BNET Industries

Market Cap:$275.3M
Last Fiscal Year Sales:$58.0M
  • Public
  • US
Dow Jones Description

Product sales for the three and six months ended June 30, 2009 increased 27% and 30% to $24,491,246 and $46,181,605 respectively, as compared to $19,340,714 and $35,504,996 for the same periods in 2008. Increased product sales reflect higher sales of both our orthobiologics products and our biosurgery products in the United States. Our orthobiologics products are based on our proprietary Vitoss Bone Graft Substitute technology, and include the Imbibe Bone Marrow Aspiration System. Our orthobiologics products also include our Cortoss Bone Augmentation Material and the Aliquot Delivery System used with Cortoss, both of which were first available for sale in the U.S. in July 2009. Our biosurgery products include Vitagel Surgical Hemostat, Vitasure Absorbable Hemostat, the CellPaker Plasma Collection System used in conjunction with Vitagel, and other accessories and delivery products that complement our Vitagel product. We anticipate that our product sales will remain insufficient to support our operations at expected spending levels and we will continue to incur an operating loss through the end of the third quarter in 2009. We believe product sales during the fourth quarter of 2009 may support the level of operating expenses we anticipate for that period. Our ability to achieve this goal is subject to uncertainties, including those referenced in Forward-Looking Statements above. ...

President & CEO
Anthony Koblish
Number of Employees 234
Contact Information

45 Great Vly Pkwy

Malvern, Pennsylvania 19355-1302

orthovita.com

1 610 640 1775

NAICS Code Surgical and Medical Instrument Manufacturing: 339112

Recent Events

  • CBB, LTC, PVR, VITA, AWR, KNDL Expected To Be Lower After Earnings

    11/02/09 - Joint Venture / Alliance - View Story

  • Orthovita Reports 2009 Third Quarter Financial Results

    11/04/09 - Financial Announcement - View Story

  • Orthovita Reports 2009 Second Quarter Financial Results

    8/05/09 - Financial Announcement - View Story

News & Analysis

boston and orthovita inc. - All News and Analysis

Decision Makers

Name (plus bio) Position
Anthony Koblish President & CEO
Albert J Pavucek Jr Chief Financial Officer
Erik M. Erbe Chief Science Officer
J Albert Jr Chief Financial Officer
Joseph M. Paiva CFO
Maarten Persenaire Chief Medical Officer
Christopher H Smith Senior Vice President, Sales and Marketing
David J. McIlhenny Senior Vice President, Operations
Charanpreet Bagga Vice President, Prod Development
Don Scanlan Vice President, Marketing
Doug Low Vice President, Operations, Europe
Jeffrey G. Marx Vice President, Technology
Steven A. Lopez Sales Vice President
Morris Cheston Partner Ballard Spahr Andrews & Ingersoll, Llp
R. Scott Barry Partner, Essex Woodlands Health Ventures
Chris Ellington Admin Assist
David J Mcllhenny
Michael J Leonard
David Pegg Investor
Thomas A. Penn Investor

Board of Directors

Name (plus bio) Position
Douglas Low Senior Vice President, European Operations, Board of Directors
David J. Joseph Chairman
David F. Fitzgerald Board of Directors
E William Jr Board of Directors
Joseph Harris Board of Directors
Mary E. Paetzold Board of Directors
Paul G. Thomas Board of Directors
Paul Touhey Board of Directors
Robert M. Levande Board of Directors
Scott Barry Board of Directors
William Tidmore Board of Directors

Mr. Koblish has served as President and Chief Executive Officer of Orthovita since April 2002, after serving as Senior Vice President of Commercial Operations since June 2001. From January 1999 to June 2001, Mr. Koblish managed Orthovita’s Worldwide Marketing division. Prior to 1999, Mr. Koblish served as Director of Marketing and Product Development, Reconstructive Specialty Group of Howmedica, Inc., a subsidiary of Pfizer, Inc. Mr. Koblish serves on the board of Pennsylvania Bio, a trade association representing Pennsylvania’s biosciences community. He earned a Bachelor of Science degree in Mechanical Engineering from Worcester Polytechnic Institute and a Master of Science degree in Engineering, Mechanical Engineering and Applied Mechanics from the University of Pennsylvania.

