Stereotaxis taps investor exec David Fischel as acting CEO

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Stereotaxis (NASDAQ:STXS) announced a senior management change in a move designed to help re-establish the company’s growth trajectory.

The board unanimously appointed David Fischel as acting CEO and chairman, effective immediately, replacing William Mills, who has resigned as CEO and as a director.

Mr. Fischel has agreed to serve in his capacity on an unpaid basis.

“I am grateful for the responsibility entrusted in me by the board and am excited by the opportunity to reinvigorate Stereotaxis with a culture of growth and to strengthen the commitment to significant innovations in electrophysiology and beyond,” Mr. Fischel, said in a statement.

He said the key elements necessary to transform Stereotaxis into a highly successful company are largely in place. “At the core, we have a technically sophisticated and differentiated robotic system, validated across nearly 100,000 procedures, providing significant clinical benefits to patients and physicians in a rapidly growing multi-billion dollar market.”

In addition, he said a strategic financing last September provided the company with a strong balance sheet, committed investor base, and highly experienced, involved and constructive new board members.

“Our focus now will be on growing sales, financial discipline, and enhanced relationships with potential strategic partners and the financial community,” he added.

Dr. Arun Menawat, CEO of Profound Medical (TSX-V:PRN) and an independent director of Stereotaxis, said Mr. Fischel’s “unyielding passion and enthusiasm for the company are infectious as they energize the people around him. Indeed, they were key factors in my decision to join the Stereotaxis board in the first place.”

Stereotaxic also announced the appointment of Dr. Nathan Fischel, CEO and founder of DAFNA Capital Management, as a director.