Press Release: Stanmore Implants Worldwide Appoints Michael R. Mainelli as President and CEO
Stanmore Implants Worldwide Appoints Michael R. Mainelli as President and CEO
London, England – March , 2013 - Stanmore Implants Worldwide, Ltd. (Stanmore), a pioneer in advanced orthopedic implant technologies, announces that Michael R. Mainelli, Jr. has been appointed President & Chief Executive Office and a member of the Board of Directors of the Company. He succeeds Brian Steer, a founding member of Stanmore, who will remain the company's Chairman.
Mike Mainelli is a proven global medical device executive with an outstanding track record for building high performing teams, commercializing new technologies and delivering operational results. He has over 20 years experience in the medical device and health care industry. Most recently he served as President and CEO of Active Implants Corporation, a company developing a novel meniscal implant. Prior to that, he served as President of Stryker Spine and President of Stryker Japan. He began his career at General Electric Company where he worked in a number of business units rising to an executive role at GE Medical Systems, now called GE Healthcare.
The Board is very grateful for Brian Steer's founding work and significant contribution to the development of the Company and delighted that he will continue with us as Chairman of the Board," said Timothy Haines, a member of the Board and Partner with Abingworth, a principal investor in Stanmore. "Over the last five years Brian has led the formation of the Company, included two rounds of financing, acquired key technologies, and recruited a first class management team. We thank Brian for the vision and leadership and look forward to his continued involvement.
Brian Steer said, "I welcome Mike to the team. He has the requisite skills to take the company to the next level and now is the time to transition to new leadership. I'm extremely proud of all that we have accomplished over the last five years and pleased to remain part of Stanmore and to be working with Mike in my capacity as Chairman."
Michael Mainelli commented that "I'm proud to be joining Stanmore at this exciting and important stage of development. Stanmore is uniquely positioned in the orthopaedic market with multiple, differentiated platform technologies designed to serve important, yet underserved market segments. We look forward to commercializing these technologies in the US and on a global basis."
He holds an MBA from the University of Chicago, an MSE from the University of Pennsylvania and a BSME from Northeastern University. He is a member of the Board of Directors of Orthofix International and Autocam Corporation/Autocam Medical and also served on the board of Active Implants from 2008 through 2011.
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Brian Steer, Chairman Stanmore Implants Worldwide
FTI Consulting - Ben Atwell, Stephanie Cuthbert, Mo Noonan
Notes to Editors
Stanmore Implants is a commercial-stage orthopaedic implant company focused on providing differentiated technologies designed to provide solutions for several important, yet underserved market segments.
Stanmore's implant design service alongside its portfolio of orthopaedic implants draws on over 60 years' experience in providing some of the world's most successful implants in Extreme Orthopedics.
Stanmore recently announced FDA clearance for the Sculptor RGA™ robotic technology. Stanmore's goal is to provide surgeons with a more clinical and cost-effective solution compared with current treatment options. Initially, the Sculptor RGA™ is approved for use in unicompartmental knee replacement, a global market estimated to be 150,000 procedures per year with a market value of approximately $450 MM.
Stanmore is backed by leading investors including Abingworth, Imperial Innovations and Ivy Capital and intends to seek like-minded co-investors in 2013 to further support the commercialisation and growth opportunities offered by its unique technologies and market positioning.