Organization Position Status
Orthovita, Inc. President & CEO Current
Jeffrey Rovell & Associates, Inc. Current
Pennsylvania Bio Board of Directors Current
Orthovita, Inc. Board of Directors Current
Howmedica, Inc. Director of Marketing and Product Development Former
Pfizer Inc. Director of Marketing and Product Development Former
Worcester Polytechnic Institute Bachelor of Science in Mechanical Engineering Former

Mr. Pavucek has been Orthovita’s Chief Financial Officer since February 2007, after serving as Vice President, Finance and Controller since September 2006. Before joining Orthovita, Mr. Pavucek served as Vice President, Finance and Operations, of PDI, Inc., a publicly traded biopharmaceutical commercialization partner, from 2002 to September 2006. Mr. Pavucek also served as Executive Director, Controller of PDI, Inc. from 2001 to 2002. He holds Bachelor and Master Degrees in Business Administration from Temple University, and is a Fellow Alumnus of the Wharton School of Business at the University of Pennsylvania.

Organization Position Status
Orthovita, Inc. Chief Financial Officer Current
Temple University Master Degrees In Business Administration Former

Organization Position Status
Orthovita, Inc. Chief Science Officer Current
The American Ceramic Society Board of Directors Current
3M Company Senior Product Development Engineer Former
University of Missouri doctorate Former
Missouri University of Science and Technology Doctorate Former

Organization Position Status
Orthovita, Inc. Chief Financial Officer Current

Organization Position Status
Orthovita, Inc. CFO Current
Orthovita, Inc. Board of Directors Current
Cephalon, Inc. Controller Former
Rutgers University Masters of Business Administration Former
Fairleigh Dickinson University Bachelor of Science Degree in Accounting Former

Dr. Persenaire has served as Orthovita’s Chief Medical Officer since April 1999. Prior to joining Orthovita, Dr. Persenaire was Vice President of Clinical Affairs at AcroMed Corporation, a DePuy-Johnson & Johnson company. Fluent in four languages, Dr. Persenaire received his medical degree from Groningen University in The Netherlands in 1982 and served his residencies in internal medicine and surgery at St. Geertruiden and Naval Hospitals in The Netherlands.

Organization Position Status
Orthovita, Inc. Chief Medical Officer Current

Mr. Smith has been Orthovita’s Senior Vice President of Sales and Marketing since July 2007 after serving as Senior Vice President of U.S. Sales from March 2006 to June 2007 and Vice President, Sales from February 2004 to February 2006. From 1999 to 2004, he was a group director at Medtronic Neurologic Technologies, a division of Medtronic, Inc. From 1992 to 1999, Mr. Smith founded and was President of ThoroughMed Inc., a spine, neurosurgery and biomaterials distributor agency based in New York. ThoroughMed was acquired by Medtronic in 1999 and incorporated into Medtronic’s Neurologic Technologies sales division.

Organization Position Status
Orthovita, Inc. Senior Vice President, Sales and Marketing Current
Medtronic, Inc. Former

Mr. McIlhenny has been Orthovita’s Senior Vice President, Operations, since December 2002. From January 1996 to December 2002, Mr. McIlhenny served Orthovita in several capacities, namely Vice President of Quality Assurance and Regulatory Affairs, Vice President of Quality Systems and Operations Support, and Director of Manufacturing and Quality Control. From 1991 to 1995, Mr. McIlhenny was Director of Operations and Engineering at Surgical Laser Technologies, Inc., a company that developed, manufactured and marketed regulatory approved medical lasers and disposable fiber optic laser delivery systems. He received a Bachelor of Science degree in Civil Engineering from The Pennsylvania State University, a Bachelor of Science degree in Mechanical Engineering from Drexel University and a Master of Business Administration degree from Old Dominion University.

Organization Position Status
Orthovita, Inc. Senior Vice President, Operations Current
Surgical Laser Technologies, Inc. Director of Operations and Engineering Former
Old Dominion University Master of Business Administration Degree Former
The Pennsylvania State University Bachelor of Science Degree In Civil Engineering Former
Drexel University Bachelor of Science Degree In Mechanical Engineering Former

Mr. Low has served as Orthovita’s Senior Vice President, European Operations, since April 2006, after serving as Vice President, European Operations since May 2002. Mr. Low served as Director of European Operations from December 2001 to May 2002, and as Director of Marketing for Orthovita’s European operations from September 2001 to December 2001. Prior to joining the Company, he held senior marketing positions at both Howmedica and DePuy, a Johnson & Johnson company, where he was responsible for the International Knee Business Unit. He graduated in 1981 with a combined Bachelor of Arts degree in Economics and Marketing from the University of Strathclyde, Glasgow.

