TranS1 Inc. has a new leader.
The company announced on January 4 that Ken Reali is the new CEO, adding to his titles of President and COO. Rick Randall, who joined the company in 2002, is heading upstairs to a new position called Executive Chairman of the Board after serving as the company’s CEO.
Reali joined TranS1 a year ago after five years at Smith & Nephew where he rose to become General Manager of the Biologics and Clinical Therapies Business. Reali also held sales and product development positions at Stryker and Biomet before joining Smith & Nephew.
Reali will undoubtedly continue the tasks of trying to obtain a category I CPT code for the company’s AxiaLIF procedure and working with customers on reimbursement issues.
Randall Praised
The company announcement stated that Randall will continue to play “an important role in the management of the company and will principally be involved with working with Mr. Reali and his management team on building shareholder value in an evolving spine market more focused on cost effective, minimally invasive surgical therapies. In connection with his appointment as Chief Executive Officer, Mr. Reali is also being elected as a member of the Board.”
“Rick has been instrumental in the development of TranS1 since joining the company in 2002 and we are pleased that he will continue to serve as Executive Chairman of the Board, ” said Paul LaViolette, Lead Director of TranS1. “Ken has made a significant impact on TranS1 since he joined last year and we are enthusiastic about his leading the company forward.”
Randall was president, CEO and a director of Innovasive Devices, Inc., a developer, manufacturer and marketer of arthroscopic surgical products which was acquired by the Ethicon Division of Johnson & Johnson in 2000.
Products and Revenue
Company revenue for the third quarter of 2010 was $6.3 million, an 8% decrease over revenue of $6.9 million in the third quarter of 2009. The company is not yet profitable and lost $0.18 per share in the third quarter of 2010 compared to a loss of $0.27 per share in the third quarter of 2009.
Reali said TranS1 is “well positioned to become a significant participant in spinal implants through growth of its AxiaLIF core technology.”
TranS1 currently markets the AxiaLIF family of products for single and multilevel lumbar fusion and the Vectre and Avatar posterior fixation systems for lumbar fixation supplemental to AxiaLIF fusion. TranS1 was founded in May 2000 and is headquartered in Wilmington, North Carolina.
