Cordis Archives - Medical Design Sourcing

Cordis has a new CEO

Cordis CEO Scott Drake [Photo courtesy of Cordis]About two months after former Spectranetics CEO Scott Drake became executive board chair at Cordis, he’s moved into the corner office at the cardiology and endovascular devices company.

Drake replaces Shar Matin, who has stepped down as CEO, the company announced yesterday.

Hunter Philbrick, Hellman & Friedman partner and company board member, noted in a news release that Drake has been on the board since H&F acquired the company from Cardinal Health in 2021.

“He has a long history building world-class medical device organizations, bringing to market groundbreaking patient-saving innovations and driving commercial excellence — along with the reputation of attracting, retaining, and developing world-class talent. Scott believes in Cordis’ ability to transform the medical industry, and with him as CEO, Cordis will achieve its vision of pioneering breakthrough cardiovascular technologies.”

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Cordis has a new CEO

Cordis CEO Scott Drake [Photo courtesy of Cordis]About two months after former Spectranetics CEO Scott Drake became executive board chair at Cordis, he’s moved into the corner office at the cardiology and endovascular devices company.

Drake replaces Shar Matin, who has stepped down as CEO, the company announced yesterday.

Hunter Philbrick, Hellman & Friedman partner and company board member, noted in a news release that Drake has been on the board since H&F acquired the company from Cardinal Health in 2021.

“He has a long history building world-class medical device organizations, bringing to market groundbreaking patient-saving innovations and driving commercial excellence — along with the reputation of attracting, retaining, and developing world-class talent. Scott believes in Cordis’ ability to transform the medical industry, and with him as CEO, Cordis will achieve its vision of pioneering breakthrough cardiovascular technologies.”

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Cordis acquires drug-eluting balloon maker MedAlliance for up to $1.135B

MedAlliance announced today that Cordis acquired it for a total consideration that could reach up to $1.135 billion.

The companies initially announced the planned deal in October of last year.

Cordis, which develops interventional cardiovascular and endovascular technologies, made a $35 million investment last year. Its upfront closing payment totals $200 million, with achievement milestones reaching up to $125 million. With up to $775 million available in commercial milestones through 2029, the total consideration comes to $1.135 billion.

MedAlliance develops the Selution SLR sustained sirolimus drug-eluting balloon program. The company said its product family complements Cordis’ existing product portfolio along with its sales, marketing and distribution expertise.

Selution SLR provides a controlled sustained drug release, similar to a drug-eluting stent. It features unique micro-reservoirs made of biodegradable polymer intermixed with siro…

Cordis names former Spectranetics CEO as executive chair

Scott Drake is the new executive chair of Cordis’ board of directors [Image courtesy of Cordis]Interventional vascular tech company Cordis today announced that board member Scott Drake will be the new executive chair of its board of directors.

Drake succeeds Duke Rohlen, who served as executive chair since Hellman & Friedman and KKR acquired the company from Cardinal Health in 2021. Rohlen will stay on the company’s board of directors and will continue to serve as CEO of both the Cordis-X independent innovation accelerator and Ajax Health.

During his six-year tenure as president and CEO of the Spectranetics Corp., Drake increased shareholder value from approximately $170 million to $2.2 billion, according to Cordis. Philips acquired Spectranetics and its vascular intervention device tech for $2.2 billion in 2017. Drake is also the former chair at AtriCure.

According to the company, Drake will provide the leadership experience needed to effec…

The top 10 cardiac device stories of 2022

[Image from Pixabay]From pulsed-field ablation to non-invasive monitoring, this was an exciting year for cardiac device tech.

Here are the top 10 cardiac device stories from MassDevice and its sister sites:

10. Medtronic to pay Acutus $17M following EU MDR submission of left-heart access portfolio

Earlier this year, Acutus agreed to sell its left-heart access portfolio to Medtronic for $50 million.

9. Abbott confirms first implants of its dual-chamber leadless pacemaker system

The company designed its i2i technology to provide beat-by-beat communication between two leadless pacemakers, with one positioned on the right ventricle and the other in the right atrium.

8. Boston Scientific completes $1.75B Baylis Medical acquisition

The deal expanded Boston Scientific’s electrophysiology and structural heart product portfolios to include the radiofrequency (RF) NRG and VersaCross transseptal platforms. It also gained a family of guidewires, sheaths an…

Cordis names Alan Tsai as GM of Greater China region

Cordis today announced it appointed Alan Tsai as general manager of its Greater China region.

Tsai will head the leadership team that is responsible for strategic planning, business operation and team development in the Greater China region. He will be based in Shanghai and report directly to Bryan Loo, President of Cordis Asia Pacific.

