Trean Insurance Group Promotes Julie Baron to President and Chief Operating Officer and Nicholas Vassallo to Chief Financial Officer

Wayzata, MN/(Globe Newswire)—Trean Insurance Group, Inc. (Nasdaq: TIG), a leading provider of products and services to the specialty insurance market, announced today that it is promoting Chief Financial Officer Julie Baron to the new position of President and Chief Operating Officer, and Chief Accounting Officer Nicholas Vassallo to Chief Financial Officer, effective June 23, 2021.
“We are excited to promote both Julie and Nick, who have contributed greatly to our ongoing success and will be well-positioned as we move ahead to add incremental value in their new roles and responsibilities,” stated Andrew M. O’Brien, Chief Executive Officer of Trean. “Julie has proven her strong understanding of all aspects of the insurance industry and her leadership abilities over many years with Trean. As President and COO, she will be able to devote her time completely toward executing on our multiple growth opportunities and long-term strategic objectives.”
Ms. Baron has served as Trean’s CFO since 2015 and Treasurer and Secretary since 2020. Prior to becoming CFO, Ms. Baron served as the Controller for Benchmark, Trean’s wholly-owned subsidiary. Prior to joining Trean, Ms. Baron was Controller for a mortgage broker and title company in the Twin Cities. Ms. Baron holds a B.S. in Accounting from Arizona State University and is a Certified Public Accountant (inactive).
“Since joining Trean, Nick has been instrumental in developing our finance and accounting teams, as well as ensuring the financial stability of our balance sheet and portfolio,” added Mr. O’Brien. “We are confident that Nick will seamlessly transition into the CFO role and continue to be a truly effective leader for our finance team.”
Mr. Vassallo has served as Chief Accounting Officer since 2020. Prior to joining Trean, Mr. Vassallo served in multiple roles for iMedia Brands, Inc., including Chief Accounting Officer and Senior Vice President – Corporate Controller. Mr. Vassallo began his career with Arthur Anderson LLP, where he spent eight years in its audit practice group. Mr. Vassallo holds a B.S. in Accounting from St. John’s University and is a Certified Public Accountant (inactive).

Kindeva Drug Delivery Announces Collaboration with Monash University to Study Sustainable Propellants

Loughborough, U.K.—Kindeva Drug Delivery L.P. (Kindeva) has announced a collaboration with Monash University (Monash) to study alternative propellants for pressurized metered-dose inhalers (pMDIs) and develop more sustainable pMDI products. The collaboration will be jointly funded by Kindeva, Monash, and the Australian Research Council (ARC).
The collaboration with Monash will expand Kindeva’s research and development capabilities in the use of alternative propellants used in pressurized metered-dose inhalers (pMDIs). There is emerging interest within the industry to evaluate the potential use of propellants with lower Global Warming Potential (GWP) in order to develop more sustainable pMDI products. This partnership will leverage the extensive research facilities at Monash and bring together Monash’s expertise in measurement and inhalation device technologies with Kindeva’s innovative approach to bringing state-of-the-art inhalation drug products to market. A focal point of this opportunity is to gain a fundamental understanding of the atomization of pMDIs using low-GWP propellants in order to optimize drug delivery from these systems.
Kindeva, a leading global contract development and manufacturing organization (CDMO), has a long track-record of innovation in complex drug and combination products. The company has a history of over 65 years in innovating inhaled drug products, stretching back to the development of the first-ever pMDI. A proven leader in promoting sustainability in the industry, Kindeva led the transition from CFC- to HFA-based inhalers, developing the world’s first CFC-free pMDI and the world’s first CFC-free nasal pMDI.
“At Kindeva, we’re excited about the future of inhalation drug delivery,” said Aaron Mann, CEO of Kindeva. “A thoughtful, science-based development of low-GWP propellants is reminiscent of the industry’s transition from CFC-based to HFA-based inhalers—a transition that Kindeva helped to lead. Now, with better experimental processes and enhanced modelling capabilities, Kindeva and the industry are more equipped than ever to advance another propellant transition.”
“We are proud to be working with Monash, a leading academic innovator in the space,” added Mann. “Our partnership will accelerate the development of the more sustainable pMDI products that patients need.”
“We are excited to have the opportunity to work with Kindeva,” said Dr. Daniel Duke, the Lead Investigator on the project from Monash University’s Department of Mechanical and Aerospace Engineering. “Kindeva’s leadership in the development of CFC-free inhalers, combined with Monash’s unique optical, X-ray and simulation capabilities, affords us the best possible opportunity to address the challenge of reducing the environmental impact of pMDIs. This is a surprisingly complex scientific and engineering problem that requires innovative solutions.”

Perimeter Medical Imaging AI partners with Minnetronix for Successful Tech Transfer of Optical Coherence Tomography Imaging Systems for Cancer Surgery.

