Orangeburg-based Vision-Sciences Inc., a maker of flexible endoscopic products that use its proprietary sterile disposable technology, announced Monday that Howard I. Zauberman has been named named interim CEO, effective immediately.
Zauberman replaces Cynthia Ansari, who stepped down as CEO and president. Ansari joined Vision-Sciences in August 2011. No reason was given for her departure.
A special committee of the company’s board of independent directors has initiated the search for a new CEO.
Vision-Sciences in April reported net sales of $15.3 million in its recently ended 2013 fiscal year, down from $16.7 million in fiscal 2012. Its operating loss of $8.4 million was a 17 percent improvement from the previous fiscal year. The NASDAQ- traded company reported a net loss in the 2013 fiscal year of $10.5 million, or 23 cents per share, compared with an $11 million loss, or 25 cents per share, in fiscal 2012.
Zauberman, 60, has more than 30 years experience in the medical devices industry. He was previously vice president of business development at Henry Schein Inc., a global health care distributor serving office-based doctors. He also served as a special venture partner at Galen Partners, an equity and late-stage venture capital firm focused on technology-enabled services, medical devices and specialty pharmaceuticals. He also worked for Johnson & Johnson.
“Howard is an experienced executive with strong business development experience and deep knowledge of the medical device business,” Lewis Pell, Vision-Sciences board chairman, said in the announcement His appointment “reflects the board’s determination to assist the company in fully realizing its commercial potential. I want to assure the stockholders of Vision-Sciences that the Company is committed to achieving its financial goals.”
Vision-Sciences designs, develops, manufactures and markets products for flexible endoscopy. The company’s product lines feature a streamlined visualization system and proprietary sterile disposable microbial barrier, known as EndoSheath technology. The company markets products for five medical areas: urology, pulmonology, gastroenterology, ear, nose and throat, and spine.