Biosensors Makes Organizational Changes to Senior Management Team to Prepare for Continued Growth
SINGAPORE, March 9, 2012 /PRNewswire-Asia/ -- Biosensors International Group, Ltd. ("Biosensors" or the "Group", Bloomberg: BIG SP; Reuters: BIOS.SI; SGX: B20), a developer, manufacturer and marketer of innovative medical devices, today announced organizational changes to its senior management team. Dr. Jack Wang, previously Co-CEO, has been appointed CEO of Biosensors, with overall responsibility for the Group's business. Mr. Jeffrey B. Jump, previously Co-CEO, assumes the role of President for the Group's newly-created Cardiovascular Business Unit, and will be responsible for this business worldwide and will be reporting directly to Dr. Wang. Mr. Jump will remain as an executive member of the board.
These organizational changes have been effected to accelerate the expansion of Biosensors' product portfolio, along with the Group's corporate development initiatives and activities. The Cardiovascular Business Unit has been created to maximise the potential of the Group's rapidly-developing range of cardiovascular products, given further impetus by the recent consolidation of JW Medical Systems Ltd.
"Biosensors' last two years of growth under the leadership of Jack and Jeff has been dynamic and fruitful. We sincerely appreciate their valuable contribution. In order to continue the momentum of this growth, Jack will now take the lead to continue driving Biosensor's global development - technologically, clinically, commercially and corporately," commented Mr. Yoh-Chie Lu, Executive Chairman of Biosensors. "I am exceedingly happy that Jack has consented to assume this exciting role. With the new structure, we are committed to putting in all efforts to continue the momentum of growth over the years to come."
As Co-CEO of Biosensors over the past 18 months, Dr. Wang has successfully completed the acquisition of the remaining 50% equity interest in JW Medical Systems Ltd. Under his direction, Biosensors has reaffirmed its position as a leading innovator in the interventional cardiology market, and is now well placed to diversify its business and achieve the Group's long-term goal of becoming a first-class global medical device company.
"Over the past year, Biosensors has grown tremendously in both size and strength. Our market capitalization has also significantly increased in value. Biosensors is now well positioned to enhance its presence in the global market with better technology and products," said Dr. Wang. "I am truly honoured to be able to lead the Group forward as CEO at such a pivotal moment in Biosensors' history and I look forward to continuing the Group's ambitions to become a successful global medical platform company."
About Biosensors International Group, Ltd
Headquartered in Singapore and listed on the Singapore Stock Exchange (SGX:B20), Biosensors International Group develops, manufactures and markets innovative medical devices for interventional cardiology and critical care procedures. We aim to improve patients' lives through pioneering medical technology that pushes forward the boundaries of innovation.
With the increasing use of the BioMatrix™ family of drug-eluting stents and the recent launch of our Axxess™ self-expanding bifurcation drug-eluting stent, we are rapidly emerging as a leader in the global coronary stent market. The development of the BioFreedom™ drug-coated stent will further reinforce our market position.
All three stents incorporate Biolimus A9™ (BA9™), an anti-restenotic drug developed and patented by Biosensors specifically for use with drug-eluting stents. Both the BioMatrix stent family and the Axxess stent feature a unique abluminal biodegradable polymer coating, which fully degrades into carbon dioxide and water after six-to-nine-months as it releases BA9. The BioMatrix stent family features workhorse stent platforms for a broad range of lesions, and the Axxess stent employs a self-expanding stent platform specifically designed for treating bifurcation lesions. BioFreedom, a completely polymer‐free stent abluminally coated with BA9, is currently undergoing clinical evaluation.
For more information, please visit www.biosensors.com.
Certain statements herein include forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the use of forward-looking terminology, such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “project” or “continue” or the negative thereof or other similar words. All forward looking statements involve risks and uncertainties, including, but not limited to, customer acceptance and market share gains, competition from companies that have greater financial resources; introduction of new products into the marketplace by competitors; successful product development; dependence on significant customers; the ability to recruit and retain quality employees as Biosensors grows; and economic and political conditions globally. Actual results may differ materially from those discussed in, or implied by, the forward-looking statements. The forward-looking statements speak only as of the date of this release and Biosensors assumes no duty to update them to reflect new, changing or unanticipated events or circumstances.
Media/Investor Relations Contact:
Biosensors International Group
Mr. Wong Teck Yenn
Director, Investor Relations
SOURCE Biosensors International Group, Ltd.