Medical device-maker Neovasc Inc. (TSX:NVC) is getting an injection of new blood in its leadership team.
The Vancouver-based firm announced Monday (January 22) Fred Colen is replacing Alexei Marko as CEO effectively immediately.
Marko, who led the company for a decade, will retain his seat on Neovasc’s board of directors.
Prior to Neovasc, Colen served as president of MedTech Lighthouse and was the chief technology officer of life sciences giant Boston Scientific.
The appointment is not the only connection between Neovasc and Boston Scientific.
The two companies closed a US$75-million financing deal in December of 2016 in which Boston Scientific agreed to buy Neovasc’s tissue processing technology and facility in exchange for 15% equity in the Vancouver firm.
That deal followed a May 2016 jury verdict that ordered Neovasc to pay fellow medical device-maker CardiAQ US$70 million for stealing intellectual property.
U.S. Federal District Court Judge Allison Burroughs then ruled in late October that CardiAQ was the inventor of Neovasc's ‘964 Patent, upheld the jury’s May verdict as well as its US$70 million award against Neovasc, and awarded CardiAQ an additional US$21 million in enhanced damages to come from Neovasc.
"After ten years building Neovasc, I am convinced that now is the time for new leadership to take the company to the next level," Marko said in a statement.
"I look forward to my continued involvement as a board member."
-With files from Glen Korstrom
