Encision Inc. (PINK:ECIA) CEO Fred Perner died suddenly last week at the age of 59 from an apparent heart attack, the company announced this week. He had been at the helm of the Boulder, Colo.-based surgical devices company since 2011 and had spent more than 30 years in the healthcare industry.

"Fred’s leadership, energy, and vision that he dedicated to helping save patients’ lives will be severely missed," executive chairman Dr. Pat Pace said in prepared remarks. "Fred had a vast knowledge of the medical device field, as well as friends and colleagues across the healthcare universe who were always eager to work with him. Our thoughts and prayers are with his wife and children."

Starting today Pace will move up to executive chairman of the board of directors in order to help "maintain continuity in the oversight of the Chief Executive Officer’s functions," according to a company statement.

Wall Street didn’t react well to the news, sending ECIA shares down 17.3% by about 12:45 p.m. today, when shares were going for about 91¢ apiece.

Encision co-founder Roger Odell earlier this year resigned his role as executive officer, chairman and executive board member, citing no reason for his shift to a non-executive position at the company.