REDMOND, Wash.--(BUSINESS WIRE)--EndoGastric Solutions® (EGS), a leader in incisionless procedural therapy for gastroesophageal reflux disease (GERD), announced today that industry veteran Michael K. Burke has been named Chief Financial Officer. Mr. Burke is a seasoned financial executive with over 30 years of experience.
“I am excited to join EGS at such an important time in the Company’s development,” Mr. Burke stated. “Since receiving our CPT code designation, millions of individuals suffering from painful acid reflux symptoms will now have a pathway to the TIF procedure - a safe and effective treatment option not previously available to them. I look forward to working alongside EGS’ leadership team in establishing our transoral, incisionless procedure as a standard of care for a subset of GERD patients that would significantly benefit from this treatment option.”
EGS recently announced the Federal Register has posted coding and payment information specific to the new Current Procedural Terminology (CPT®), allowing patients to more easily receive access to treatment for GERD. Physicians and hospitals will be able to reference CPT Code 43210 EGD esophagogastric fundoplasty and APC 5331 Complex GI Procedures for TIF procedures as of January 1, 2016.
“Michael is a vital addition to the EGS senior executive leadership team,” said Skip Baldino, President and CEO of EndoGastric Solutions. “Michael brings to EGS deep financial and operational experiences that will serve us well as we continue our efforts to gain greater adoption of our proprietary TIF technology as a beneficial treatment option for a subset of the GERD patient population we serve. As EGS continues to build our franchise with a balanced commercial approach involving robust clinical data expansion, ongoing product development, and increased commercial investments - we are thrilled to have someone of Michael’s caliber spearheading the company’s financial direction.”
Mr. Burke has held several leadership positions in finance. He most recently served as Senior Vice President and Chief Financial Officer of Landauer, Inc., a leading global provider of technical and analytical services to the healthcare sector. Prior to this, Mr. Burke was the Senior Vice President and Chief Financial Officer of Albany International Corp., and as the Executive Vice President and Chief Financial Officer of Intermagnetics General Corporation, a medical device company focused on magnetic resonance imaging. Mr. Burke graduated from Lake Forest College with a bachelor’s degree in Economics and completed graduate studies at The Wharton School of the University of Pennsylvania.
About Current Procedural Terminology (CPT®)
CPT codes are a listing of descriptive terms and identifying codes for reporting medical services and procedures. The purpose of CPT is to provide a uniform language that accurately describes medical, surgical, and diagnostic services, and thereby serves as an effective means for reliable nationwide communication among physicians and other healthcare providers, patients, and third parties. CPT® is registered trademark of the American Medical Association.
Gastroesophageal reflux disease (GERD) is a chronic condition in which the gastroesophageal valve (GEV) allows gastric contents to reflux (wash backwards) into the esophagus, causing heartburn and possible injury to the esophageal lining. The stomach produces hydrochloric acid and other digestive enzymes after a meal to aid in the digestion of food. The cells that line the stomach are coated with a protective mucus that can withstand gastric contents, while the cells that line the esophagus lack the same protection.
GERD is the most common gastrointestinal-related diagnosis made by physicians during clinical visits in the U.S. It is estimated that pain and discomfort from acid reflux impacts over 80 million people at least once per month in the U.S. The standard recommendations for symptomatic GERD patients include lifestyle changes (e.g., diet, scheduled eating times, and sleeping positions) and escalating doses of prescription medications for prolonged periods of time. Long-term, maximum-dose usage of prescription medications has been linked to a variety of other health complications.
About Transoral Incisionless Fundoplication (TIF®) procedure for reflux
Performed without the need for external incisions through the skin, the TIF procedure offers patients who require an anatomical repair another treatment option to correct the underlying cause of GERD. Studies show that for up to three years after the TIF procedure esophageal inflammation (esophagitis) is eliminated and most patients are able to stop using daily PPI medications to control symptoms.
Over 17,000 TIF patients have been treated worldwide since EsophyX® device clearance in 2007. More than 50 peer-review papers from over 40 centers have been published documenting consistent outcomes on over 800 unique study patients. For more information, visit www.GERDHelp.com.
About EsophyX® technology
The original EsophyX device was cleared by the FDA in 2007. EGS launched the third generation EsophyX device, the EsophyX Z in 2015. The technology has continued to evolve and is a clinically-backed tool for physician use in the treatment of GERD. The EsophyX technology now enables surgeons and gastroenterologists to use a wider selection of endoscopes–including low profile and larger high-definition models—to treat the underlying anatomical cause of GERD. The EsophyX technology is used to reconstruct the gastroesophageal valve (GEV) and restore its function as a barrier, preventing stomach acids refluxing back into the esophagus. The device is inserted through the patient’s mouth with direct visual guidance from an endoscope.
About EndoGastric Solutions®
Based in Redmond, WA, EndoGastric Solutions, Inc. (www.endogastricsolutions.com), is a medical device company focused on developing and commercializing innovative, evidence-based, incisionless surgical technology for the treatment of gastroesophageal reflux disease (GERD). EGS has combined the most advanced concepts in gastroenterology and surgery to develop the Transoral Incisionless Fundoplication (TIF®) procedure—a minimally invasive solution that addresses a significant unmet clinical need.
The EsophyX device with SerosaFuse fasteners is indicated for use in transoral tissue approximation, full thickness plication and ligation in the GI tract and is indicated for the treatment of symptomatic chronic gastroesophageal reflux disease in patients who require and respond to pharmacological therapy. It is also indicated to narrow the gastroesophageal junction and reduce hiatal hernia ≤ 2cm in size in patients with symptomatic chronic gastroesophageal reflux disease.