Organization Position Status
Orthovita, Inc. Senior Vice President, European Operations, Board of Directors Current

Organization Position Status
Orthovita, Inc. Vice President, Prod Development Current

Organization Position Status
Orthovita, Inc. Vice President, Marketing Current
Temple University Bachelor of Arts degree in Political Science Former

Organization Position Status
Orthovita, Inc. Vice President, Operations, Europe Current
University of Strathclyde Bachelor of Arts Degree in Economics and Marketing Former

Organization Position Status
Orthovita, Inc. Vice President, Technology Current
The Pennsylvania State University B.S. in Ceramic Science and Engineering Former

Organization Position Status
Orthovita, Inc. Sales Vice President Current

Organization Position Status
Orthovita, Inc. Partner Ballard Spahr Andrews & Ingersoll, Llp Current
Pennsylvania Hospital chairman Current
Orthovita, Inc. Board of Directors Current
Ballard Spahr Andrews & Ingersoll, LLP partner Former
Harvard Law School JD Former
Harvard University B.A. Former
Princeton University BA Former

Organization Position Status
Orthovita, Inc. Partner, Essex Woodlands Health Ventures Current
Essex Woodlands Current
Victory Pharma, Inc. Director Current
Orthovita, Inc. Board of Directors Current
Collaborations, Inc. Global Head Former
Century Capital Associates LLC. Director Former
Wesleyan University Bachelor of Arts Degree Former

Organization Position Status
Orthovita, Inc. Admin Assist Current

Organization Position Status
Orthovita, Inc. Current
Ethox Corp. Executive Vice President Former
The Pennsylvania State University Bachelor of Science Degree in Civil Engineering Former
Drexel University Bachelor of Science Degree in Mechanical Engineering Former

Organization Position Status
Orthovita, Inc. Current
Cabrini College Bachelor of Arts degree in Management Former

Organization Position Status
Orthovita, Inc. Chairman Current

David F. Fitzgerald became a Director of the Company in April 2003 and President and Chief Executive Officer in February 2009. Mr. Fitzgerald spent twenty-five years in management positions at Pfizer, Inc., serving as President and Chief Executive Officer of its Howmedica division during his last fifteen years with the company, prior to retiring in 1996. He also serves on the Board of Directors of Orthovita, Inc and on the Board of Advisors of Sandvik MedTech, a contract manufacturer in the medical devices area. He served on the Board of Directors of LifeCell Corporation from 2001 until the company was acquired by Kinetic Concepts, Inc. in 2008. He holds a B.S. from American International College and M.B.A. from New York University.

Organization Position Status
ArthroCare Corporation Interim Chief Executive Officer Current
Orthovita, Inc. Board of Directors Current
ArthroCare Corporation Board of Directors Current
Howmedica, Inc. Chief Executive Officer Former
Pfizer Inc. President and Chief Executive Officer Former
Howmedica, Inc. President Former
Pfizer Inc. Vice President Former
Orthovita, Inc. Director, HR Former
Pfizer Inc. Compensation Committee Member Former
New York University M.B.A. Former
American International College B.S. Former

Organization Position Status
Orthovita, Inc. Board of Directors Current

Joseph is currently a venture partner and a fund manager of Trillium Lakefront Partners III, an expansion stage technology venture capital fund. Joseph formerly served as senior vice president and director of Corporate Strategy and Development for SmithKline Beecham, currently Glaxo SmithKline, a multi-billion dollar global research-based pharmaceutical company. In that role, he analyzed, planned and executed strategic transactions for the company, including acquisitions, divestitures and joint ventures. During his tenure there, he completed several transactions totaling in excess of $2 billion, including the sale of SB Clinical Laboratories to Quest Diagnostics, Inc. and the sale of Diversified Pharmaceutical Systems to Express Scripts, Inc. Prior to his position with SmithKline Beecham, Joseph served as managing director of business development for Eastman Kodak Company, a global manufacturer and marketer of traditional and digital imaging products and services. In this position, he planned and managed more than 45 strategic transactions, including acquisitions, divestitures, joint ventures and licensing transactions, totaling in excess of $10 billion. These transactions included the sale of Kodak's Clinical Diagnostics Division to Johnson & Johnson, a joint venture with Matsushita Electric, Inc. and the sale of Verbatim Corporation to Mitsubishi Kasai. Joseph has also served in senior management positions with companies manufacturing and marketing electronics and medical devices.

