People In Brief
This article was originally published in The Gray Sheet
Executive Summary
NMT Medical: The CEO and board chairman of the struggling structural heart device firm have each left the company and Chief Operating Officer Richard E. Davis was tapped to replace them, NMT announced Aug. 26. Frank Martin, who served as president and CEO for about a year and a half, is stepping down, as is James J. Mahoney, Jr., chairman of the board since January 2008. The company also reduced the size of its board. Davis said the firm is "considering all potential financing alternatives and will continue to evaluate our strategic options accordingly." The firm reported in June that its STARFlex patent foramen ovale closure device missed its primary endpoint in the closely watched CLOSURE I stroke/transient ischemic attack pivotal trial (1"The Gray Sheet" Aug. 2, 2010)