- Company completes corporate reorganization focused on reducing operating costs while supporting key value creation drivers, including seeking key FDA approvals and pursuit of strategic partnerships to accelerate commercialization
FORT LAUDERDALE, Fla., June 05, 2023 (GLOBE NEWSWIRE) -- Motus GI Holdings, Inc. (NASDAQ: MOTS) ("Motus GI" or the "Company"), a medical technology company focused on improving endoscopic outcomes and experiences, today announced the promotion of its current Vice President of Global Operation and Finance, Ravit Ram, as the new Chief Financial Officer (CFO), effective immediately. Ms. Ram's appointment is part of the previously announced transition plan for Andrew Taylor, who stepped down as CFO on June 2, 2023 to pursue other opportunities. This appointment completes the Company's reorganization, in-line with its strategic focus announced in April 2023. Mr. Taylor will serve as an advisor to the Company to aid in a smooth transition.
"We are excited to have Ravit move into the CFO role as we progress the development of the next generation of our technology, the Pure-Vu Gen 4 Gastro and Colon, which are expected to be submitted for U.S. FDA clearance in the fourth quarter of 2023. I am confident in her ability to smoothly transition into this role, as she has extensive operational and financial experience from several global technology and medical devices companies, including more than five years as a key member of the Motus global leadership team," commented Mark Pomeranz, Chief Executive Officer. "I want to thank Andrew for his years of service and leadership. He was instrumental in supporting our strategic initiatives and overseeing all aspects of our financial strategy over the past six years. We wish Andrew well in his future endeavors."
"I am excited to expand my role within Motus at such an important point in the Company's history, including the planned FDA submission of our Upper GI device that we believe will significantly expand the clinical utility of the Pure-Vu technology. Our development team remains on track to ensure our product offerings meet the needs of our customers as we establish a cost structure that aligns with our focus to establish commercial partnerships in the future," stated Ms. Ram.
Ms. Ram brings more than 20 years of experience in leading financial and operational organizations of global technology and medical devices companies. Most recently, she served as a senior member of the Motus GI management team, including as Site Manager, and VP of Global Operation and Finance, since 2018. Prior to Motus GI, she served as a Site Manager, and VP of Finance and Supply chain at EndoChoice, an international medical technology startup that developed, manufactured, and commercialized a revolutionary state-of-the-art colonoscope and was acquired by Boston Scientific. Prior to EndoChoice, Ms. Ram served as Global Director of Operations and Controller at Given Imaging, a revolutionary medical technology company that manufactures and markets diagnostic products for the visualization and detection of disorders of the gastrointestinal tract, which was acquired by Medtronic.
About Motus GI
Motus GI Holdings, Inc. is a medical technology company, with subsidiaries in the U.S. and Israel, providing endoscopy solutions that improve clinical outcomes and enhance the cost-efficiency associated with the diagnosis and management of gastrointestinal conditions.
For more information, visit www.motusgi.com and connect with the Company on Twitter, LinkedIn and Facebook.
Forward-Looking Statements
This press release contains certain forward-looking statements. Forward-looking statements are based on the Company's current expectations and assumptions. 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, including without limitation, statements relating to risks related to market and other conditions, risks inherent in the development and commercialization of potential products, possible or assumed future results of operations, business strategies, potential grow opportunities, uncertainty in the timing and results of clinical trials or regulatory approvals, maintenance of intellectual property rights or other risks discussed in the Company's quarterly and annual reports filed with the Securities and Exchange Commission, and its other filings with the Securities and Exchange Commission. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
Investor Contact:
Troy Williams
LifeSci Advisors
(518) 221-0106
twilliams@lifesciadvisors.com
