Company Supports Increased Commercial Growth with Appointment of Seasoned Medtech Executive to Chief Financial Officer
SANTA CLARA, Calif., May 18, 2021 /PRNewswire/ — CorVent Medical, a private medtech company focused on developing versatile, lifesaving ventilators for critical care, announced that it has received CE Mark approval and is ready to launch commercial use of its RESPOND-19™ Ventilator in Europe. The novel system is designed for easy-to-use, flexible expansion of critical care ventilation capacity to allow hospitals to improve treatment of critically ill patients suffering from acute respiratory distress syndrome (ARDS). Optimized for day-to-day clinical use and overflow ventilation needs, the system provides invasive and non-invasive respiratory support at a lower cost of ownership without the traditional requirements for costly service or maintenance plans. In support of the company’s continued commercial growth, CorVent has appointed seasoned medtech financial executive, Travis Murphy, as Chief Financial Officer (CFO).
“The RESPOND-19 Ventilator equips healthcare providers with a highly responsive fleet of ICU-quality ventilators. With a streamlined interface that can be deployed at moment’s notice, the RESPOND-19 Ventilator allows clinicians to quickly meet the clinically demanding needs in a dynamic critical care setting, which was further exasperated by the pandemic,” stated Univ.-Prof. Dr. med. Felix Herth, pulmonologist and Medical Director at Thoraxklinik-Heidelberg University Hospital in Germany. “The system’s advanced antiviral protection makes the RESPOND-19 Ventilator an invaluable resource for limiting viral spread, protecting physicians and staff.”
The ICU-quality system includes mandatory, assist, and spontaneous ventilation modes along with built-in safeguards to meet individual patient’s needs. The streamlined, lightweight design simplifies training, ensures compatibility with all low flow oxygen sources, and allows for easy movement within the hospital. In addition, the system filters out 99.9% of viral pathogens using antiviral safeguards to protect both patients and staff. Optimized for a low cost of ownership, the system is ready to use out of the box from long-term storage without ongoing service contracts or costly maintenance. The RESPOND-19 Ventilator is ideal for day-to-day clinical use or overflow ventilation needs.
To support the company’s growth, CorVent also announced the expansion of its senior management team and welcomed seasoned medtech executive, Travis Murphy, as CFO. Mr. Murphy has a proven track record of over 30 years of experience with start-up and growth stage companies, primarily in the medtech sector. He brings a wealth of knowledge across a wide range of financial activities including day-to-day operating management, long-term strategic planning, fundraising, and leading successful exits. He joins the team after a successful tenure as CFO at Ativa Medical.
“A hospital’s ventilation needs have shifted in recent years; they require flexibility to respond to changes in demand without the high cost of ongoing ownership. Today’s systems must meet the rigorous mechanical ventilation requirements of the ICU but also be easy to use and deployed rapidly to expand critical care capacity when time is limited,” stated Richard S. Walsh, CEO of CorVent Medical. “Our experienced team has made meaningful inroads into the respiratory market with the RESPOND-19 Ventilator in a short time and the market’s response has been very positive. Bringing Travis Murphy on as our company’s CFO will be invaluable to expanding our commercialization efforts.”
The RESPOND-19 Ventilator was recently recognized as a 2021 Silver Winner of the Medical Design Excellence Award (MDEA) from Medical Device and Diagnostic Industry (MDDI) in the category of ER and OR Tools, Equipment, and Supplies.
In late 2020, CorVent received Emergency Use Authorization (EUA) from the U.S. Food and Drug Administration (FDA) for the RESPOND-19 Ventilator and announced a U.S. distribution partnership with Siemens Healthineers. The company anticipates full FDA clearance of the system in 2021.
About CorVent Medical, Inc.
CorVent Medical, a privately held portfolio company of medtech incubator Coridea LLC, is committed to developing versatile, lifesaving ventilators for critical care. The company’s first product, the RESPOND-19™ Ventilator, provides ICU-quality respiratory support that expands ventilation capacity with reliable and affordable deployment when you need it most. The streamlined system enables sophisticated ventilation that includes lifesaving, life sustaining and weaning capabilities with excellent infection control. The robust, lightweight system eliminates the need for costly service and maintenance plans and was designed in partnership with Design Catapult and built in California in collaboration with Design Catapult Manufacturing. The RESPOND-19 Ventilator recently received FDA Emergency Use Authorization (EUA), is CE Marked and available for sale in countries that accept those regulatory approvals. To learn more, please visit www.corventmedical.com.
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