Michael Garippa Announced As SynCardia's New CEO
Former SynCardia CEO Rodger Ford Joins MicroMed Cardiovascular as Chairman/CEO
"I have always provided advice to others that 'it is important to know your pathway to exit before you enter.'" said Mr. Ford. "When I recruited Michael to join SynCardia as President in July 2010, it was the first step of my plan to have him gradually transition to replace me as CEO. Michael has made a remarkable contribution, and month after month the company has exceeded its sales target. SynCardia more than doubled its revenue in 2010 compared to 2009."
Prior to joining SynCardia, Mr. Garippa served as the CEO and President of TandemHeart for eight years. He was recruited by TandemHeart in 2002 as a turnaround expert and stayed on as CEO and President. He took the company from an R&D firm that had lost an aggregate of $50 million and had no commercial sales to a successful company with over $6 million in net income during his last two years with the company.
"Rodger transformed SynCardia from an R&D company that served a handful of hospitals to a successful company and industry leader in biventricular replacement, serving some of the top transplant programs around the world," said Mr. Garippa. "This is a very exciting time at SynCardia. The company continues to pick up velocity and traction as we work to complete the FDA-approved Investigational Device Exemption clinical study of the Freedom® portable driver."
Mr. Ford became a director of SynCardia in May 2004. SynCardia received FDA approval of the Total Artificial Heart in October that year. In July 2005, Mr. Ford became the CEO and President. He joined the board of directors for MicroMed Cardiovascular in July 2008. Mr. Ford brings more than 40 years of entrepreneurial accomplishments and leadership to MicroMed, having founded numerous companies including AlphaGraphics Printshops Of The Future, PetsHotel and Anthem Equity Group, Inc.
"I will be forever grateful to the dedicated individuals that have lifted SynCardia on their backs and have carried us forward," said Mr. Ford. "As a significant investor and board member, I will continue to support the best interests of SynCardia."
SynCardia Ranked #20 Among World's 50 Most Innovative Companies
In March 2011, Fast Company magazine ranked SynCardia #20 in its annual list of the world's 50 Most Innovative Companies for "giving mobility to artificial heart recipients." Weighing 13.5 lbs, SynCardia's Freedom® portable driver is the world's first wearable driver for powering the Total Artificial Heart both inside and outside the hospital. The Freedom driver is CE approved for use in Europe and undergoing an FDA-approved Investigational Device Exemption (IDE) clinical study in the U.S.
SynCardia Systems Inc
SynCardia Systems, Inc. (Tucson, AZ) is the privately-held manufacturer of the world's first and only FDA, Health Canada and CE approved Total Artificial Heart. Similar to a heart transplant, the SynCardia temporary Total Artificial Heart replaces both failing heart ventricles and the four heart valves, eliminating the symptoms and source of end-stage biventricular failure. Unlike a donor heart, the Total Artificial Heart is immediately available at SynCardia Certified Centers and does not require expensive anti-rejection medication, which can cause subsequent complications.
Originally used as a permanent replacement heart, SynCardia's Total Artificial Heart is currently approved as a bridge to transplant for people dying from end-stage biventricular heart failure. There have been more than 900 implants of the Total Artificial Heart, accounting for more than 210 patient years of life. It is the only device that provides immediate, safe blood flow of up to 9.5 liters per minute through both ventricles.