BOSTON and YOKNEAM, Israel, May 3, 2024
/PRNewswire/ -- Butterfly Medical Ltd, an early-stage medical
device company focused on alleviating suffering in patients with
BPH (Benign Prostatic Hyperplasia), is excited to announce the
hiring of Patrick MacCarthy as
CEO.
With over 20 years of global healthcare leadership experience,
Mr. MacCarthy has led teams to successfully commercialize multiple
medical devices in fields including gastroenterology, pulmonology,
thoracic surgery, gynecology and urology. Mr. MacCarthy was
most recently head of the Urology and Gynecology business unit for
Olympus America, Inc.
"We are thrilled to welcome Pat as our new CEO for Butterfly
Medical", said Greg Parekh, Chairman
of the Board for Butterfly Medical, Managing Partner of New Rhein
Healthcare Investors and former Head of M&A at Novartis. "With
deep cross-functional expertise in large and start-up healthcare
companies, Pat is well positioned to lead Butterfly Medical to
clinical and commercial success. We are committed to helping the
more than 90 million men globally1 who suffer from BPH
symptoms, one of the fastest growing and most prevalent
disease-states."
"The Butterfly Medical team has created an innovative,
anatomically-shaped device designed to treat urinary obstruction
from BPH, without the significant side-effects seen in drugs or
surgical treatments", states Mr. MacCarthy. "I chose Butterfly
Medical because I saw significant value in its unique technology
and because of the strength of the management team, clinicians,
partners and investors. Having obtained regulatory approval and CE
Mark in Europe, we are focused on
completing our U.S. pivotal clinical study and achieving FDA
Clearance."
The Butterfly device has been successfully used in over 250
patients in Israel, Europe and the U.S and has over five years of
outcomes data. It is currently being evaluated in a multi-center,
randomized and sham-controlled trial, through the FDA
Investigational Device Exception process.
About BPH: Over 15 million men in the U.S., and over 90
million globally suffer from the effects of BPH, which include weak
urine stream, frequency and urgency of urination, and nocturia –
waking up during the night to urinate. Untreated, these symptoms
can cause a loss of bladder function and even
permanent catheterization. A growing number of men are
considering minimally invasive procedures to avoid issues from
medicines and surgery. Pharmacological therapy can cause adverse
reactions such as dizziness, loss of sex drive and sexual
dysfunction. Surgical therapies come with risks of hematuria,
infection and erectile dysfunction.2 The market size for
BPH treatment devices is estimated at $1.42B, growing at a compound annual growth rate
of 8.9%.3
About Butterfly Medical: Butterfly Medical's purpose is
to improve the quality of life for patients suffering from Benign
Prostatic Hyperplasia (BPH). With a team of seasoned medical,
technical, clinical and commercial experts, we have created a novel
device and ground-breaking procedure to mechanically and minimally
invasively open the prostatic urethra in men with BPH.
About New Rhein Investors: New Rhein applies a private
equity business model to life sciences venture capital investing.
Combining significant deal-making expertise with deep operating
experience, New Rhein takes significant stakes in a small number of
companies and actively manages their value creation. New Rhein
typically invests between $20 and
$40 million per portfolio company.
Prior investments have included medicines or medical devices for
Alzheimer's disease, ophthalmic disorders, respiratory disease,
critical care, urology and oncology. Our managing partners and
advisors are former senior executives of leading pharmaceutical
firms with outstanding operational and investment track
records.
1 The global, regional, and national burden of benign
prostatic hyperplasia in 204 countries and territories from 2000 to
2019: a systematic analysis for the Global Burden of Disease Study
2019; Lancet, October 2022
2 Efficacy and Side Effects of Drugs Commonly Used for
the Treatment of Lower Urinary Tract Symptoms Associated with
Benign Prostatic Hyperplasia; Zeng et al.; Frontiers in
Pharmacology; May 2020
3 Grandview Research; Report ID: GVR-4-68040-119-1
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SOURCE Butterfly Medical, Inc.