Medovex Corporation Names Charlie Farrahar Chief Financial
GA--(Marketwired - Aug 17, 2017) - Medovex Corp. (NASDAQ: MDVX)
("Medovex" or the "Company"), the developer of the DenerveX™
System, a new and novel device designed for enduring relief of
Facet Joint Syndrome related to back pain, today reported it has
named Charlie Farrahar as its Chief Financial Officer.
Farrahar is a Certified Public Accountant with over 30 years of
managerial finance, administration, human resource and risk
management experience in the public, private and non-profit
sectors. Mr. Farrahar was the first Chief Financial officer of the
Company from its inception through IPO. He remained with the
Company as its Secretary only from January 2015 until August 2017,
when he agreed to resume the CFO role.
Farrahar currently serves as Chief Financial Officer for several
small private biotech companies in the research and development
stage. In 2003 he joined a private governmental assistance startup
as it’s CFO and Director of Human Resources, helping with the
sale of that company to a private entity in 2011 after it had grown
to a multi-state operation with over 400 employees. In the late
1990’s he was CFO of Credit Depot Corp.
August 16, 2017 quarterly Board meeting, the Board asked Charlie
Farrahar, Company Secretary, to become Chief Financial Officer, a
role he held from the inception of the Company through its initial
public offering. Jeffery Wright, the former CFO, agreed to become
the Company’s first Controller.
Gorlin, Medovex Chief Executive Officer, stated, “We’re
excited by the enthusiastic reception we’ve seen thus far to
the Denervex product and realize that we have to properly support
sustained revenue growth. One area affected by this growth is the
financial/accounting function. With the addition of overseas sales
and all the administration that entails, we were no longer able to
have just one full-time person in the finance
continued, “We asked Charlie Farrahar to become CFO so Jeff
Wright could focus on assisting our sales and distribution efforts
as we expand sales into multiple countries. They have complementary
skill sets and work well together. Their combined experience should
allow us to properly steward anticipated growth associated with the
launch of a successful new product targeting a broad
Company’s DenerveX System recently received CE Mark approval
and clearance for commercialization in the European countries and
offers a unique way to perform a Facet Joint Syndrome
Joint Syndrome (FJS), also known as spinal osteoarthritis, spinal
arthritis, or facet joint osteoarthritis, is a significant health
and economic problem in the United States and other countries in
the EU and Rest of World affecting millions each year. Current
treatment options are generally temporary and there is no proven
long-lasting option for FJS.
DenerveX System is a highly differentiated technology. It
denervates and removes capsular tissue from the Facet Joint in one
single procedure. Treatment results from the combined effect of a
deburring or polishing action and RF ablation treatment on the
Facet Joint. Using this new technique, the slowly rotating burr
removes the targeted facet joint synovial membrane and joint
surface while the heat ablation destroys tissue and denudes any
residual nervous and synovial membrane overlying the joint,
removing the end point sensory tissue of the joint.
DenerveX System consists of the DenerveX Kit which contains the
DenerveX Device, a single use medical device and the DenerveX
Pro-40 Power Generator. DenerveX system is not yet FDA
was formed to acquire and develop a diversified portfolio of
potentially ground breaking medical technology products. Criteria
for selection include those products with potential for significant
improvement in the quality of patient care combined with cost
effectiveness. The Company's first pipeline product, the DenerveX
device, is intended to provide long lasting relief from pain
associated with facet joint syndrome at significantly less cost
than currently available options. To learn more about Medovex
Corp., visit www.medovex.com
Safe Harbor Statement
statements in this press release constitute "forward-looking
statements" within the meaning of the federal securities laws.
Words such as "may," "might," "will," "should," "believe,"
"expect," "anticipate," "estimate," "continue," "predict,"
"forecast," "project," "plan," "intend" or similar expressions, or
statements regarding intent, belief, or current expectations, are
forward-looking statements. While the Company believes these
forward-looking statements are reasonable, undue reliance should
not be placed on any such forward-looking statements, which are
based on information available to us on the date of this release.
These forward looking statements are based upon current estimates
and assumptions and are subject to various risks and uncertainties,
including without limitation those set forth in the Company's
filings with the Securities and Exchange Commission (the "SEC"),
not limited to Risk Factors relating to its patent business
contained therein. Thus, actual results could be materially
different. The Company expressly disclaims any obligation to update
or alter statements whether as a result of new information, future
events or otherwise, except as required by law.