St. Paul, Minn.-based EnteroMedics said chairman, president & CEO Mark Knudson will become executive chairman when Gladney takes over the corner office until Jan. 1, 2016, when he will become non-executive chairman.
“It is with great pleasure that the board and EnteroMedics welcome as experienced a leader and innovator as Dan Gladney as our new chief executive officer,” Knudson said in prepared remarks. “Dan has a track record of rapidly understanding and harnessing the potential of emerging medical technologies. With growing momentum behind the controlled launch of vBloc neurometabolic therapy in the U.S., we look forward to his contributions as EnteroMedics advances through its next stage of growth and development.”
“In vBloc, EnteroMedics has developed what is among the most innovative new technologies for the long-term treatment and management of obesity,” Gladney added. “The unmet need for the treatment of this disease cannot be overstated, and it is my goal to see vBloc play an important role in bridging the gap between existing therapies. I also look forward to working with the talented and dedicated team at EnteroMedics.”
Gladney’s resume includes stints at Norwest Equity Partners, Heart Leaflet Technologies and ACIST Medical Systems and Compex Technologies, EnteroMedics said.
Gladney’s deal includes an option to acquire 7.75 million ETRM shares at 25¢ apiece, with 25% vesting after a year and the balance vesting in 2.0833% monthly installments over the following 36 months, the company said.
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