Healthcare Industry Luminary is also the
Company's Largest Shareholder
NEW YORK,
Nov. 6,
2023 /PRNewswire/ -- Marpai, Inc. ("Marpai" or the
"Company") (Nasdaq: MRAI), a full-service Third-Party Administrator
(TPA) specializing in cost management through intelligent processes
and systems, is excited to announce the appointment of Damien Lamendola as its new Chief Executive
Officer (CEO), replacing Edmundo
Gonzalez, the Company's co-founder and now former CEO.
Mr. Lamendola has been on Marpai's board of directors
("Board") since April 2021, and he
will remain on the Board. He is also the largest beneficial
shareholder of the Company. In addition, Steve Johnson will be joining Marpai as
Chief Financial Officer (CFO), joining Mr. Lamendola on the
Company's management team, and replacing the Company's current CFO,
Yoram Bibring. Additionally,
Mike Dendy, a healthcare industry veteran with vast experience
in third-party administrators, will be joining the company's
Board.
Mr. Lamendola is a long-time entrepreneur in the
healthcare space. He founded WellDyne, a pharmacy benefit
manager, in 2002. WellDyne grew substantially until he sold it to
the private equity firm, The Carlyle Group, in 2016. He is also the
founder of Continental Benefits, a third-party administrator, which
was sold to Marpai in 2021. Mr. Lamendola is also the CEO of
HillCour Holding Corporation, an investment firm with holdings in
various healthcare companies.
Mike Dendy has
been a leader in the healthcare benefits space for over 30 years
and has excelled at both administrative and cost containment
functions. Mr. Dendy built HPS Paradigm Administrators into
one of the preeminent TPA's in the country before selling it in
2004. He then founded and built Advanced Medical Pricing Solutions
(AMPS) into the leading national player in the healthcare cost
containment field using medical billing review and reference-based
reimbursement services to save their clients tens of millions of
dollars annually. He is now CEO of CarynHealth, an extremely
unique alternative benefits company that has grown exponentially in
the four years since inception.
"My number one mission at Marpai is to create
substantial value for shareholders. We have had a tough run in the
public market like so many other microcap companies, but I
believe that the potential for creating a substantial public
company is here," said Mr. Lamendola. "I want to make sure our
clients, members, and of course our employees continue to get value
from our products and services. The market is ready for solutions
like ours. Marpai will continue to build and expand on its next
generation Smart Claims TPA 2.0 philosophy. Marpai provides
multiple corridors of integrated services, all with the mission of
reducing the cost of healthcare benefits and increasing the
healthcare outcomes for our employer clients and their members,"
continued Mr. Lamendola.
Yaron Eitan,
Marpai's co-founder and Chairman of the Board, who remains in that
position, added, "I believe that for a businessman with the track
record of success and value creation as Damien to take this
position is wonderful news for all shareholders. The Board and I
are looking forward to help Damien build a great company," said
Mr. Eitan.
About Marpai, Inc.
Marpai, Inc. (Nasdaq: MRAI) is a technology
company bringing AI-powered health plan services to employers that
directly pay for employee health benefits. Primarily competing in
the $22 billion TPA (Third Party
Administrator) sector serving self-funded employer health plans
representing over $1 trillion in
annual claims, Marpai maximizes the value of the health plan as
measured in health outcomes. Marpai takes a member-centric approach
that uses AI and big data to connect members to health solutions
predicted to have a high probability of positive outcomes and aims
to bring value-based care to the self-insured market. With
effective early intervention, disease management, claims processing
and proactive member outreach, Marpai works to deliver the
healthiest member population for the health plan budget. Operating
nationwide, Marpai offers access to provider networks including
Aetna and Cigna and all TPA services. For more information,
visit www.marpaihealth.com, the content of which is not
incorporated by reference into this press release.
Forward-Looking Statement Disclaimer
This press release contains forward-looking
statements, as that term is defined in the Private Litigation
Reform Act of 1995, that involve significant risks and
uncertainties, including statements regarding anticipated future
results. Forward-looking statements can be identified through the
use of words such as "anticipates," "expects," "intends," "plans,"
"believes," "seeks," "estimates," "guidance," "may," "can,"
"could," "will," "potential," "should," "goal" and variations of
these words or similar expressions. For example, the Company is
using forward looking statements when it discusses its belief that
there is a potential to create a substantial public company, that
the market is ready for its solutions, and that it will continue to
build and expand on its next generation Smart Claims TPA 2.0
philosophy. Readers are cautioned not to place undue reliance on
these forward-looking statements, which reflect Marpai's current
expectations and speak only as of the date of this release. Actual
results may differ materially from Marpai's current expectations
depending upon a number of factors. These factors include, among
others, adverse changes in general economic and market conditions,
competitive factors including but not limited to pricing pressures
and new product introductions, uncertainty of customer acceptance
of new product offerings and market changes, risks associated with
managing the growth of the business. Except as required by law,
Marpai does not undertake any responsibility to revise or update
any forward-looking statements whether as a result of new
information, future events or otherwise.
More detailed information about Marpai and the
risk factors that may affect the realization of forward-looking
statements is set forth in Marpai's filings with the Securities and
Exchange Commission (the "SEC"). Investors and security holders are
urged to read these documents free of charge on the SEC's website
at http://www.sec.gov.
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SOURCE Marpai