NEW HOPE, PA, May 15, 2017 – Motus GI Holdings, Inc. (“Motus” or the “Company”), a medical device company dedicated to improving colonoscopy outcomes and experiences, today announced that it has appointed Shervin Korangy to the Company’s Board of Directors where he will also serve as Audit Committee Chair.
Mr. Korangy is a seasoned executive with broad expertise, having more than 20 years of experience in investing and operating roles across a wide range of industries. He currently serves as the Chief Financial Officer and Chief Strategy Officer of Beaver-Visitec International (“BVI”), a leading global developer, manufacturer and marketer of surgical devices for the ophthalmic marketplace. Prior to his appointment at BVI, Mr. Korangy was a senior executive at Novartis Group AG (NYSE: NVS), where he served as the Global Head of Corporate Finance as well as several general management assignments in multiple countries. Prior to joining Novartis in 2010, Mr. Korangy served as a Managing Director at The Blackstone Group (NYSE: BX), where he spent approximately 15 years splitting time in the firm’s restructuring and private equity businesses. He currently serves on the Board of Directors of Pelican Rouge BV and has previously served on several corporate boards.
“Shervin’s diverse experience, financial acumen and strategic expertise are welcome additions to our Board of Directors at such an important time in Motus’ corporate development,” noted David Hochman, the Company’s Chairman of the Board. “We believe he can help us chart a thoughtful path to sustainable growth as we look to build the long-term value of the Pure-Vu™ technology and start to scale the organization.”
“I believe the Pure-Vu™ system can potentially have a transformative impact on the colonoscopy procedure for patients, physicians and payers,” said Mr. Korangy. “A carefully executed approach to strategic market entry with the Pure-Vu™ system can position the Company for substantial future growth leveraging this innovative product. I look forward to working with the other members of the board and the Motus management team to further advance the Company’s corporate, development and commercialization strategies over time.”
About Motus GI
Motus GI Holdings, Inc. is a medical technology company with subsidiaries in the U.S. and Israel. The Company was spun out of the NGT incubator located in Israel in 2011 by Orchestra Medical Ventures. The Company is focused on the development and commercialization of the Pure-Vu™ system to improve the colonoscopy experience for physicians, patients and payers by enhancing the quality and cost-effectiveness of the exam. The Pure-Vu™ system integrates with standard colonoscopes to perform intra-procedural cleaning of a poorly prepared colon, thereby reducing the sole dependency on a successful pre-procedural prep regimen to gain clear visualization of the colon mucosa. For more information, visit www.motusgi.com.
This press release contains certain forward-looking statements, including those relating to the Company’s product development, market opportunity, competitive position, possible or assumed future results of
operations, business strategies, potential growth opportunities and other statements that are predictive in nature. The Company has made every reasonable effort to ensure the information and assumptions on which these statements are based are current, reasonable and complete. However, a variety of factors, many of which are beyond the Company’s control, affect the Company’s operations, performance, business strategy and results and there can be no assurances that the Company’s actual results will not differ materially from those indicated herein. Additional written and oral forward-looking statements may be made by the Company from time to time. The Private Securities Litigation Reform Act of 1995 provides a safe-harbor for forward-looking statements. These statements may be identified by the use of forward-looking expressions, including, but not limited to, “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “potential,” “predict,” “project,” “should,” “would” and similar expressions and the negatives of those terms. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties, and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this presentation. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
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