MINNEAPOLIS, July 11, 2016 (GLOBE NEWSWIRE) — Skyline Medical Inc. (NASDAQ:SKLN) (“Skyline” or “the Company”), producer of the FDA-approved STREAMWAY® System for automated, direct-to-drain medical fluid disposal, announces the appointment of Peter D. Alex as Vice President of Sales. Mr. Alex will oversee all aspects of direct and distributed sales of Skyline Medical’s proprietary STREAMWAY System and will report to Carl Schwartz, Interim CEO.
Mr. Alex has nearly 20 years of commercial medical device experience with industry leaders including Olympus Corporation and Boston Scientific Corporation, as well as with emerging companies, and a career-long focus on gastroenterology, pulmonary and surgical endoscopic products. Prior to joining Skyline Medical, Mr. Alex served from 2014 to 2016 as a National Sales Director at Olympus Corporation where he led two product launches and managed product life cycle sales efforts. Prior to Olympus, he served as Vice President of Sales and Marketing for Somna Therapeutics, a startup medical device company for which he co-invented its lead product, the Reza Band™. Prior to Somna, he worked at Olympus Corporation from 2003 to 2012, holding sales and marketing jobs of increasing responsibility, and at Boston Scientific from 2001 to 2003 as Territory Manager for Microvasive Endoscopy.
As part of Mr. Alex’s compensation package he will receive inducement stock options in accordance with NASDAQ listing rules for 1,000,000 shares of Skyline common stock at $0.15 per share. The options will vest quarterly in six equal installments over an 18-month period and have a term of 10 years. The options were granted outside of the Company’s stock incentive plan but are subject to terms and conditions generally consistent with the plan.
“Peter is exceptionally qualified to establish and execute our sales and distribution plans for the STREAMWAY System. We expect his in-depth knowledge and experience at both multinational and emerging companies will help the STREAMWAY System gain market share in the U.S. and Canada over the near term, and in Europe in the future,” said Dr. Carl Schwartz, Interim Chief Executive Officer of Skyline Medical. “We are pleased that an executive of Peter’s caliber has chosen to join Skyline and we look forward to his contributions.”
“The STREAMWAY System is a best-in-class product with features and benefits that are far superior to any competing fluid-disposal system,” said Mr. Alex. “I look forward to implementing a focused, cost-effective yet comprehensive program to establish relationships with well-targeted customers to drive System sales and, in turn, recurring revenue.”
Mr. Alex holds an MBA from Marquette University and a BS from the University of Wisconsin-Milwaukee.
About the STREAMWAY System
Skyline Medical’s revolutionary, FDA-cleared STREAMWAY System is the first true direct-to-drain fluid disposal system designed specifically for medical applications, such as radiology, endoscopy, urology and cystoscopy procedures. It connects directly to a facility’s plumbing system to automate the collection, measurement and disposal of waste fluids, and minimizes human intervention for better safety while improving compliance with Occupational Safety and Health Administration (OSHA) and other regulatory agency safety guidelines. It also provides unlimited capacity for increased efficiency in the operating room, which leads to greater profitability. The STREAMWAY eliminates canisters to reduce overhead costs and provides greater environmental stewardship by helping to eliminate the approximately 50 million potentially disease-infected canisters that go into landfills annually in the U.S.
About Skyline Medical Inc.
Skyline Medical Inc. produces a fully automated, patented, FDA-cleared, waste fluid disposal system that virtually eliminates staff exposure to blood, irrigation fluid and other potentially infectious fluids found in the healthcare environment. Antiquated manual fluid handling methods — which require hand carrying and emptying filled fluid canisters — present an exposure risk and potential liability. Skyline Medical’s STREAMWAY System fully automates the collection, measurement and disposal of waste fluids and is designed to: 1) reduce overhead costs to hospitals and surgical centers, 2) improve compliance with OSHA and other regulatory agency safety guidelines, 3) improve efficiency in the operating room, and radiology and endoscopy departments — leading to greater profitability, and 4) provide greater environmental stewardship by helping to eliminate the approximately 50 million potentially disease-infected canisters that go into landfills annually in the United States. For additional information, please visit www.skylinemedical.com.
Forward-looking Statements:
Certain of the matters discussed in this announcement contain forward-looking statements that involve material risks to and uncertainties in the Company’s business that may cause actual results to differ materially from those anticipated by the statements made herein. Such risks and uncertainties include, among other things, current negative operating cash flows and a need for additional funding to finance our operating plan; the terms of any further financing, which may be highly dilutive and may include onerous terms; unexpected costs and operating deficits, and lower than expected sales and revenues; uncertain willingness and ability of customers to adopt new technologies and other factors that may affect further market acceptance, if our product is not accepted by our potential customers, it is unlikely that we will ever become profitable, adverse economic conditions; adverse results of any legal proceedings; the volatility of our operating results and financial condition; inability to attract or retain qualified senior management personnel, including sales and marketing personnel; our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the Company’s ability to implement its long range business plan for various applications of its technology; the Company’s ability to enter into agreements with any necessary marketing and/or distribution partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company’s technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company’s reports filed with the Securities and Exchange Commission, which are available for review at www.sec.gov. This is not a solicitation to buy or sell securities and does not purport to be an analysis of the Company’s financial position. See the Company’s most recent Annual Report on Form 10-K, and subsequent reports and other filings at www.sec.gov.
CONTACT: Contact: Investors LHA Kim Sutton Golodetz (212) 838-3777 kgolodetz@lhai.com
