Wound Management Technologies Receives Loan Funding, Expands Executive Team
Earlier this month, Atlanta, Ga.-based Brookhaven Medical Inc. agreed to acquire Forth Worth, Texas.-based Wound Management Technologies Inc. On Oct. 22, the companies entered into the additional loan agreement detailed in the Oct. 15 letter of intent. This additional loan is a draw down note which gives Wound Technologies working capital as the parties work towards their merger agreement, and anticipated formal merger, which is expected to close in the first half of 2014.
As a result, Wound Management has expanded its executive team in order to better execute its strategic plan. Effective immediately, company Board Member and former company President Deborah J. Hutchinson has been appointed president of the Wound Management. Jennifer Taylor, who has been extensively involved in new CellerateRX initiatives, is the company’s new director of marketing and business development. They join Kenneth Snider who recently became the company’s executive vice president of sales.
CellerateRX is a collagen-based wound treatment product.
“Expanding our executive team is an important step forward for Wound Management, as we work with Brookhaven and WellDyne Health to grow our company,” said Robert Lutz, Jr., chairman and CEO of Wound Management. “Each person has extensive knowledge of our products and industry and adds unique talents to our leadership team. We expect to announce many exciting new initiatives in upcoming months.”
Hutchison has been a member of the company’s board of directors since May 2010 and was the company’s President from January 12, 2010 until March 20, 2012. Hutchison’s career with over 30 years experience in the healthcare and technology sectors is highlighted with a track record in successfully taking early development healthcare, technology and biotech companies from concept through product development and sales. Hutchinson also brings international business experience to Wound Management with past experience in Europe, China, the Americas, and Asia.
As director of marketing and business development, Taylor will lead Wound Management’s growth and market innovation initiatives as well as marketing and communication functions. Previously she served as national sales director of WellDyne Health where she oversaw sales, marketing, social media and all business partnerships associated with CellerateRX and the relationship with Wound Management. Prior to this Taylor served in a succession of roles with AstraZeneca, WellDyneRX and HealthScript. Jennifer has successfully managed large sales teams and has been recognized nationally for her performance by these organizations multiple times.
Snider has more than 30 years of professional experience in sales, sales training, sales management, and as a medical device distributorship owner. He spent over 16ß years with Pfizer Inc. as a territory representative, training manager at headquarters, and as a district manager. He has worked with start-up medical device companies to develop medical devices from inception, through the U.S. Food and Drug Administration approval process to successful product launch, and sales success. Snider’s distribution team has achieved top ranking nationally for surgical products.
Wound Management Technologies is an emerging commercial stage company with its primary products in the advanced wound care market. Other biotech products in development at Wound Management include a resorbable bone wax line that is in the late stages of development.
Brookhaven Medical focuses on dialysis devices and advanced wound care.