Butterfly Medical Welcomes Experienced Urology Executive to its Helm
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.
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.
