ProLung is pleased to announce that it has appointed Jared Bauer as interim CEO. Mr. Bauer brings over a decade of leadership in the medical device industry and looks forward to steering ProLung through this transitional phase and further along the path to market. Michael Garff will return to his position as COO where he will prioritize FDA approval.
"I am excited to join the ProLung team. Moving forward, the management and executive team will be characterized by deep medical technology industry-specific expertise. The new team is prepared to enhance ProLung's research and development function, improve regulatory compliance, and achieve FDA approval. In order to do so, the Company is announcing reductions in non-essential staff as part of the reorganization to focus on ProLung's core technology. The Company has also hired an outside accounting firm to perform its accounting and prepare SEC filings, which will ensure transparency in its accounting practices moving forward."
Mr. Bauer has expressed in a comprehensive manner the reasons he accepted the position of interim CEO, his assessment of the past management problems experienced by the Company, the challenges confronting the Company, and his plan for the future success of the Company. Mr. Bauer believes this will require a paradigm shift towards prioritizing the product and maintaining its unique value. Your Board has outlined a new Seven-Point Strategy that defines how this can be achieved: Full Transparency. The ProLung team is committed to full transparency. This includes celebrating successes together with its investors as well as addressing setbacks in a timely manner. Starting today, the Company will also renew its regular updates via email, and will meet with shareholders as often as possible for a public company. Focus on the Core Team. The Company looks forward to re-organizing and re-deploying its internal talent to focus on regulatory affairs, science and technology, with the driving goal of supporting ProLung's FDA De Novo submission. This requires ensuring that the right people with the right skills are in the right positions to navigate the ProLung Test along the path toward FDA approval and marketplace penetration. Technology Focus on ProLung Test Performance. Technological performance will ultimately determine ProLung's success. Therefore, technological progress dictates ProLung's future. Improving our internal technology processes requires collaborating with the right experts, including statisticians to optimize our predictive algorithm, FDA experts to fine-tune our De Novo submission, regulatory and quality experts to ensure that we are compliant with regulations, and engineers that can characterize the ProLung System and patient database as well as address end of life and patient data privacy regulations.