Bovie Medical’s (NYSE:BVX) latest funding round came with some major changes for the New York medical device maker, including a C-Suite shuffle that swapped former CEO Andrew Makrides for new chief Robert Gershon.
Gershon is taking the corner office and joining Bovie’s board, according to a company statement. Makrides will remain with the company as its board’s executive chairman.
Gershon’s appointment was announced in conjunction with a $7 million funding raised through Great Point Partners, as the New York company hopes to spur growth and expand its J-Plasma line of gas-based surgical tools.
The new funds were raised through sales of Series A convertible preferred stock and common stock purchase warrants, according to a press release.
"Bovie’s management believes that this funding and the associated operational changes will accelerate the growth of J-Plasma which continues to gain support from influential surgeons across the United States," the company said.
Bovie also announced another new board member, adding Ian Sheffield of Great Point Partners to the roster.