ANN ARBOR, Mich.--(BUSINESS WIRE)--Tangent Medical Technologies, Inc., a development stage medical device company focused on next generation intravenous access systems, is pleased to announce Jeffrey S. Williams has joined the company as its Chief Executive Officer. Additionally, Mr. Williams will serve as Chairman of the board of directors.
Previously, Mr. Williams had been President & CEO of Accuri Cytometers, a life science instrument and clinical diagnostic company, from January 2010 until its sale for $205 million in March 2011. While at Accuri, he oversaw revenue growth of 65% year-over-year, the development of a clinical system, and the achievement of positive cash flow. Prior to Accuri, Mr. Williams had been President & CEO of HandyLab, Inc., a molecular diagnostic company, since 2004. At HandyLab, he led the growth and venture financing of the company, ultimately resulting in its sale for $275 million in November 2009. Previously, Mr. Williams was President & CEO of Genomic Solutions Inc., a life science products company he co-founded in 1997. He led Genomic Solutions through a period of rapid growth culminating in an IPO on NASDAQ in 2000 and merger with Harvard Biosciences, Inc. in late 2002. Prior to Genomic Solutions, Mr. Williams held various executive and management level positions in several bioscience companies, including IRIS and Boehringer Mannheim. He received a BS in Biology from Alma College and an MBA from The University of Michigan. In addition to Tangent, Mr. Williams is a member of several boards, including Life Magnetics, where he serves as Executive Chairman.
Mr. Williams succeeds Hank Brown, founding investor and interim CEO since Tangent’s inception in July 2009. Mr. Brown noted, “I’m convinced that with Jeff’s dedicated leadership and drive Tangent will be in a great position to execute its business plan to advance blood containment and catheter securement technology in the peripheral intravenous catheter market.” Brown, who will continue to serve on Tangent’s board of directors, concluded, “It’s fantastic that the Tangent team was able to attract such a significant and accomplished CEO. As an added bonus, he is local and well known in the community.”
“Tangent shares a lot of similarities with HandyLab and Accuri,” said Williams. “All three companies target multi-billion dollar markets with revolutionary products that offer many advantages over the competition. The one major difference is Tangent will have the added advantage of generating nearly one hundred percent of its revenues from recurring consumable sales.” Williams continued, “The team has made tremendous progress with product development in a very short amount of time and with little capital. I am confident that we will successfully launch our initial product into the billion-dollar-plus IV catheter market within the next year.”
About Tangent Medical Technologies, Inc.
Tangent Medical, a development stage medical device company, was founded in Ann Arbor, Michigan in 2009 based on technology exclusively licensed from the University of Michigan’s Medical Innovation Center. The company’s mission is to improve infusion therapy safety for patients and healthcare workers with its proprietary, intravenous (IV) catheters and associated products. Tangent is led by an experienced, successful management team and the original inventors of the technology. The company expects to begin generating commercial revenues from its lead product, the NovaCath™ peripheral IV system with integrated stabilization and blood containment, in 2012. www.tangentmedical.com