Daniel A. Pelak Appointed as President and Chief Executive Officer of Interventional Rhythym Management, Inc.
Research Triangle Park, NC (June 29, 2005)…The Board of Directors of Interventional Rhythm Management, Inc. (IRM), a privately held company with a disruptive technology for the treatment of abnormal heart rhythms, today announced that Daniel A. Pelak, 53, was appointed President and CEO effective September 26, 2005. Mr. Pelak was the CEO of Closure Medical Corporation until earlier this month when the company was acquired for $370 million by Johnson & Johnson. Mr. Pelak has previously announced that he will be leaving Closure Medical on September 2, 2005.
Mr. Pelak is a medical device industry veteran who spent 26 years with Medtronic, Inc. prior to joining Closure Medical as CEO. During his career with Medtronic he progressed through several positions of increasing responsibility in sales and marketing and he ultimately served as Vice President of Cardiovascular Marketing. His general management assignments spanned several divisions within Medtronic’s neurological and cardiovascular businesses. He held the positions of Vice President and General Manager of Nortech, Cardiac Surgery Technology and Perfusion Systems.
IRM Chairman William Starling said, “We believe that the combination of IRM’s breakthrough technology and Dan Pelak’s ability to successfully grow early-stage medical device companies will accelerate our capacity to contribute life-saving treatments to patients with abnormal heart rhythms and maximize shareholder value. Dan has a proven track record as an industry leader who has grown both corporate divisions and young companies. We are very excited that we have been able to attract someone of Dan’s caliber to IRM.”
Mr. Pelak said, “The technology that exists within IRM will revolutionize how we treat cardiac patients with a potential rhythm disorder. This technology, once successfully commercialized, will save thousands of lives each year by offering therapy to patients who need a defibrillator but are not receiving one.”
About Interventional Rhythm Management, Inc.
Interventional Rhythm Management, Inc., an early stage company, has created a disruptive technology platform for cardiac rhythm management (CRM) devices utilizing interventional technology. IRM’s mission is to better serve cardiac arrhythmia patients by developing cardiac devices that will offer reduced implantation time, simplified implantation procedure, increased patient comfort, and expanded access to therapy. Analysts estimate the worldwide CRM market, comprised of pacemakers, implantable and external defibrillators, to exceed $8 billion in 2005.
IRM was founded in 2003 and incubated by Synecor LLC, with offices in Northern California and North Carolina, to focus on the management of patients with arrhythmias, or abnormal heart rhythms. To date, IRM has raised $35.2 million through two rounds of private financings; investors included Delphi Ventures, Frazier Healthcare Ventures, and Johnson & Johnson Development Corporation.