Continuing its dynamic growth in support of its commitment to
expanding access to life-saving ultrafiltration therapies for adult
and pediatric patients suffering from fluid overload, Nuwellis,
Inc. (Nasdaq: NUWE), formerly CHF Solutions, Inc., today announced
the appointment of George Montague as Chief Financial Officer,
effective June 28, 2021. Neil P. Ayotte, Esq. also joined the
Company as Senior Vice President, General Counsel, Secretary and
Chief Compliance Officer on June 7, 2021.
“Nuwellis is entering an energizing new phase with significant
opportunities in heart failure, pediatrics and critical care. The
deep knowledge and experience in healthcare that George and Neil
bring will be instrumental as we advance our mission of bringing
our Aquadex SmartFlow® technology to more patients,” said Nestor
Jaramillo, Jr., president and CEO of Nuwellis. “Their respective
experiences with medical device companies, combined with their
commitment to patients, make them each uniquely qualified for the
next phase of our journey. I'm excited to welcome them to the
team."
Mr. Montague brings more than two decades of healthcare finance
and leadership experience. Most recently, he served as the Chief
Financial Officer and Chief Operating Officer of Smiths Medical, a
$1.1 billion device manufacturer where he restored sales growth and
improved profitability. He also worked as the Group Financial
Controller to the $4.2 billion parent company in London, UK.
Earlier in his career, Mr. Montague led finance and strategy for
two of Medtronic plc’s four operating groups. He served as the Vice
President, Finance and Strategy for Medtronic’s $6.5 billion
operating group – Restorative Therapies Group. He also guided
finance, strategy and business development for Medtronic’s Diabetes
franchise. With extensive expertise in acquisitions, Mr. Montague
also worked on the largest-ever medical technology acquisition in
China. He holds an MBA from The Wharton School and a B.S. from the
University of California at Berkeley.
“There is something special about the way Nuwellis invests in
the patients and healthcare providers they serve,” said George
Montague, CFO of Nuwellis. “The company’s dedication and desire to
improve lives intrigued me, and I’m eager to apply my financial
experience in this new and exciting opportunity to advance the care
fluid-overloaded adults and children receive.”
Mr. Ayotte brings a wealth of legal and operational knowledge.
He was formerly Executive Vice President, General Counsel &
Secretary for Bluestem Group, Inc. a $1.8 billion, private equity
sponsored, e-commerce and mail order retailer of seven distinct
consumer brands. Prior to holding that position, Mr. Ayotte was
Chief Legal Counsel for Medtronic’s Americas Region, the largest of
Medtronic’s four super regions, where he played a significant role
as strategic advisor to the senior leadership in the design,
evaluation and implementation of new business models and Integrated
Hospital Solutions. During his 16-year tenure at Medtronic, Neil
was the Chief Legal Counsel to the Integration Management Office
dedicated exclusively to leading Medtronic’s integration of its $49
billion acquisition of Covidien plc, and he also served as
Medtronic’s Interim General Counsel in 2013. Mr. Ayotte holds a
J.D. from the University of Minnesota Law School, an M.A. from the
University of Wisconsin and a B.A. from St. Mary's University of
Minnesota.
“It’s an inspiring time to be joining Nuwellis, and I look
forward to supporting the commercial organization as the company
seeks to broaden its therapeutic footprint,” said Neil P. Ayotte,
Esq., SVP, general counsel, secretary and CCO of Nuwellis. “By
expanding therapy indications and enhancing the clinical
community’s understanding of the benefits of ultrafiltration, we
can reach more patients both domestically and abroad.”
About NuwellisNuwellis, Inc.
(Nasdaq:NUWE), formerly CHF Solutions, Inc., is a medical device
company dedicated to transforming the lives of patients suffering
from fluid overload through science, collaboration, and innovation.
The Company is focused on developing, manufacturing and
commercializing the Aquadex SmartFlow® System for ultrafiltration
therapy. Nuwellis is headquartered in Minneapolis, Minn., with a
wholly-owned subsidiary in Ireland. The Company has been listed on
the Nasdaq Capital Market since February 2012, previously branded
as CHF Solutions (Nasdaq:CHFS).
About the Aquadex SmartFlow
SystemThe Aquadex SmartFlow System delivers clinically
proven therapy using a simple, flexible and smart method of
removing excess fluid from patients suffering from hypervolemia
(fluid overload). The Aquadex SmartFlow System is indicated for
temporary (up to 8 hours) or extended (longer than 8 hours in
patients who require hospitalization) use in adult and pediatric
patients weighing 20 kg or more whose fluid overload is
unresponsive to medical management, including diuretics. All
treatments must be administered by a health care provider, within
an outpatient or inpatient clinical setting, under physician
prescription, both having received training in extracorporeal
therapies.
Forward-Looking
StatementsCertain statements in this release may be
considered forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including without
limitation, statements regarding the new market opportunities and
anticipated growth in 2021 and beyond. Forward-looking statements
are predictions, projections and other statements about future
events that are based on current expectations and assumptions and,
as a result, are subject to risks and uncertainties. Many factors
could cause actual future events to differ materially from the
forward-looking statements in this release, including, without
limitation, those risks associated with our ability to execute on
our commercialization strategy, the impact of the COVID-19
pandemic, the possibility that we may be unable to raise sufficient
funds necessary for our anticipated operations, our post-market
clinical data collection activities, benefits of our products to
patients, our expectations with respect to product development and
commercialization efforts, our ability to increase market and
physician acceptance of our products, potentially competitive
product offerings, intellectual property protection, our ability to
integrate acquired businesses, our expectations regarding
anticipated synergies with and benefits from acquired businesses,
and other risks and uncertainties described in our filings with the
SEC. Forward-looking statements speak only as of the date when
made. Nuwellis does not assume any obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
CONTACTS
INVESTORS:
Nestor Jaramillo, Jr., President and CEO
Nuwellis, Inc.
ir@nuwellis.com
Matt Basco, CFA
Gilmartin Group LLC
Matt.basco@gilmartinir.com
MEDIA:
Jessica Stebing
Health+Commerce
jstebing@healthandcommerce.com
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