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By Patrick Anderson
PBN Staff Writer
(Updated, 5:20 p.m.)
EAST PROVIDENCE - IlluminOss Medical Inc. terminated President and CEO Scott Rader Monday, company founder Robert Rabiner said Wednesday.
Rabiner, who started the company in 2007 to develop new technology for healing fractures, has taken over as chief executive on an interim basis, he said.
IlluminOss hired Rader, the former CEO of Arsenal Medical and Bacchus Vascular, in June of 2010.
Reached by phone Wednesday afternoon, Rader said the board had wanted to bring in a CEO with more sales and marketing experience as the company transitions from a purely clinical phase toward the commercial rollout of devices.
Rabiner declined to comment on why Rader had been let go, other than to say it was not for cause. He referred questions to IlluminOss’ board of directors.
IlluminOss board member Fouad Azzam, general partner at Life Sciences Partners in Boston, declined to comment, as did board member Lee Wrubel, managing partner at Foundation Medical Partners in Rowayton, Conn.
Last month, IlluminOss closed on a $28 million Series C financing round with a group of nine investors including Life Sciences Partners and Foundation Medical.
As part of the financing, four of the new investors placed representatives on the IlluminOss board, including Azzam.
IlluminOss is using the funding for commercial launch of its bone fracture repair systems in Europe and to begin clinical trials in the United States.