The founder of MCS Medical Compression Systems (DBN) Ltd. (TASE:MDCL), Adi Dagan, will step down as CEO of the company in March 2011. He will continue to serve as an external consultant for two years, until March 2013. The board of directors will use the next nine months to find a successor.
MCS's share price rose 3.8% by early afternoon to NIS 3.70, giving a market cap of NIS 130 million.
MCS has developed a non-invasive pneumatic device to improve blood circulation in the limbs to prevent Deep Vein Thrombosis (DVT) caused by trauma or surgical intervention, as an alternative to current drug therapies. MCS has obtained both EU CE Mark and US Food and Drug Administration (FDA) certification for the device.
Dagan and CTO Dr. Jacob Barak founded MCS in 1997. The company estimates the DVT treatment market at $1.5 billion a year, and it has already sold its device to more than 20 US hospitals.
Dagan said, "MCS is now on the road to success, and the time has come to pass the baton to a professional CEO who will focus on doubling the success and building the systems needed for hundreds of millions of dollars in sales."
Published by Globes [online], Israel business news - www.globes-online.com - on June 21, 2010
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