Medical device manufacturer iSonea has overhauled its board and executive team as it shifts focus from technology development to sales of its hand-held wheeze monitor for asthma sufferers.
Vice-chairman Ross Haghighat will succeed chairman Stewart Washer, who is stepping down from the board.
Former GE executive Jerry Korten will take on the role of chief executive following Michael Thomas' retirement in November. Acrux director and former Asia Pacific president of pharmaceutical outfit Hospira, Dr Tim Oldham, will also join the board.
Mr Haghighat, who runs Boston-based private equity firm Triton Systems, said the changes in the top levels of iSonea were positive. Advertisement
''We're applying a bit of American-style transitioning,'' he said. ''Michael Thomas did a phenomenal job … of really taking a high technology [concept] to a product ready to sell.''
The company has developed a device that monitors wheezing in asthmatics, which occurs when airways are constricted. The device keeps a journal in the cloud, which can be downloaded at the next visit to the doctor.
The company sells its devices online in Australia for $160. The product is approved in Europe, while in the US iSonea's device can be sold with a prescription. The outcome of an application for over-the-counter sales is expected midyear.
Outgoing chairman Dr Washer said he had reached the limit of his most useful skills. ''My sweet spot is taking technologies … from a good, solid concept to a good product and well on their way to a good, stable business,'' he said.
Lodge Partners analyst Marc Sinatra said as a company made a transition it made sense to rejuvenate the board.
''You go from selling potential to selling sales to prospective investors,'' he said. ''Stewart Washer is pretty good but he is a selling-potential-type person.''
The stock surged from a low of 5¢ in the first half of 2013 to as high as 83¢ in September. It closed up 21 per cent to 42.5¢ on Monday. The stock counts pokies baron Bruce Mathieson as an early investor.
ISN Price at posting:
39.0¢ Sentiment: LT Buy Disclosure: Held
