Butterfly Medical Ltd, an early-stage medical device company focused on alleviating suffering in patients with BPH (Benign Prostatic Hyperplasia), is excited to announce the hiring of Patrick MacCarthy as CEO.
With over 20 years of global healthcare leadership experience, Mr. MacCarthy has led teams to successfully commercialize multiple medical devices in fields including gastroenterology, pulmonology, thoracic surgery, gynecology and urology. Mr. MacCarthy was most recently head of the Urology and Gynecology business unit for Olympus America, Inc.
“We are thrilled to welcome Pat as our new CEO for Butterfly Medical”, said Greg Parekh, Chairman of the Board for Butterfly Medical, Managing Partner of New Rhein Healthcare Investors and former Head of M&A at Novartis. “With deep cross-functional expertise in large and start-up healthcare companies, Pat is well positioned to lead Butterfly Medical to clinical and commercial success. We are committed to helping the more than 90 million men globally1 who suffer from BPH symptoms, one of the fastest growing and most prevalent disease-states.”
“The Butterfly Medical team has created an innovative, anatomically-shaped device designed to treat urinary obstruction from BPH, without the significant side-effects seen in drugs or surgical treatments”, states Mr. MacCarthy. “I chose Butterfly Medical because I saw significant value in its unique technology and because of the strength of the management team, clinicians, partners and investors. Having obtained regulatory approval and CE Mark in Europe, we are focused on completing our U.S. pivotal clinical study and achieving FDA Clearance.”
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The Butterfly device has been successfully used in over 250 patients in Israel, Europe and the U.S and has over five years of outcomes data. It is currently being evaluated in a multi-center, randomized and sham-controlled trial, through the FDA Investigational Device Exception process.
Over 15 million men in the U.S., and over 90 million globally suffer from the effects of BPH, which include weak urine stream, frequency and urgency of urination, and nocturia – waking up during the night to urinate. Untreated, these symptoms can cause a loss of bladder function and even permanent catheterization. A growing number of men are considering minimally invasive procedures to avoid issues from medicines and surgery. Pharmacological therapy can cause adverse reactions such as dizziness, loss of sex drive and sexual dysfunction. Surgical therapies come with risks of hematuria, infection and erectile dysfunction.2 The market size for BPH treatment devices is estimated at $1.42B, growing at a compound annual growth rate of 8.9%.3
Butterfly Medical‘s purpose is to improve the quality of life for patients suffering from Benign Prostatic Hyperplasia (BPH). With a team of seasoned medical, technical, clinical and commercial experts, we have created a novel device and ground-breaking procedure to mechanically and minimally invasively open the prostatic urethra in men with BPH.
SOURCE: PRNewswire