Houston, TX (July 23, 2018) – Procyrion, Inc., a medical device company developing a catheter-deployed micropump for the management of chronic heart failure, has named Eric S. Fain, MD as President and Chief Executive Officer effective immediately. The Board of Directors tapped Dr. Fain to build upon the foundation of innovative technology established over recent years and accelerate the progression of product development leading to human clinical trials and commercialization of the company’s novel and proprietary heart pump.
“Procyrion’s Board led an extensive CEO search and Eric was the Board’s clear choice given his experience, background, leadership style and proven track record,” said Chairman of the Board, Gary Burbach, in making the announcement. “The Board is absolutely confident that Eric is the right person to guide Procyrion through its next chapter of transformation and lead the organization to establishing the Aortix™ system as a key tool in the treatment and management of heart failure with an initial focus on cardio-renal syndrome.”
“We are thrilled to have someone of Eric’s caliber join our team,” said Procyrion’s first CEO, Benjamin A. Hertzog. “It is a testament to the great progress the team has made and to the importance of the unmet clinical need addressed by the Aortix technology. We look forward to Eric’s leadership as Procyrion navigates the path to commercialization.”
With over 30 years of experience in the medical device industry, Dr. Fain was the former Senior Vice President and Group President, Cardiovascular and Neuromodulation at Abbott following their acquisition of St. Jude Medical in 2017. Dr. Fain became Group President of St. Jude Medical in 2014 where his responsibilities included the global sales, marketing, R&D, clinical and regulatory functions across the entire St. Jude Medical portfolio worldwide.
Dr. Fain joined St. Jude Medical in 1997 as Vice President, Systems Development as part of the company’s acquisition of Ventritex, Inc., a startup implantable defibrillator company where he had worked since 1987. He went on to become Senior Vice President, Clinical/Regulatory Affairs for the St. Jude Medical Cardiac Rhythm Management Division (CRMD) in 1998 and Executive Vice President, Development and Clinical/Regulatory Affairs for CRMD in 2005 before becoming President, CRMD in 2007. Prior to his role as Group President, Dr. Fain was named President of the company’s Implantable Electronic Systems Division in 2012 when its CRM/heart failure and neuromodulation divisions merged. Dr. Fain received his M.D. from Stanford University School of Medicine and holds a Sc.B. degree in applied math/biology from Brown University.
“I am excited to be joining Procyrion at this time as we focus on completing the ongoing development activities in order to bring the Aortix percutaneous pump into human clinical trials and on to commercialization. This innovative technology holds promise to greatly improve the treatment of heart failure patients, in particular those hard to treat patients who also have kidney disease, which is a large and growing unmet clinical need,” Fain said. “I am proud to be joining such a talented and dedicated team and look forward to bringing to market a new therapy that can significantly improve the outcomes of heart failure patients around the world.”
Procyrion’s novel technology, Aortix, which is thinner than a #2 pencil, is the first catheter-based heart pump designed specifically to address cardiorenal syndrome in chronic heart failure patients who are failing medical therapy, but not sick enough for risky surgical interventions like heart transplants or LVADs. The unique placement of the small but powerful micropump in the descending thoracic aorta is intended to simultaneously unload the heart and support the kidneys by accelerating native blood flow in the aorta. Procyrion closed a $16 million Series C funding round in January that was led by a joint venture of Jefferson River Capital, LLC and Aquinas Companies, LLC that was facilitated by Fannin Innovation Studio. Returning investors included Scientific Health Development, the State of Texas, and a strategic investor. To date, Procyrion has raised more than $29 million in funding.
Procyrion Inc., headquartered in Houston, Texas, is developing catheter-based circulatory support technologies to address the significant unmet clinical need in the large chronic heart failure population. Aortix is not approved for sale in any geography. Please visit www.procyrion.com for more information.
Fannin Innovation Studio is an early-stage biomedical development group focused exclusively on commercializing medical technologies. Based in Houston, Fannin partners with biomedical innovators to co-found startup companies and provides a pooled management team, funding, and administrative support. As companies mature, Fannin takes an active role in developing the strategy, financing program, and management team. In addition, Fannin’s internship and fellowship programs provide aspiring entrepreneurs with hands-on development experience within its portfolio companies. For more information, visit www.FanninInnovation.com or email firstname.lastname@example.org.