Lanx Appoints Medical Technology Industry Leader Michael DeMane Chairman and Chief Executive Officer
BROOMFIELD, Colo., June 7 /PRNewswire/ — Lanx, Inc., a privately held medical device company focused on developing and commercializing innovative devices for spinal surgery, has appointed Michael DeMane Chairman and Chief Executive Officer, effective today. Co-founder and former CEO Michael Fulton will assume the role of Chief Technology Officer, and will continue to guide the Company’s innovation and new technology initiatives.
Michael Fulton said, “The Board and I are extremely excited to have an executive of Michael’s industry stature accept this leadership role at Lanx. His decision to join our Company is a testament to the innovation and dedication to technology that has driven our growth to date. His experience will bring obvious benefits to our mission of leveraging this focus to build a leading position in the medical device industry.”
Jeffery Thramann, co-founder and former Chairman, said, “Michael Fulton and I are extremely proud to have grown Lanx into a leading spine company underpinned by a team of dedicated professionals. Michael DeMane unquestionably has the ability to lead the organization and will be a catalyst for taking Lanx to the next level of growth and expansion.”
Mr. DeMane, 53, is an accomplished medical device industry executive with a distinguished record of success. He has established and grown implantable medical device businesses, ranging in size from $30 million to $13 billion, in highly competitive global markets. Mr. DeMane was formerly Chief Operating Officer of Medtronic, Inc., the world’s largest medical technology company. He joined Medtronic in 1999 with Medtronic’s acquisition of Sofamor Danek Group, Inc. As President of Medtronic’s Spinal Systems business, Mr. DeMane was instrumental in building one of the largest global spine franchises and his tenure was marked by a period of substantial new product flow and rapid revenue growth. In 2005, he assumed responsibility for leading Medtronic’s businesses in Europe, Canada, Latin America and Emerging Markets, before being named COO in 2007.
Prior to his roles at Sofamor Danek and Medtronic, Mr. DeMane led Smith and Nephew, Inc’s Orthopedic Implant division and subsequently its commercial operations in Australia and New Zealand.
Michael DeMane, Chairman and Chief Executive Officer, said, “Lanx has established considerable momentum based on an impressive product portfolio and pipeline. Michael Fulton, Jeffrey Thramann and their team have built a company with a responsive, solutions oriented culture, while maintaining a high level of ethics and integrity. We expect to continue our commitment to those values in our mission to build a world class spine company over the long term.”
Lanx is backed by a strong group of institutional investors, including Chicago Growth Partners, Goldman Sachs Private Equity Opportunities Fund, Noro-Moseley Partners and Oakwood Medical Investors. Arda Minocherhomjee, Managing Partner at Chicago Growth Partners, said “All of the investors are very enthusiastic about Michael DeMane joining the company as the Chairman and CEO. His experience and leadership will position the company for continued strong growth through market share gains and product innovation. The board would also like to thank Dr. Fulton for his vision and extraordinary efforts in guiding the company to this stage.”
Separately, the Company announced that Shawn McCormick has been appointed to the Board of Directors. Mr. McCormick is currently Senior Vice President and Chief Financial Officer of ev3, Inc., (Nasdaq: EVVV), where he is responsible for leading all worldwide finance and information technology activities. Prior to ev3, Mr. McCormick held several positions at Medtronic, Inc. including Vice President, Corporate Development, Vice President, Corporate Technology and New Ventures and Vice President, Finance of the Spinal, ENT and Navigation business.
About Lanx, Inc.
Lanx is one of the largest and fastest growing private spine companies in the U.S. The Company was founded by a team of experienced medical device professionals and engineers in 2003 to improve the quality of spine care and provide surgeons with innovative products. Lanx develops and markets a full line of fusion technologies with a focus on minimally invasive and biologics products. The Company is headquartered in Broomfield, CO. More information on Lanx and its spinal surgery products can be found at www.lanx.com.
