Gynesonics Names Industry Veteran Skip Baldino President and CEO, Announces $25M Financing to Expand Worldwide Commercialization
REDWOOD CITY, Calif., April 11, 2023 (GLOBE NEWSWIRE) — Gynesonics®, Inc. a women’s healthcare company focused on the development of minimally invasive solutions for symptomatic uterine fibroids, announced that Skip Baldino was appointed in early March to the role of President and Chief Executive Officer of the company. Mr. Baldino, who will also serve as member of the Board of Directors, succeeds Christopher Owens. Gynesonics is also pleased to announce that the company has closed on a significant financing of $25M to help further drive the growth and adoption of the Sonata® System.
Mr. Baldino has over 35 years of healthcare experience in both private start-ups and large public companies. Prior to Gynesonics, he served eight years as President and CEO of EndoGastric Solutions (EGS) Inc., where he helped transform EGS into a leader in the endoluminal treatment of Gastroesophageal reflux disease (GERD). Prior to EGS, Baldino was President of the Americas for Given Imaging Ltd., a leader in gastrointestinal diagnostics and imaging that Covidien acquired for $860 million in 2014. Prior to Given Imaging, he enjoyed a distinguished 26-year career at Abbott Laboratories, a worldwide diversified health care company, where he established an outstanding track record of consistent and high-performing success in commercial leadership roles in Diabetes Care, Diagnostics, Corporate Medical Products, Hospital Products (now Hospira), Health Systems, and Specialty Products.
Mr. Baldino was also the Chairman of the Board of ACell, Inc., a regenerative medicine company that developed and commercialized medical devices for wound management and surgical soft tissue repair. He served on ACell’s board from 2015 until their sale in 2021 to Integra Health Sciences, valued up to $400 million.
“I am excited to join the Gynesonics team at this pivotal point in the company’s commercial evolution,” said Mr. Baldino. “The Sonata System offers proven clinical outcomes to provide women with a minimally invasive, incisionless treatment alternative for symptomatic uterine fibroids. Additionally, the $25M investment in our company will give us added fuel to accelerate adoption and drive future growth.”
Commenting on the appointment of Mr. Baldino, Dave Pacitti, Chairman of the Board, Gynesonics said, “Skip is a proven leader who has demonstrated the ability to consistently scale businesses. Through his experiences at Abbott, Given Imaging, and EndoGastric Solutions, he has a deep understanding of the medical device industry and will help guide Gynesonics in its mission to advance minimally invasive treatment options in women’s health across the globe.”
“We would also like to express our deepest gratitude to Chris Owens,” added Mr. Pacitti. “As CEO for the past nine years, Chris provided Gynesonics with critically important leadership through the pivotal clinical trial, regulatory clearances, and initial product launch which established a strong foundation of adoption and revenue growth.”
“I am extremely proud to have led Gynesonics through significant transformations over the past nine years,” said Chris Owens. “The Sonata System is changing the lives of women with symptomatic fibroids across the globe. I look forward to Skip continuing the rapid rate of growth we established while bringing his more than 35 years of exceptional proven performance and experience to the company.”
About the Sonata System
The Sonata System is intended for diagnostic intrauterine imaging and transcervical treatment of symptomatic uterine fibroids, including those associated with heavy menstrual bleeding. Common Side Effects include bleeding, spotting, cramping, post-ablation inflammatory symptoms, and/or discharge. There are potential risks with this treatment such as skin burn and infection. Women who are pregnant, have a pelvic infection, are known to have gynecologic cancer, or have intratubal implants for sterilization should not have this procedure.
The Sonata System is CE marked and is approved for sale in the European Union, the United Kingdom, and the United States. For more information on Sonata, please visit us at www.sonatasystem.com.
About Uterine Fibroids
Fibroids are benign growths in or around the uterus. They are common and most women develop them during childbearing age. In the U.S., around 70% of white women and more than 80% of black women will have uterine fibroids before the age of 50. Problematic fibroids can range in size from a raisin to a grapefruit, and symptoms may worsen over time if fibroids are left untreated. 20% to 50% of women with fibroids are symptomatic and each year in the U.S., more than 2 million women undergo treatment for uterine fibroids. Women with symptomatic fibroids may present one or more of the following:
· Abnormal uterine bleeding/menorrhagia
· Abdominopelvic pain/pressure
· Increased abdominal girth
· Urinary frequency
· Pregnancy complications
· Dyspareunia (painful intercourse)
As pioneers in women’s health, Gynesonics is committed to developing and delivering minimally invasive, incision-free, uterus-preserving, transcervical technologies for diagnostic and therapeutic applications. Our flagship product, the Sonata System, is the first FDA cleared medical device for diagnostic intrauterine imaging and transcervical treatment of symptomatic uterine fibroids. Gynesonics headquarters is in Redwood City, CA. For more information, go to www.gynesonics.com.
Tara Murphy, Director, Global Marketing & Advocacy, Gynesonics, , (215) 620-3004
David Gutierrez, Dresner Corporate Services, , (312) 780-7204