SAN DIEGO, Jan. 17, 2017 (GLOBE NEWSWIRE) -- Obalon Therapeutics Inc. (NASDAQ:OBLN), a vertically integrated medical technology company, announced today that Jonah Shacknai, Executive Chairman of DermaForce and former Chairman and Chief Executive Officer of Medicis has been elected to its board of directors. Mr. Shacknai joins Raymond Dittamore and Les Howe as the latest members of Obalon Therapeutic’s board of directors.
“With the addition of Mr. Shacknai, we are able to tap into more than 25 years of deep expertise in aesthetics combined with a unique perspective into marketing to patient and physician customers simultaneously,” commented Andy Rasdal, Chief Executive Officer of Obalon. “Coupled with the business expertise of Mr. Dittamore and the commercial expertise of Mr. Howe, we have a board of directors with a diverse array of experiences and a track record of success in their individual industries.”
Mr. Shacknai is currently the Executive Chairman of DermaForce Partners, which operates prestige skincare company Dermarché Labs and the new doctor dispensed skincare brand, SkinBetter Science. Previously, Mr. Shacknai was the founder of Medicis Pharmaceutical Corporation, and served as its Chairman and Chief Executive Officer for 25 years, until the acquisition of the Company in 2012 for $2.6 billion. Medicis was one of the leading medical dermatology and aesthetics companies in the world. Mr. Shacknai was involved directly in the development, regulatory approval, and marketing of over 40 products.
“The technological innovation and large potential market opportunity that Obalon combines made this an intriguing opportunity for me,” stated Mr. Shacknai. “I have tremendous respect for and confidence in Obalon’s Executive team and look forward to working with them to build this business.”
Mr. Shacknai joins the board as the newest member, following Raymond Dittamore and Les Howe joining in 2016. Mr. Dittamore retired as a partner of Ernst & Young LLP, an international public accounting firm, in 2001 after 35 years of service. Mr. Dittamore currently serves on the board of directors of QUALCOMM Incorporated, a semiconductor and telecommunications equipment company. Mr. Dittamore previously served as a director of Life Technologies Corporation from July 2001 to February 2014, Gen-Probe Incorporated from August 2002 to September 2009 and Digirad Corporation from March 2004 to March 2008. Mr. Howe served as an Audit Partner of KPMG LLP from July 1967 to September 1997 and was a Senior Partner of KPMG LLP from 1994 to 1997. He also served as an Area Managing Partner/Managing Partner of the Los Angeles office of KPMG from May 1994 to September 1997. Mr. Howe has been a Director of NuVasive, Inc. since February 2004 and its Lead Independent Director since May 2016. Mr. Howe has also been a Director at DJO Incorporated, PF Chang’s China Bistro, Inc., and an Independent Director of Volcano Corporation.
About Obalon Therapeutics, Inc.
Obalon Therapeutics, Inc. (NASDAQ:OBLN), is a San Diego-based company focused on developing and commercializing novel technologies for weight loss. The Obalon management team has over 150 combined years of experience in developing and commercializing novel medical technologies with a track record of financial and clinical excellence. For more information, please visit www.obalon.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the company’s market opportunity. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, the company cannot guarantee future events, results, actions, levels of activity, performance or achievements. Forward-looking statements are subject to risks and uncertainties that may cause the company's actual activities or results to differ significantly from those expressed in any forward-looking statement, including risks and uncertainties related to the company’s ability to achieve or sustain profitability; the company’s ability to predict its future prospects and forecast its financial performance and growth; the rate at which physicians and patients adopt and use the company’s balloon system; the effect of adverse events or other negative developments involving other companies’ intragastric balloons or other obesity treatments; the company’s ability to educate physicians on safe and proper use of the Obalon balloon system; the rate at which patients may experience serious adverse device events as the result of the misuse or malfunction of, or design flaws in, the company’s products; the company’s ability to obtain FDA approval or other regulatory approvals for its future products and product improvements; the company’s ability to adequately protect its proprietary technology and maintain its issued patents and other risks and uncertainties described under the heading "Risk Factors" in documents the company files from time to time with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this press release, and the company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.
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