September 20, 2011
Intrinsic Therapeutics, a medical device company focused on developing therapies to address the spine market's many unmet needs, today announced that Cary Hagan has been appointed President and Chief Executive Officer. Mr. Hagan brings over 20 years of experience in the orthopedic implant field with significant expertise in product development, commercialization and global marketing strategy. Greg Lambrecht, Founder and Board Member of Intrinsic, is actively continuing at the company as Executive Director.
"Cary's proven success in bringing new technologies to the global market makes him an ideal choice to lead Intrinsic's next stage of growth as we expand our international clinical and commercial activity," said Mr. Lambrecht. "I look forward to working closely with him to continue to improve the outcomes of the most frequently performed spinal procedures with our innovative Barricaid® anular closure products and extend our operations to new markets."
Mr. Hagan joins Intrinsic from Wright Medical, where he was most recently Senior Vice President, Commercial Operations, Europe, Middle East and Africa. He began his career at Wright Medical in 1989 and advanced through a series of sales and marketing positions with increasing responsibility. As Product Manager and then Senior Director of Biologics, Mr. Hagan was pivotal in the rapid growth of Wrights Orthobiologics program from "point zero" to market segment leader. Later as Vice President Marketing, Global OrthoRecon, he oversaw a turnaround in Wright's Hip and Knee growth rates to roughly two times the industry average. Mr. Hagan's most recent experience as Sr. Vice President, Commercial Operations for Europe, Middle-East and Africa, gave him full management and P&L responsibility for Wright's EMEA operations.
"The opportunity to engineer and execute a global market-creation strategy in an untouched addressable annual market of approximately 900,000 patients is both rare and exciting," said Mr. Hagan. "The Barricaid® device has the potential to substantially reduce cases of recurrent herniation and back pain associated with failed discectomy -- an outcome that could result in a multi-billion dollar economic benefit in the U.S. alone. I'm thrilled to join Intrinsic as we bring this revolutionary device into new global markets."
"After performing approximately 1000 implantations since inception, the Intrinsic team has demonstrated that the Barricaid device offers patients a compelling new therapy for anular repair," said NEA General Partner Ryan Drant, who serves on Intrinsic's board of directors. "We look forward to continuing to support both Cary and Greg as they continue to grow our business and strive to improve clinical outcomes for the hundreds of thousands of patients with lumbar disc herniations."
About Intrinsic Therapeutics, Inc.
Intrinsic Therapeutics, Inc., based in Woburn, MA, is a medical device company focused on developing innovative therapies that address the spine market's many unmet clinical needs. The company's first product, Barricaid, is a revolutionary spinal implant that was developed to treat patients undergoing surgery for herniated lumbar discs.
For more information please contact:
Scott LeBlanc - Director of Finance
Intrinsic Therapeutics, Inc.
+1 (781) 932-0222