GI Dynamics Appoints Chief Financial Officer
LEXINGTON, Massachusetts & SYDNEY, Australia – 5 May 2016 AEST – GI Dynamics, Inc. (ASX: GID) (the Company), a medical device company that provides an innovative treatment for type 2 diabetes and obesity, today announces the appointment of Jim Murphy to the position of chief financial officer.
Murphy’s role will encompass the finance, accounting and administrative functions of the Company. He will also serve as the Company’s treasurer and secretary effective immediately.
The Company’s CEO Scott Schorer said, “Last week, GI Dynamics announced to shareholders it had completed a full review of systems, expenses and personnel. In line with that review, important changes will be made to the company’s senior management team as we work toward rebuilding GI Dynamics and saving EndoBarrier Therapy for the millions of patients suffering from type 2 diabetes and obesity.
“On behalf of the GI Dynamics board, I am delighted to announce the appointment of Mr. Murphy. We look forward to restarting the company with a strengthened senior management team.
“Mr. Murphy is an accomplished senior finance executive with more than 30 years of experience in high-growth domestic and international environments and with deep experience in the life science sector. Jim has demonstrated success in both small and large business settings, with extensive experience in raising capital, operations, and mergers and acquisitions. We are confident that GI Dynamics will benefit from his strategic and tactical leadership.”
“I joined GI Dynamics after speaking with the board and CEO,” stated Murphy. “It became clear that the technology developed at GI Dynamics has the potential to significantly help patients and clinicians fight a terrible disease and increase shareholder value. I look forward to working with the team at GI Dynamics.”
Prior to joining the Company, Murphy served as CFO of OXiGENE, Inc., a NASDAQ-listed drug discovery company, and CFO of HemaSure, Inc., a NASDAQ-listed medical device company that was spun out of Sepracor, Inc. Murphy was instrumental in the sale of HemaSure assets to Whatman Plc and was then part of a global team at Whatman that effected the consolidation of 18 operating locations worldwide to nine.