Dr. Nicholas Medendorp, Jr. Named CEO of KNOW Bio Medical Device Company, PhotonMD, Inc.
DURHAM, N.C., Mar. 9, 2017 /PRNewswire/ — KNOW Bio, LLC. a leading innovator in healthcare, today announced the debut of PhotonMD, Inc. their new medical device business. It is led by Dr. Nicholas Medendorp, Jr, who serves as President and Chief Executive Officer. Medendorp, founder of PhotonMD, is a seasoned technology and product development leader with more than 80 US patents in LED and lighting products. He has more than 19 years of experience in the technology development industry and has served in a broad range of functions, including electro-optics, product development, manufacturing and marketing. In addition, he has extensive experience in developing companies to high growth and profitability, including senior leadership roles with start-ups and large technology companies.
“Nick Medendorp brings a very diverse technology knowledge base and is highly skilled at building strong teams. Nick’s passion and tenacity are positioning PhotonMD as a dominant player in the photomedicine device market,” said Neal Hunter, Chairman of KNOW Bio. Most recently, Medendorp served as Vice President, Medical Devices at Novan, Inc (NASDAQ: NOVN) where he led the team responsible for the creation and development of medical devices. This group, which was the foundation for PhotonMD , was included in the separation of assets in late 2015 prior to Novan taking the medical dermatology business public. Previously, Nick served as Vice President of Research and Development and Vice President of Operations at Cree, Inc. where he focused on building teams that accelerated LED technology development and deployment in commercial and industrial applications.
“I am proud of the world class team we have assembled that has more than 65 years of product development experience, medical device commercialization, and has been involved in more than 50 device clearances. I look forward to our team accelerating recent advancements in the understanding of the biological responses to light and improvements in the digitization and selectivity of light-based technologies,” Medendorp said.
PhotonMD ’s Modulated Light TherapyTM technology is based on a photomedicine platform that can be delivered in a variety of doses and tailored form factors for specific indications. KNOW Bio, LLC was created to develop and optimize biotechnology solutions for many different applications. For more information, please visit www.photonmd.com.
Except for historical information, all the statements, expectations, and assumptions contained in this press release are forward-looking statements. Actual results might differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include: reliance on key personnel; the early stage of our business; risks associated with the medical device and drug development processes; competition; and other risks described in other Company press releases and presentations. KNOW Bio and PhotonMD assumes no obligation and do not intend to update these forward-looking statements, except as required by law.
Source: KNOW Bio, LLC.
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Company separated from Novan pre-IPO is looking to commercialize later this year
Durham-based medical device company PhotonMD –focused on light therapy –is looking to take its first product to market later this year, according to President and CEO Dr. Nicholas Medendorp Jr.
PhotonMD started in January 2016 after separating from Novan (Nasdaq: NOVN) – which is developing a treatment for acne without the use of antibiotics – prior to its initial public offering. Novan’s IPO closed in September and raised $51.9 million, before underwriters’ discounts and commissions.
Novan was focused on medical dermatology and “the light-based medical devices did not really fit that asset class,” says Medendorp. Ultimately, PhotonMD was spun out as a portfolio company of KNOW Bio, which has “additional IP assets” it is planning to take to market.
He says that PhotonMD is preparing for its 510(K) premarket submission to the U.S. Food and Drug Administration for its first product next quarter. The product will “likely be cleared in the second half of 2017,” he says and also “available to the marketplace,” later this year.
While Medendorp declined to discuss the specifics of the product at this point, he said it involves a safer form of light therapy for an aesthetic application.
Medendorp previously served as vice president of medical devices at Novan, and prior to that, served as vice president of research and development as well as vice president of operations at Cree.
F. Neal Hunter, founder and former CEO of Cree, is among Novan’s largest shareholders. He also serves as chairman of KNOW Bio.
Medendorp says that PhotonMD will be “leveraging technology for other indications” as well and that the company currently consists of eight full-time employees. We “have a hiring plan [and] we’ll likely double the size of the company in the next 12 months,” he says.
In terms of its commercialization plan and additional assets, Medendorp says PhotonMD “will be raising additional capital in the future.” He declined to comment further on funding.
The company has office space at Keystone Technology Park.