Icon Medical Corp. has raised $2.70 million, or 54 percent of a $5 million offering of shares and convertible promissory notes, from 23 investors, according to an SEC filing.

The Atlanta-based medical devices company said the offering included 6.38 million shares issued at a 20 percent discount pursuant to the conversion of convertible promissory notes.

Principals named in the filing are:

· President and CEO Vernon Merritt;

· Vice President Research & Development Udayan Patel; and

· Noah Roth, director for intellectual property & new technology.
 

Also named in the filing were the following directors:

· Chairman Jay Yadav;

· Prof. Mark Allen of the Georgia Institute of Technology;

· Entrepreneur Andrew Gallagher;

· Ron Levine; and

· Marvin Woodall, former CEO of Lehigh Valley Hospitals and Health Network.

 

Icon develops medical devices to provide cardiovascular solutions. It has advisory relationships with the staff and faculty of Case Western Reserve University and Georgia Institute of Technology, among others.

 

Reg D filing: http://tinyurl.com/89xplwj

 

Bios from Icon Medical site:

 

Jack Merritt
PRESIDENT & CHIEF EXECUTIVE OFFICER

 

Jack has over 30 years experience in sales, marketing and general management in the medical device arena, and led the commercialization of the original Palmaz-Schatz Coronary Stent, which created a $500 million business within Johnson & Johnson, leading to the acquisition of Cordis Corporation.

Jack started his career in the medical device industry with the Codman division of Johnson & Johnson, where he moved through assignments in sales, sales management, product management and International Marketing and Management. Following his success as Vice President Sales and Marketing at Johnson & Johnson Interventional Systems, Jack served as Vice President Sales and Marketing at CardioGenesis Corporation, where he set up distribution in Europe and drove the clinical trial for PMR in the United States. Prior to joining ICON, Jack served as President for the Americas at Regent Medical where he was directly responsible for sales growth and business expansion resulting in strong annual profit growth.

 

EDUCATION

BBA, Georgia State University; Executive Business Programs at Kellogg School of Management at Northwestern University and INSEAD Fountainbleu France

 

Udayan Patel, MS, MBA

VICE PRESIDENT RESEARCH & DEVELOPMENT

 

Udayan has over 21 years Product Development experience and is the recipient of 20- US patents.

 

He began his career in the medical device industry as a Research and Development Scientist for the Vistakon division of Johnson & Johnson. Following that he spent 10 years at Guidant Corporation where he was a Program Manager in Product Development, and responsible for the design, development, and manufacturing ramp-up of novel PTA balloons and stents.

Following that Udayan was Director of R&D at Advanced Stent Technology, where he was responsible for manufacturing ramp-up for all new products. Prior to joining ICON Udayan was Director of R&D at Avantec Corporation where he was responsible for development of PTA and PTCA products.

 

EDUCATION

MBA, University of Phoenix; MS (Plastics Engineering), University of Massachusetts; MS (Polymer Science), University of Massachusetts; BS, (Chemistry) Bombay University

 

Noah M. Roth, MS, JD

DIRECTOR, INTELLECTUAL PROPERTY & NEW TECHNOLOGY

 

Noah has over 13 years Product Development experience, is the recipient of 17 US patents, and is admitted to the State Bar of New Jersey.

 

Noah began his medical device career with Micro Therapeutics, where he developed the first liquid embolic system (Onyx) for the treatment of intracranial aneurysms, designed and developed micro catheters and compliant balloon systems for stent delivery and designed and developed a self expanding thin film stent system for the exclusion of vascular malformations. Following that Noah spent 7.5 years at the Cordis Corp. a Johnson & Johnson Co. as Manager of New Product Development. In this position, he managed cross functional and multi site project teams, resulting in the successful launch of two new products within a 1 year time frame, and approximately $125 million in new annual revenue. Noah is a certified Black Belt in Design Excellence, and was a member of the Cordis Endovascular Engineering Patent Disclosure Review Board.

 

EDUCATION

JD, Rutgers School of Law Newark; MS, (Biomedical Engineering) University of Tennessee Health Science Center School of Biomedical Engineering; BS, (Mechanical Engineering) Polytechnic University

 

Directors

 

Jay Yadav, MD

CHAIRMAN OF THE BOARD

 

Jay Yadav MD is Chairman of ICON's Board of Directors. Jay is an internationally recognized interventional cardiologist and entrepreneur who is Founder, Chairman and CEO of CardioMEMS Corporation in Atlanta. He was Chairman of Angioguard, Inc. which was acquired by Johnson and Johnson, and a Director of SMART Therapeutics, Inc. which was acquired by Boston Scientific. Dr. Yadav serves on the board of directors of several private medical device and technology companies. Dr. Yadav has authored over 200 publications and 3 books and his clinical affiliation is with the Piedmont Cardiovascular Institute. Dr. Yadav's post-graduate medical training was performed at Duke University and The University of Alabama at Birmingham. www.jayyadav.com

 

EDUCATION

MD, West Virginia University Medical School; BS, Yale University

 

A. William Gallagher, MBA

 

William Gallagher is a successful entrepreneur whose activities include an international family held manufacturing business, Arrow International, Inc. Headquartered in Cleveland, Ohio USA, the company is comprised of over 2,000 employees and several other manufacturing and real estate businesses. Mr. Gallagher's manufacturing and broad business experience have been invaluable in the development of ICON's infrastructure.

 

EDUCATION

MBA, Case Western Reserve University

 

Mark G. Allen, PhD

 

Mark G. Allen, Ph.D., Chief Scientific Consultant is Regents' Professor and Senior Vice Provost, Research and Innovation at the Georgia Institute of Technology. . His main research focus is in micro-electro mechanical systems (MEMS), the use of microfabrication techniques to create mechanical structures in silicon and other materials, potentially in addition to electronic devices. Dr. Allen provides scientific guidance and direction to ICON, with a focus on the development of Bioabsorbable stents with enhanced drug delivery mechanisms.

 

EDUCATION

MS and PhD, Microelectronic Materials, MIT; BSE Chemical and Electrical Engineering, University of Pennsylvania

 

Marvin L. Woodall

 

Mr. Woodall has served as Chief Executive Officer of the Cardiovascular Research Foundation, a non-profit research foundation. From 2001 to 2005, Mr. Woodall served as Chairman of the Board of the Lehigh Valley Hospitals and Health Network. From 1988 to 1996, Mr. Woodall was the President of Johnson & Johnson Interventional Systems, a medical device company. He serves as an advisor or a member of the board of directors to several medical and healthcare private companies and hospitals.

 

EDUCATION

B.B.A. Management and Finance University of Oklahoma; Graduate Studies at Harvard, Columbia, and Duke Universities