Organization Position Status
Trillium Group, LLC Venture Partner Current
PacificHealth Laboratories, Inc. Board of Directors Current
Orthovita, Inc. Board of Directors Current
SmithKline Beecham Corporation Senior Vice President Former
Cantel Medical Corp. Senior Vice President Former
GlaxoSmithKline Plc senior vice president Former
Cantel Medical Corp. Managing Director of Business Development Former
Eastman Kodak Company Managing Director of Business Development Former
SmithKline Beecham Corporation Director of Corporate Strategy & Development Former
Cantel Medical Corp. Director of Licensing Technology Development Former
GlaxoSmithKline Plc director of corporate strategy & development Former
The Mackenzie Law Firm Attorney Former
Johnson & Johnson Former
Verbatim Corporation, Inc. Former
Syracuse University Juris Doctor degree Former
Syracuse University Masters of Business Administration in Former
Syracuse University B.S Former
Syracuse University Degree Former

Mary E. Paetzold was Vice President, Chief Financial Officer, Secretary, Treasurer and a member of the Board of Directors of Ecogen, Inc., where she worked from 1994 to 2000. Prior thereto, Ms. Paetzold was an audit partner and SEC reviewing partner for KPMG LLP, in Short Hills, New Jersey, where she worked for 21 years. She also served as chairperson of the Advisory Council of the School of Business at Montclair State University, where she earned an undergraduate degree in mathematics. Ms. Paetzold is a certified public accountant.

Organization Position Status
Immunomedics, Inc. Vice President, Chief Financial Officer, Secretary, Treasurer Current
Immunomedics, Inc. Chairperson Current
Immunomedics, Inc. Director Current
Orthovita, Inc. Board of Directors Current
Eco-Gen, Ltd Chief Financial Officer Former
Eco-Gen, Ltd Vice President Former
KPMG International audit partner Former
The Advisory Council Chairperson Former
Eco-Gen, Ltd Member of the Board of Directors Former
Montclair State University Undergraduate Degree Former

Organization Position Status
Innovative Spinal Technologies, Inc Chairman of the Board Current
AVANIR Pharmaceuticals Board of Directors Current
Orthovita, Inc. Board of Directors Current
Amex, Inc Director Current
Innovative Spinal Technologies, Inc Board of Directors Current
LifeCell Corporation Chief Executive Officer Former
Columbia University M.B.A. Degree, With An Emphasis In Marketing and Former
St. Michael's College B.S. Degree In Chemistry Former

Mr. Touhey is President, Chief Executive Officer and a member of the Board of Directors of Fujirebio Diagnostics, Inc., which is a subsidiary of Miraca Holdings, Inc., a healthcare holding company based in Tokyo, Japan, principally engaged in laboratory testing services and in vitro diagnostic products. Prior to his appointment as President and Chief Operating Officer in 2003, Mr. Touhey served as Fujirebio Diagnostics’ Senior Vice President (1999-2003) and Vice President of Operations (1998-1999). Prior to joining Fujirebio Diagnostics, he served in various executive positions at Centocor, Inc., including Vice President of Centocor’s Diagnostics Division. Centocor, Inc. is a subsidiary of Johnson & Johnson. Mr. Touhey is also a member of the Board of Directors of the Medical Device Manufacturers Association (“MDMA”), a position he has held since 1996. From 2000 to 2003, Mr. Touhey served as Chairman of the Board of MDMA. Mr. Touhey holds a Bachelor’s Degree from Temple University and completed the Cornell University Executive Management Program.

Organization Position Status
Orthovita, Inc. Board of Directors Current
Fujirebio, Inc. Former
Fujirebio Diagnostics Inc. Board of Directors Former
Johnson & Johnson Former
MDMA Inc. Chairman of the Board Former
Temple University BA In Political Science Former

Organization Position Status
Mdb Capital Group LLC Managing Director, Investment Banking Current
Orthovita, Inc. Board of Directors Current
Howmedica, Inc. Senior Vice President Former
Howmedica, Inc. Corporate Vice President Former
Howmedica, Inc. General Manager Former
The Palantir Group, Ltd Founder Former
Pfizer Inc. Managerial Positions Former
Gilford Securities Inc. co-head Former
Prism Venture Partners Healthcare Advisory Board Member Former
Columbia University MBA Former
Wharton School, University of Pennsylvania B.S. in Economics Former
Prism Venture Partners member Former

Mr. Barry joined Essex from Novartis Pharma AG where he most recently served as the Global Head of Pharma M&A and Collaborations. In this role, he was responsible for global acquisitions, equity investments and corporate partnerships across all therapeutic areas. He joined Novartis in 2002 and held positions in the Business Development & Licensing and Mergers & Acquisitions groups. Prior to joining Novartis, Mr. Barry was a Director for Century Capital Associates LLC, a boutique healthcare investment bank and consulting firm. There he focused on mergers & acquisitions, strategic partnering and financing transactions. Previously, Mr. Barry held positions at KPMG LLP in their healthcare corporate finance group and assurance services group. Mr. Barry serves as a director on the boards of Orthovita, Inc. and Bledsoe, and as an observer for the board of ZIOPHARM Oncology, Inc. He holds a Bachelor of Arts degree from Wesleyan University and a MBA from the Stern School of Business at NYU.

