Pavmed (Nasdaq:PAVM) announced that it appointed Joseph Virgilio as SVP and chief business officer for its Medical Devices business.
The company tapped Virgilio, a medtech industry veteran, to oversee its current and future medical device portfolio. It marks a relaunch for the portfolio, which features assets across development and commercialization stages.
Pavmed said its portfolio includes the PortIO implantable intraosseous vascular access device. The system enables the rapid and reliable delivery of fluids, medications and other therapeutics directly into the bone marrow cavity and central venous circulation.
Additionally, the portfolio includes multi-modality endoscopic imaging technology licensed from Duke University last year. The technology is designed to identify and facilitate the treatment of esophageal dysplasia during upper endoscopy. Pavmed and Duke recently executed a definitive license agreement for the technology.
The company licensed the Duke technology through a newly formed subsidiary, Octeris. Virgilio now serves as CEO of both the PortIO and Octeris subsidiaries.
Pavmed said it intends to continue pursuing additional medical device opportunities across various subsectors. Its focus remains on those with synergies with existing assets, such as gastroesophageal reflux-focused technologies.
“Fixing PAVmed’s capital structure and strengthening our balance sheet has allowed us to proceed with the long-anticipated relaunch our medical device portfolio under dedicated, experienced leadership,” said Pavmed Chair and CEO, Dr. Lishan Aklog. “We look forward to leveraging Mr. Virgilio’s deep sector experience and leadership as we advance our existing medical device programs, while seeking to expand our pipeline with significant commercial opportunities which enhance long-term shareholder value. This relaunch is consistent with our mission to build a high-growth diversified commercial life sciences company with multiple independently financed subsidiaries operating under a shared services model.”
More about the new Pavmed executive
Virgilio brings more than 25 years of medtech leadership to Pavmed. The company says his track record includes scaling medical technology businesses, advancing products from development through regulatory approval and commercialization, raising public and private capital and establishing strategic partnerships.
Most recently, he served as president and CEO of Morphic Medical. Morphic develops Reset, an incision-free, endoscopically delivered therapy for treating metabolic disorders.
Virgilio led Morphic’s commercial and operational strategy, advanced key regulatory initiatives and led the company as it brought in more than $40 million in capital.
Prior experience also includes time at Amann Girrbach North America LP, Surgical Specialties Corporation (now Corza Medical). He also had a stint at Aptus Endosystems (acquired by Medtronic in 2015) and previous roles at Boston Scientific and Medtronic.
“PAVmed has already established a strong foundation with its existing medical device programs, and I’m excited to build on that momentum. We have the opportunity to advance these assets while expanding the portfolio with additional high-quality opportunities. My focus will be on driving disciplined execution across the current portfolio, securing dedicated capital, advancing these programs toward key regulatory and commercial milestones, and continuing to build a diversified medical device portfolio through capital-efficient growth,” said Virgilio.
