Medical implant technology developer NMT Medical Inc. has appointed chief operating officer Richard Davis as chairman, president and CEO of the company, following disappointing results from a clinical trial earlier this year. The appointment also follows the resignation of previous board chairman and director James Mahoney, Jr. and the retirement of Frank Martin from the president, CEO and director positions.
As part of the changing of the leadership, NMT Medical has cut down its board size to five members.
Boston-based NMT Medical (Nasdaq: NMT) develops implant technologies that treat structural heart disease using minimally invasive, catheter-based procedures.
In June, the company reported that its device to treat structural heart disease failed to meet its target endpoint. The company had a goal for its Closure I trial to provide better results for its device closure with STARFlex technology, a septal repair implant, than current therapies to treat a heart defect called patent foramen ovale (PFO) and mini-strokes called transient ischemic attacks (TIA). A news release from NMT Medical officials today noted, “the preliminary results indicate that closure with STARFlex provided a small, but not statistically significant, benefit over current best medical therapy.”
According to a prepared statement by Davis, “we are considering all potential financing alternatives and will continue to evaluate our strategic options accordingly.”