Organization Position Status
Essex Woodlands Current
Orthovita, Inc. Board of Directors Current
Collaborations, Inc. Global Head Former
Century Capital Associates LLC. Director Former
Wesleyan University Bachelor of Arts Degree Former

Mr. Tidmore formerly was president and chairman of DePuy Acromed, and formerly was president of DePuy, acquired by Johnson & Johnson in 1999. Mr. Tidmore held various senior management positions during his tenure of over 14 years with Depuy, including responsibilities for international businesses with direct operational responsibilities in several countries across Europe, Latin America, Japan, and Canada. Prior to that Mr. Tidmore served at Ethicon, Inc., where he held several management responsibilities including Vice President of Sales and Marketing in Canada. Mr. Tidmore holds a Marketing degree from the University of Georgia.

Organization Position Status
Orthovita, Inc. Board of Directors Current
Ethicon, Inc. Former
Confluent Surgical, Inc. Board of Directors Former
The University of Georgia Degree Former

Mr. Pegg joined MVP in 2001 and became a Vice President in 2006. Mr. Pegg has served on the boards of several MVP portfolio companies including Composite Technologies, MCMC, and Praxis. Prior to joining MVP, Mr. Pegg was an Analyst for J.P. Morgan Chase Private Bank in Philadelphia. While at J.P. Morgan Chase, Mr. Pegg designed and implemented regional marketing initiatives for brokering private equity offerings. He also developed asset allocation models to craft portfolios tailored to each client's risk and return profile, including models to analyze the suitability of various financial products such as derivatives, credit and estate planning. Mr. Pegg holds a B.A. degree from Yale University, where he was a member of the varsity football team.

Organization Position Status
Meridian Venture Partners Vice President Current
Meridian Venture Partners Partner Current
Orthovita, Inc. Investor Current
Meridian Venture Partners Senior Associate Former
JPMorgan Chase & Co. Former
Composite Technologies, Inc. Board of Directors Former
McMc Board of Directors Former
Praxis Corporation Board of Directors Former
Yale University B.A. Degree Former

Mr. Penn is a Managing Member of the general partner, a Member of the investment committee, and a Managing Director of the management company of Penn Venture Partners L.P. Mr. Penn is also a Senior Partner of Meridian Capital Partners, a Radnor, PA based private equity firm. He has over 25 years? experience in starting, managing, and financing high growth companies in the Mid-Atlantic region and nationally. Before joining Meridian, he was a Partner at Boston Millennia Partners, a $700 million venture firm focusing on technology investing with an emphasis in life science and healthcare. From 1994 to 1998, Mr. Penn was President and CEO of Tektagen, Inc., a leading contract services firm serving the biotechnology and pharmaceutical industries, which was successfully sold to Charles River Laboratories, Inc. Prior to Tektagen, he was President of Independence Ventures, Inc., a firm that specialized in starting and building high-potential, technology-based companies. Earlier in his career he held several positions in industry and venture capital. Mr. Penn is the founder of the Entrepreneurs? Forum of Greater Philadelphia. He also served as President of the Pennsylvania Biotechnology Association and was Co-Chair of Pennsylvania?s Technology 21 Biotechnology Network among other community activities. Mr. Penn holds BS degrees from MIT in metallurgy and materials science and in industrial management, an MBA from Stanford, and a JD from the University of Pennsylvania.

Organization Position Status
Penn Venture Partners Managing Director Current
Meridian Capital Partners, Inc. Senior Partner Current
Protedyne Corporation Partner Current
Smartsilver Board Member Current
Nanohorizons, Inc. Board Member Current
Deltagen, Inc. Board of Directors Current
Coffin Turbo Pump Inc. Investor Current
Orthovita, Inc. Investor Current
GCA Services Group, Inc. Investor Current
Protedyne Corporation Investor Current
Meridian Venture Partners Partner Current
Protedyne Corporation Partner, Meridian Venture Partners Former
Pennsylvania, Inc. Co-Chair Former
University of Pennsylvania JD Former
Stanford University MBA Former
Massachusetts Institute of Technology B.S. degrees Former
University of Pennsylvania Law School Former

Executive News

  • 3. ArthroCare Announces Agreement with One Equity Partners for $75 Million...

    AllBusiness Champions of Small Business - 8/19/09 - View Story

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     VITA $3.60 -0.07 (-1.91% )
Average Volume 589,776
Shares Outstanding 76.50M
Market Cap 275.4M
Year High 6.91
Year Low 2.47
Earnings Per Share -0.06
P/E Ratio -60.00
Dividend N/A
Yield N/A
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