San Diego – July 22, 2014 – 5i Sciences announces both the appointment of Molly Coye, M.D., M.P.H. as a Senior Consultant and the completion of a Series B financing to further development of its products in anesthesia care and sleep medicine.
5i Sciences, a medical technology company focused on airway management products, announced the appointment of Molly Coye, M.D., M.P.H. to a role as Senior Consultant. Dr. Coye is an internationally renowned authority on the market introduction of innovative technologies that impact healthcare delivery. It is expected that she will advise on strategies for building a successful commercial healthcare enterprise based on the Company’s proprietary cNEP™ technology. Dr. Coye is currently the Chief Innovation Officer of UCLA Health, and serves as a Director of Aetna, Inc. and Prosetta Biosciences, Inc. She founded and was CEO of the Health Technology Center, a preeminent forecaster of the impact of emerging technologies. She is a member of the prestigious Institute of Medicine and co-authored two landmark Institute reports on healthcare quality.
“The appointment of a Senior Consultant of Dr. Coye’s stature is an important achievement and opportunity for our Company,” said Dr. Richard Rose, President and CEO. “Given her extensive experience in evaluating emerging healthcare technologies, it is gratifying that she has chosen to work with 5i, which is further validation of the potential of our cNEP technology for improving healthcare. We are delighted to have the opportunity to work closely with Dr. Coye as we identify strategies for maximizing the impact of our cNEP products as they are introduced into the markets for hospital based airway management and sleep medicine.”
Dr. Coye commented, “I am very pleased to have the opportunity to advise 5i Sciences in the further development of their technology and products, because they target some of the most clinically important and widespread conditions affecting patients. The potential of the cNEP technology for improving outcomes and patient experience in both hospital and home settings is very promising.”
The Company also announced completion of a Series B financing that raised $2.5 million and resulted in the conversion of $2.9MM in convertible Notes, $2 MM of which, was previously announced. Dr. Rose indicated that these funds will be used to further the development of products for airway management in anesthesia care and sleep medicine.
Avram Miller, Vice-Chairman, remarked “Over the last twelve months, 5i Sciences has made significant progress in strengthening its board and management team, and advancing the development of its core technology. The more than five million dollars that the company has raised provides a solid financial foundation which will allow the company to bring its first products to market.”
About 5i Sciences:
5i Sciences is developing its proprietary continuous negative external pressure (cNEP™) technology for important medical and consumer applications. The Company is dedicated to offering simple to use, comfortable and well-tolerated products that keep the upper airway open. For more information, visit www.Sommetrics.com.
Richard M. Rose, M.D.
President and CEO