EAST TAUNTON, Mass., Nov. 13, 2014 /PRNewswire/ -- OMNIlife science, Inc. ("OMNI"), is an established medical technology company targeting the $15 billion and rapidly growing global hip and knee replacement medical device sector. They proudly offer the only FDA cleared surgical navigation system that employs robotic technology to enhance the surgeon's implant placement for total knee replacements, OMNINAVTM and to date have completed over 4,500 procedures in the US. Today OMNI announces that George B. Cipolletti, the Company's co-founder and Chief Executive Officer will step down as CEO after leading OMNI through a period of significant growth and change over the last fifteen years. Mr. Cipolletti will transition into the role of Chief Technology Officer and remain on the Board of Directors. Richard D. Randall has been appointed Chief Executive Officer, effective immediately.
Mr. Randall brings more than 25 years of broad chief executive experience running emerging medical device firms. Businesses under his direct leadership have achieved $1.5 billion in value creation from initial public offerings of stock or mergers and acquisitions. Most recently, he served as the Chief Executive Officer of Medical Compression Systems (TASE: MDCL), where he established a marketing and sales strategy for hospital and outpatient commercialization of their therapy. From 2011 to 2013 Mr. Randall served as Chief Executive Officer and Chairman of Avantis Medical, where he concentrated efforts on developing a domestic reimbursement and marketing strategy. From 2002 to 2011, Mr. Randall was Chairman, President and Chief Executive Officer of TranS1, Inc., a pioneer in the spine surgery field. He joined the firm as the first employee and managed the company through early product development, product regulatory approvals, market launches in the United States and Europe, two private equity financings and an Initial Public Offering.
George B. Cipolletti commented, "I am thrilled to be able to transition my CEO responsibilities to Rick and am confident that he is the right choice at this critical time to continue our efforts in creating products and technologies that deliver the best possible outcomes for patients. The OMNI family and our Board of Directors have expressed their complete support for Rick and his ability to lead OMNI into a bright future."
"I'm honored and grateful to the board for the opportunity to lead this exceptional organization of creative, dedicated and talented professionals," said Mr. Randall. "OMNI brings proprietary new products to the market uniquely fitted to the future demands of total joint replacement in the new healthcare environment."
"The Board of Directors understand the role that George Cipolletti has played in the organization's success to date, and he has made it very clear that he would like to focus his energy on product engineering, interacting with customers, and enhancing our product pipeline," OMNI's presiding board chair, Guy Mayer stated. "Rick is an exceptional executive who has repeatedly demonstrated his ability to lead, manage and grow companies. The directors look forward to his strategic agility, business acumen, vision, and mission-driven orientation to drive and escalate the success the business. We're thrilled that he's accepted the position."
About OMNIlife science, Inc. (OMNI)
OMNI is a privately held company with a proprietary robotic navigation platform, OMNINAVTM, which allows surgeons to conduct patient specific total knee surgery designed to enhance patient satisfaction, reduce hospital costs, and remove need for MRI and x-rays. This technology provides surgeons the much needed option to adjust during the procedure and is designed to provide an accurate customized fit. OMNI is an innovative and well-established hip and knee implant replacements engineering, manufacturing and distribution support company and is focused on providing cutting edge technologies to improve patient care.
Statements in this press release concerning the future business, operations and prospects of OMNIlife science, Inc., (OMNI) including its advance robotic plans and statements using the terms "plans," "confident" or similar expressions are "forward looking" statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are based upon management's current expectations and are subject to a number of factors and uncertainties. Information contained in these forward looking statements is inherently uncertain, and actual performance and results may differ materially due to many important factors. Such factors include, among others, changes in competitive conditions and pricing in OMNI's markets, decrease in the demand for OMNI's products, delays in OMNI's product research and development cycles, decreases in the use of OMNI's principal product lines or in procedure volume, unanticipated issues in complying with domestic or foreign regulatory requirements related to OMNI's current products or securing regulatory clearance or approvals for new products or upgrades or changes to OMNI's current products, the impact of the United States healthcare reform legislation on hospital spending and reimbursement, any unanticipated impact arising out of the securities class action or any other litigation, inquiry, or investigation brought against OMNI, increases in costs of OMNI's sales force and distributors, and unanticipated intellectual property expenditures required to develop, market, and defend OMNI's products. OMNI cannot guarantee any future results, levels of activity, performance or achievement. OMNI undertakes no obligation to update any of its forward looking statements after the date of this press release
OMNIlife science, Inc. (OMNI)
Senior Vice President, Sales & Marketing
Phone: (508) 824-2444
SOURCE OMNIlife science, Inc.