San Clemente-based ICU Medical Inc. is entering a new phase in its history, one in which Dr. George Lopez, its founder, is no longer running the show on a daily basis.
ICU, a maker of needleless intravenous connectors and other devices, announced about two weeks ago that Lopez, who founded ICU in 1984, would step down as chief executive due to health reasons.
Lopez, who owns 11% of ICU, remains chairman of the board and is moving to a research and development role.
The position change for Lopez, who’s affectionately referred to as “Doc” by employees and analysts, came up during the question-and-answer portion of ICU’s earnings call about two weeks ago.
Steven Riggs, who is acting chief executive as ICU searches for a permanent leader, led the call.
Thomas Gunderson, a medical device analyst with Minneapolis investment bank Piper Jaffray, noted that when a company’s “longtime founder, CEO, president finally steps down, that’s a culture shock to an organization. I’m just curious from an overall employee standpoint how Steve’s role stepping up and Doc’s role stepping down is being taken.”
Chief Financial Officer Scott Lamb, who also handles much of ICU’s media inquiries, responded to Gunderson: “Well, it was just announced a few minutes ago, so we haven’t had an opportunity to meet with the rest of the employees yet. And, however, I think that they’ll take it in stride.
“Obviously, everyone from a day-to-day perspective is going to miss Dr. Lopez. His influence has been great in the company, and he’s not going away.”
Riggs, “with his many years of service in ICU Medical working directly with Dr. Lopez, learning a lot from him, obviously, a lot of the culture’s ingrained in us,” Lamb said, adding that the company has “probably the optimal situation that we could have in this type of a transition.”
Lamb also told Gunderson that ICU’s board of directors would decide whether the device maker will hire a search firm to look for a new chief executive or whether the company would handle that itself.
Studies Highlight Device Maker’s Work
Irvine-based Breathe Technologies Inc. said a pair of presentations at the recent 2013 American College of Chest Physicians’ annual meeting in Chicago featured its noninvasive open ventilation medical device.
Breathe is working on devices to treat lung diseases, such as chronic obstructive pulmonary disease, which is a mix of emphysema and bronchitis.
The presentations covered the device’s effect on the breathing patterns of patients with severe COPD, as well as its effect on volume and inspiration during exercise by patients with severe COPD.
Laboratory With OC Presence Acquired
Plus Diagnostics Inc., a New Jersey-based anatomic pathology laboratory with operations in Irvine, was recently acquired by Irving, Texas-based Miraca Life Sciences from Water Street Healthcare Partners in Chicago.
A purchase price was not disclosed.
Plus offers specialized diagnostic tests for doctors that help them manage various types of cancer.
Miraca Life Sciences is part of Japan-based Miraca Holdings Inc., which had sales of some $2 billion in the 12-month period ending in March. It provides “academic caliber diagnostic services in the fields of dermatology, gastroenterology, hematology and urology,” according to a press release announcing the Plus deal.
Octane Honors Pioneer
Miles “Lowell” Edwards, a heart valve pioneer and founder of Edwards Laboratories [now Edwards Lifesciences Corp.], is the inaugural honoree in a newly created award program by Aliso Viejo-based technology booster group Octane.
Octane said its Economic Impact award will recognize individuals “who make a lasting impact on the technology and life science ecosystem in Orange County.”
The company presented the award late last month during its annual Medical Device and Technology Forum at the Hyatt Regency Irvine.
Edwards, who died in 1982, collaborated with Dr. Albert Starr, a Portland, Ore.-based cardiologist, on what’s considered the first efficient artificial heart valve.
Octane said in its news release on the award that he helped create more than 25 companies that employed some 25,000 people in Orange County.
Bits and Pieces
Glaukos Corp., a Laguna Hills-based eye device maker, is a member of industry newsletter Fierce Medical Devices’ annual Fierce 15 device and diagnostic companies list. The list is made up of privately held companies. Glaukos is developing a device to treat glaucoma, a common cause of blindness. … San Clemente-based Micro Imaging Technology Inc. recently said it would collaborate with Northern Michigan University’s biology department on a program intended to rapidly detect staphylococcus aureus and methicillin- resistant staphylococcus aureus (MRSA).
