CASMED Appoints Thomas M. Patton President And Chief Executive Officer
BRANFORD, Conn., Aug. 30, 2010 (GLOBE NEWSWIRE) -- CAS Medical Systems, Inc. (Nasdaq:CASM) today announced that Thomas M. Patton has been appointed President and Chief Executive Officer and a member of the Company's Board of Directors. Mr. Patton assumed his duties as President and CEO at CASMED and joined the Board of Directors effective August 27, 2010. CASMED also announced that Andrew E. Kersey has resigned his positions of President, Chief Executive Officer and member of the Board of Directors on the same day.
"We are thrilled to have someone of Tom's caliber manage our Company," said Louis P. Scheps, Chairman of the Board of Directors of the Company. "Tom is a seasoned executive in the medical products field with a broad range of operational and strategic experience from start-ups to growth companies, both public and private. He has a record of creating shareholder value through the creation of sound strategies and thoughtful execution. We look forward to having him lead our business.
"On behalf of CASMED's Board of Directors, I would like to express our gratitude to Mr. Kersey for his service and leadership of the Company over the past few years," continued Mr. Scheps. "He has positioned the Company well, and we wish him the best in his future endeavors."Mr. Patton stated, "I am excited to lead CASMED through the next phase of growth as we continue to commercialize our proprietary FORE-SIGHT ® Absolute Oximetry technology and expand on our strengths in our MAXNIBP ® non-invasive blood pressure technology. CASMED has robust technology platforms which include the first cerebral oximeter available with FDA clearance for non-invasive, continuous measurement of absolute cerebral tissue oxygen saturation for neonates, infants, children and adults. This product alerts medical practioners to otherwise undetected problems and can lead to better patient outcomes. I am confident in our ability to generate value from it and from our other business areas." Mr. Patton has previously served as the CEO of Wright Medical Group, an orthopedic device company, located in Memphis, TN, and as President of Novametrix Medical Systems, a patient monitoring company, located in Wallingford, CT. Most recently, Mr. Patton acted as an advisor to the healthcare-focused private equity group of Ferrer Freeman & Company, LLC, and as CEO of QDx, Inc., a successful start-up that developed a revolutionary platform for hematology diagnostics. He has extensive experience as a corporate director.
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