Tsai has more than 15 years of sales and management experience in the medical device industry. He joined Cordis in 2014 as marketing director. Prior to joining the company, he was responsible for m marketing and sales across different positions at Johnson & Johnson MedTech.

“I am pleased that Alan is promoted as GM for Greater China. He has leveraged his extensive living and working experience in the United States (as well as countries across the Asia-Pacific region) to help the vast expansion of Cordis Greater China. He has made remarkable achievements in managing the team and accelerating continuous business g…

Cordis to acquire MedAlliance for initial $235M

Cordis this week announced it will acquire MedAlliance for a total consideration of over $1 billion.

Through the deal, Cordis will pay an initial investment of $35 million and an upfront closing payment of $200 million. In addition, it will pay regulatory achievement milestones of up to $125 million. Plus, commercial milestone payments could reach up to $775 million through 2029.

The total value of the deal could reach over $1.135 billion.

Cordis, which develops and manufactures interventional cardiovascular and end-vascular technology, will acquire MedAlliance’s coronary and peripheral artery treatment devices. MedAlliance tech includes its sustained sirolimus drug-eluting balloon Selution SLR.

“We are very fortunate to find a partner like Cordis, with its strong history of innovation. The company that introduced sirolimus drug-eluting stents (DES) in 1999 will be introducing the Selution SLR sustained limus release sirolimus drug-elu…

Cordis begins enrollment in study of lesion treatment

Cordis announced that it began the Radiancy pre-market clinical study of its vascular stent system for treating lesions in Europe.

Miami Lakes, Florida-based Cordis’ prospective, multi-center, single-arm study will assess the safety and efficacy of the S.M.A.R.T Radianz vascular stent system for the treatment of lesions in the iliac, superficial femoral or proximal popliteal arteries via radial artery access through 30-day follow-up.

According to a news release, Dr. Mercedes Guerra, the chief of angiology, vascular and endovascular surgery at the University Hospital of Guadalajara in Spain, performed the first procedure. That procedure was performed using the Brite Tip Radianz guiding sheath and the SaberX Radianz PTA balloon catheter to facilitate the delivery of the S.M.A.R.T Radianz self-expanding stent in an iliac lesion.

“My colleagues and I are pleased to have the opportunity to perform the first case in this significant clinical stud…

Cordis among those investing $15M in Endovascular Engineering

Endovascular Engineering today announced the closing of a $15 million Series A1 financing co-led by Santé Ventures and Cordis.

The Menlo Park, California–based startup is also called E2. It’s focused on developing advanced mechanical thrombectomy technology.

Get the full story on our sister site Medical Tubing + Extrusion.

Cordis names new CFO

Cordis today announced that it has appointed Christopher Scully as chief financial officer.

Scully will be responsible for leading the interventional cardiovascular technology company’s financial and IT functions to accelerate Cordis’s growth.

Prior to joining the company, Scully was executive VP and CFO for PPD. He played a role in the company’s IPO and its eventual sale to Thermo Fisher Scientific for an enterprise value greater than $20 billion.

“At Cordis, we are building a platform for medical device innovation that is possible only by tapping into the experience and insight of leaders like Chris Scully,” Cordis CEO Shar Matin said in a news release. “His record of achievement reflects his acumen and proficiency in developing long-term growth strategies that produce exceptional results.”

Scully also held numerous leadership roles at Pfizer, including chief commercial officer for its essential health b…

Cordis names new chief medical officer

Cardiovascular technology developer Cordis announced today that it appointed Dr. George Adams as its new chief medical officer.

Miami Lakes, Florida-based Cordis said in a news release that the hiring of Adams furthers its mission to differentiate itself as a technological leader and value-based global medical device company.

“We are delighted to have Dr. Adams join our team as we continue to build the new Cordis,” Corids CEO Shar Matin said in the release. “His depth of expertise in the treatment of both complex coronary and peripheral vascular disease will play a vital role in furthering our mission to improve patient care at pace with cost-effective, differentiated solutions that build on our legacy of innovation.”

Adams joins Corids with a combination of clinical practice, medical research and product development experience, the company said. He has expertise in treating peripheral vascular disease in patients with critical …

Cordis recalls some SMART Flex vascular stent system

Cardinal Health’s Cordis recently issues a warning letter regarding an issue with its SMART Flex vascular stent system.

Santa Clara, California-based Cordis’s field safety correction action informs users that some of its SMART Flex vascular stents have the potential for distal tip dislodgment or separation due to inadequate adhesive application.

Get the full story on our sister site, Medical Tubing + Extrusion.