GI Dynamics Announces the Appointment of Medical Device Industry Veteran Scott Schorer as President & Chief Executive Officer
LEXINGTON, Massachusetts & SYDNEY, Australia –23 March 2016 AEDT –The Board of Directors of GI Dynamics, Inc. (ASX: GID) (the Company), a medical device company that provides innovative treatments for type 2 diabetes and obesity, today announced the appointment of Scott Schorer as President and CEO, effective immediately. Mr. Schorer brings nearly 20 years of executive experience in the medical device industry, having founded and/or led numerous companies in the healthcare space.
After graduating from Dartmouth College with Bachelor of Arts and Bachelor of Engineering degrees where he was also captain of the men’s crew, Mr. Schorer began his career as an infantry officer in the 82nd Airborne Division as a rifle and scout platoon leader. Following his military service, Mr. Schorer began his medical device career as a sales representative for a surgical distributor. He then co-founded and was CEO of CentriMed, leading to an acquisition by Global Healthcare Exchange (“GHX”).
Mr. Schorer next founded and led IST: Innovative Spinal Technologies. He served as CEO for eight years during which time IST received CE Mark and FDA approvals for five products before the company was sold to Integra Spine. Mr. Schorer went on to lead the turnaround effort at Systagenix Wound Management, the former Advanced Wound Care division of Johnson & Johnson as President of the Americas.
More recently, Mr. Schorer served as a consultant to numerous boards and CEOs across a wide variety of companies in the medical device, biologics and related markets. He has led financing for over $120 million in public and private equity financings. Mr. Schorer is also a co-inventor of 6 patents. His leadership skills and broad healthcare experience, including those in turnaround situations, make him well suited to lead GI Dynamics through its current challenging times.
“I know that the company has experienced issues recently, and I intend to develop a path forward that will help EndoBarrier® achieve its full potential as a potentially life-changing solution for patients with type 2 diabetes,” said Mr. Schorer. “I have been impressed by the positive data generated through GI Dynamics’ multiple clinical studies and thousands of patients receiving EndoBarrier Therapy, as well as the vocal advocacy of the clinicians who have implanted EndoBarrier.”
“Scott has an impressive record in leading and growing medical device companies,” stated Jack Meyer, Chairman of the Board of Directors for GI Dynamics. “His leadership skills, broad healthcare experience, ability to quickly develop strategic focus, and rationalize resource allocation make him well suited to lead GI Dynamics through its current challenging times. We are excited to have him join us as the leader of GI Dynamics.”