SMALL BONE INNOVATIONS, INC. STRENGTHENS EXECUTIVE TEAM
• Adds seasoned orthopedic executive with substantial lower limb experience
New York, NY: February 9, 2011 – Small Bone Innovations, Inc. (SBi), an orthopedics company focused exclusively on serving patients and their physicians with technologies and treatments for joint repair (arthroplasty) and trauma reconstruction around the small bones & joints (SB&J) of the thumb, fingers, hand, wrist, elbow, toes, and foot & ankle, announced that Richard L. Kovach, a seasoned orthopedic executive with substantial lower limb experience, has joined the company as Senior Vice President.
Mr. Kovach, a leader in the development and marketing of small bone products, will be reporting to Anthony G. Viscogliosi, SBi Chairman & Chief Executive Officer. He will have direct responsibility for the company's worldwide product management, product development, medical education, clinical, regulatory, reimbursement and intellectual property management.
"Rick possesses an excellent combination of skills and experience that will add immense value to our company and inject further momentum in building on our top position in the total ankle replacement marketplace, as well as our other SB&J arthroplasty product offerings. We look forward to his insight to further accelerate our business model," said Mr. Viscogliosi.
Mr. Kovach added: "With the strong combination of its technology and product mix, highlighted by the STAR™ ankle system, SBi is ideally placed to move to the next level of success. I look forward to working closely with the SBi team to make further inroads into the worldwide SB&J market."
Earlier in his career, Mr. Kovach was President & Chief Operating Officer of OrthoHelix, where he oversaw the development of a comprehensive portfolio of small bone implants that led to a sevenfold gain in revenues during the 2006-2008 period. He had previously served in executive roles in venture capital, management consulting as well as in a variety of operating companies.
Mr. Kovach earned a BS/BA in Economics and Accounting from Ohio State University and an MBA from Case Western Reserve University.
Other Executive Changes
In addition to announcing the appointment of Mr. Kovach, the company also announced that Thomas A. Crowley Jr., President of the company, has elected to leave the company at the end of February to concentrate on his role as a board director of several companies and charitable organizations. He will continue to provide consulting services to SBi.
Florian Kemmerich, President, SBi International SAS, is also leaving the company to be head of Olympus Biotech Europe SAS, which was formed through Olympus Corporation's acquisition of Stryker Biotech. Viscogliosi Brothers, LLC, a major investor in SBi, was the strategic advisor to Olympus Corporation on its acquisition of Stryker Biotech.
Mr. Viscogliosi said: "I would like to thank Tom and Florian for their dedication and hard work in establishing SBi's reputation as the leader in the most dynamic sector of orthopedics, SB&J arthroplasty, and wish them well after three successful years at the helm that helped us immeasurably by forging new relationships throughout the industry.
"With the management and organizational changes we've made, we are now well positioned to streamline our sales and marketing efforts to achieve profitable growth. Our organization now reflects a global, integrated focus on our key technologies in key markets, geographies and sales relationships using the STAR total ankle replacement system as the flagship product – supported by our leading arthroplasty and trauma reconstruction technologies for all SB&J anatomies," Mr. Viscogliosi added.
About Small Bone Innovations, Inc.
Small Bone Innovations, Inc. (SBi) was founded in 2004 by Viscogliosi Brothers, LLC (VB), a New York-based merchant banking firm that specializes in the musculoskeletal/orthopedics sector. VB created SBi as the first company to focus purely on small bones & joints. By integrating established companies and professionals in the field, SBi offers a broad, clinically proven portfolio of products and technologies to treat trauma and diseases in small bones & joints. Today, SBi has facilities in New York, NY, Morrisville, PA, Bourg-en-Bresse, France, Donaueschingen, Germany, and Kuala Lumpur, Malaysia and has sold its products in 46 countries.
This news release contains forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of risks and uncertainties impacting SBi's business including increased competition; the ability of SBi to expand its operations and to attract and retain qualified professionals; technological obsolescence; general economic conditions; and other risks.