 years of
executive management experience in the medical device industry. Mr.
O'Boyle currently serves as a director of each of Wright Medical
Group, GenMark Diagnostics and Sientra, Inc. Previously, Mr.
O'Boyle served as SVP and CFO of Advanced Biohealing. Mr. O'Boyle
served as CFO of NuVasive from January
2003 until December 2009. Prior to that, Mr. O'Boyle
served in various leadership positions during his six years with
ChromaVision Medical Systems. Mr. O'Boyle received a Bachelor of
Science in Accounting from the Rochester
Institute of Technology and completed the Executive
Management Program at the University of
California Los Angeles.
About Nevro Corp.
Headquartered in Redwood City,
California, Nevro is a global medical device company focused
on providing innovative products that improve the quality of life
of patients suffering from debilitating chronic pain. Nevro has
developed and commercialized the Senza spinal cord stimulation
(SCS) system, an evidence-based, non-pharmacologic neuromodulation
platform for the treatment of chronic pain. The Senza® System and
Senza II™ System are the only SCS systems that deliver Nevro's
proprietary HF10® therapy. Senza, Senza II, HF10, Nevro and the
Nevro logo are trademarks of Nevro Corp.
About Broadfin Capital
Broadfin Capital is a global equity healthcare manager founded in
2005. Broadfin applies a value-oriented investment strategy based
on deep, fundamental research. Broadfin's investment team
draws on its extensive experience in the medical technology,
pharmaceuticals and biotechnology sectors with a particular focus
on small and mid-cap investments.
Contacts:
Investors:
Juliet
Cunningham
Vice President, Investor Relations
+1 650-208-3155
ir@nevro.com
Media:
Joele Frank,
Wilkinson Brimmer Katcher
Eric Brielmann / Amy Feng / Kaitlin
Kikalo
415-869-3950
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SOURCE Nevro Corp.