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VANCOUVER, BC, Jan. 10, 2022 /CNW/ - Principal Technologies Inc. (the "Company") (TSXV: PTEC.P), which is focused on building a diverse portfolio of investments in healthcare technology companies, is pleased to announce that Rick Geoffrion will be joining the Company as a Senior Advisor.
Geoffrion has more than 35 years of management experience in the healthcare technology sector and has founded or co-founded seven medtech companies, raised more than $200 million to support his various ventures, and has completed successful exits for several of those companies. He is currently serving as President and CEO at Cyrano Therapeutics.
"Principal Technologies is unique compared to other models that I have seen in the market. In particular, I am excited about the Company's specific focus on European companies that have been very successful regionally, but haven't expanded beyond a relatively small geographic area. There are many companies in Europe with great products and businesses that have the potential to expand globally," said Geoffrion. "Over the past 5-10 years, the regulatory pathways for many medical technologies have changed. It used to be easier to perform early stage clinical investigation in Europe, but now it is actually easier to do so in the U.S., which could be a tremendous opportunity for some of these companies."
Geoffrion is also a member of the Executive Committee and the Board of Directors of the Medical Device Innovation Consortium (MDIC), a non-profit, public-private partnership between the Food and Drug Administration (FDA), Centers for Medicare and Medicaid Services (CMS) and the medical device industry, providing him with critical insights on the leading edge of regulatory and reimbursement policy.
"In Europe, a significant number of medical device companies are family run organisations that raise money through private banks and have slowly and thoughtfully built their businesses over many years or decades. Many of these European businesses have very good bones and are profitable, but just need the right support and a strategic capital injection in order to scale to increased success and profitability," Geoffrion added. "The reality in the U.S. is quite different because historically there has been a much stronger bias toward raising early stage venture capital and focusing on quickly getting a product to market in order to secure a return for those investors."
Principal Technologies is focused on identifying and accelerating the growth of companies that have IP capable of enhancing medical treatment quality, cost efficiency, optimization of the patient pathway, and implementation of point of care technologies.
"Rick will be instrumental in supporting the growth and success of our portfolio companies, as well as identifying new potential portfolio companies, market trends, deal flow, and emerging areas in industry for us to assess," said Jerry Trent, CEO, and President of Principal Technologies. "He has tremendous expertise in the business of scaling healthcare technologies in countries around the world. We look forward to working with him to drive the success of our portfolio."
The Company also announces that it has granted 100,000 stock options under the Company's stock option plan to a consultant of the Company at a price of C$0.16, exercisable for a period of ten years from the date of grant, subject to approval of the TSX Venture Exchange.
About Principal Technologies Inc.
Principal Technologies Inc. (TSXV: PTEC.P), is building a diverse portfolio of investments in healthcare technology companies with a focus on those with global distribution potential, that have achieved regional success. Principal Technologies will also focus on companies that have IP capable of enhancing medical treatment quality and efficiency, cost efficiency, optimization of the patient pathway, and implementation of point of care technologies. In addition to providing growth capital, the company also aims to support the growth of its portfolio with the expertise of its management team, board, and advisers.
Learn more: https://principal-technologies.com/
For investor inquiries or further information, please contact: Jerry Trent, Chief Executive Officer: email@example.com
For media inquiries, please contact: Brittany@Exvera.com
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE Principal Technologies Inc.
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