Hemanext Announces Founder Martin Cannon’s Retirement, Appoints Andrew Dunham as CEO, and Raises Funding for Growth
Hemanext Inc., a leading innovator in blood processing, storage, and transfusion technology, marks a significant turning point in its history as the company announces the retirement of its founder, Martin Cannon. Simultaneously, the Hemanext Board of Directors has appointed Andrew Dunham, the current Chief Technology Officer of Hemanext, to serve as Chief Executive Officer (CEO). These announcements come as the company proudly reveals the successful close of the B1 funding round totaling $25M, demonstrating strong investor support for its innovative technologies and commitment to enhancing patient care.
Martin Cannon, the visionary leader who founded Hemanext in 2008 with support from a National Institutes of Health (NIH) grant, leaves an enduring legacy. His exceptional foresight in recognizing the potential for enhancing red blood cell (RBC) quality, at a time when our understanding of quality drivers and clinical correlations was limited, drove the development of the company from an idea and a team of two to its recognition as the leading innovator in blood quality. Cannon’s unwavering commitment to improving RBC quality, combined with his profound understanding of its vital role in improving the care of millions of patients worldwide, has led to the transformation of the hypoxic storage of RBCs from a concept into a commercially viable medical device. This device is CE Marked and already available for use in Europe and in the process of being available for commercialization in the US.
“The creation of Hemanext from its origins as an intriguing idea to becoming a transforming force in the vast arena of transfusion dependent therapy has been an enormously fulfilling challenge and a deeply satisfying success. With the sustained support of our lead investors and the NIH we have raised and deployed well over $100 M to build an outstanding team, a vast body of compelling scientific data, a global network of support from leaders in the scientific and clinical community, a portfolio of over 130 worldwide patents, and a worldwide pipeline of prospective clinical users, all centered a commitment to devote our resources to improving the lives of millions of transfusion-dependent patients. I am delighted that my friend and long-standing colleague Andy Dunham will carry our work forward and will give him my full support as he does so,” said Martin Cannon, former President, and CEO of Hemanext.
“It is with deep gratitude and admiration that we recognize the enduring contributions of Martin Cannon, whose vision has been the cornerstone of Hemanext’s achievements. Martin’s legacy will forever be ingrained in the DNA of Hemanext. His vision and relentless pursuit of excellence have shaped the company’s success,” remarked Steve Eckert, Board of Directors Chair for the company. “Martin’s ongoing commitment to championing the Hemanext solution to the challenge of RBC degradation in storage has not only laid the foundation for our innovative technologies but also set a standard of dedication that continues to inspire us all. As we embark on this exciting journey towards commercialization of Hemanext ONE, we eagerly welcome Andy as the CEO, confident in his leadership.”
As Hemanext enters this new chapter, Andrew Dunham, who has been an integral part of the company’s success story, assumes the role of CEO. Dr. Dunham joined Hemanext in 2015 as VP, of Clinical & Scientific Affairs and, over the past eight years, has played a key role in developing a scientific platform to characterize the biological and biochemical differences between hypoxic and conventional RBCs. His contributions not only led to securing an NIH grant for a pivotal clinical study but also, in collaboration with co-authors, earned the prestigious Association for the Advancement of Blood and Biotherapies (AABB) RISE Award for impeccable study design, innovation, significance, and effective communication.
Dr. Dunham assumes the role of Hemanext’s new CEO, bringing a unique blend of scientific expertise and proven business acumen. As a scientist, he has authored or co-authored thirty-two publications with hundreds of citations. On the business front, his distinguished fourteen-year tenure at Baxter Healthcare culminated in five years as the global Vice President of Research and Development, where he led a multinational team of several hundred professionals. Furthermore, Dr. Dunham played an integral role in Baxter’s Global Leadership Team and Corporate Sustainability Leadership Team.
“I am honored to lead Hemanext into a new era of innovation and growth as we build upon our progress in Europe and move closer to launching in the US market,” Dr. Dunham commented on his appointment as CEO.
Hemanext’s recent funding round reflects strong investor confidence in the company’s breakthrough technology and product innovation. The capital infusion will be instrumental in advancing the development and commercialization of these innovative technologies, with the aim to further improve patient care on a global scale.
Hemanext remains steadfast in its commitment to its mission of safer transfusions, healthier patients. The company’s innovative technologies and strategic leadership changes position it for continued success and impact in the healthcare industry.
Hemanext is a privately held medical technology company based in Lexington, MA that is dedicated to improving the quality, safety, efficacy, and cost of transfusion therapy. The company’s research and development efforts center on the study of hypoxically stored RBCs. The company’s aim is to significantly improve the quality of stored RBCs worldwide.
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