Toronto/(Business Wire)—Perimeter Medical Imaging AI, Inc. (TSX-V:PINK)(OTC:PYNKF) (FSE:4PC) (“Perimeter” or the “Company”), a medical technology company driven to transform cancer surgery with ultra-high-resolution, real-time, advanced imaging tools to address high unmet medical needs, today announced that it has successfully completed the technology transfer of its manufacturing process for the production of its optical coherence tomography (OCT) imaging systems with Minnetronix Medical, a leading medical technology and operations partner to global medical device companies.
Jeremy Sobotta, Perimeter’s Chief Executive Officer stated, “The completed technology transfer marks a significant achievement for Perimeter. For the first time, the Perimeter S-Series OCT was manufactured at commercial scale, and we believe this collaboration results in a highly scalable, fast, and efficient commercial manufacturing process that enables us to meet our customers’ needs in a capital-efficient manner.”
Mr. Sobotta continued, “The partnership with Minnetronix Medical provides us access to cutting-edge manufacturing techniques and the scale of a leading medical device manufacturer. This, combined with their expertise and focus on optical systems, makes them an ideal partner as we execute on our commercial plans going forward.”
Jeremy Maniak, CEO of Minnetronix commented, “We are proud of the strong partnership we have formed with Perimeter Medical. We’re leveraging our strategic supplier base and state-of-the-art manufacturing capabilities in optics to accelerate their commercialization goals for the ground-breaking Perimeter OCT S-Series technology.”

Altaris Completes Partnership with Michelin and Acquires Majority Stake in Solesis

New York, NY—Altaris Capital Partners, LLC (collectively with its affiliates, “Altaris”) announced today that it has completed the acquisition of a 51% stake in Solesis LLC (“Solesis”) from Michelin. As part of the transaction, Michelin retained a 49% stake in Solesis, which will now operate as an independent company.
Founded in 2002, Solesis is a market leader specializing in biomaterials for the life sciences industry. Operating through three subsidiaries, The Secant Group, Charter Medical and SanaVita Medical, Solesis develops, manufactures and sells critical components for implantable medical devices and single-use technologies for the biopharmaceutical market, including cell and gene therapies. Based in the United States, Solesis employs 360 people across four production facilities located in Pennsylvania and North Carolina.
Altaris is an investment firm focused exclusively on the healthcare industry. Altaris targets companies that deliver value to the healthcare system by improving patient outcomes, eliminating unnecessary costs, increasing efficiency and aligning stakeholder incentives. Since inception in 2003, Altaris has made more than 40 platform investments. Altaris has $5.6 billion of equity capital under active management and is headquartered in New York, NY. For more information, please visit www.altariscap.com.
J.P. Morgan and Piper Sandler & Co. acted as financial advisors to Altaris. J.P. Morgan served as Lead Left Arranger and Capital One as Arranger to Altaris. Cleary Gottlieb acted as legal counsel to Altaris. Michelin and Solesis were advised by Morgan Stanley and McDermott Will & Emery LLP.

Kindeva Drug Delivery Announces Knowledge Transfer Partnership with Loughborough University to Study Sustainable Propellants

Loughborough, U.K.—Kindeva Drug Delivery L.P. (Kindeva) has announced a Knowledge Transfer Partnership (KTP) with Loughborough University to develop more sustainable alternative propellants for inhaled drug products. The KTP is jointly funded by Kindeva and UKRI (United Kingdom Research and Innovation) through Innovate UK.
The KTP with Loughborough University aims to deepen Kindeva’s understanding of alternative propellants used in pressurized metered-dose inhalers (pMDIs). The engagement proactively addresses a growing desire in the inhalation drug delivery industry to develop pMDI propellants with lower Global Warming Potential (GWP) than existing currently marketed propellants such as HFA134a and HFA227ea. Kindeva, which is already leading in the study of low-GWP propellants, will leverage the KTP to understand the physics involved in pharmaceutical spray generation, using computational fluid dynamic (CFD) simulation of such propellants. The ultimate goal is to predict spray parameters and characteristics from first principles, such as regional deposition, droplet size, and velocity, which could enable Kindeva to use simulation techniques to design faster and more reliable low-GWP pharmaceutical products for its customers.
Kindeva, a leading global contract development and manufacturing organization (CDMO), has a long track record of innovation in complex drug and combination products. The company has a history of over 65 years in innovating inhaled drug products, stretching back to the development of the first-ever pMDI. A proven leader in promoting sustainability in the industry, Kindeva led the transition from CFC- to HFA-based inhalers, developing the world’s first CFC-free pMDI and the world’s first CFC-free nasal pMDI.
“The KTP with Loughborough University is exciting because it will strengthen Kindeva’s position as a leader in sustainability,” said Aaron Mann, CEO of Kindeva. “Following the Montreal Protocol of 1989, Kindeva was a pioneer in leading the transition away from CFC-based inhalers. We have every intention of leading the industry in the development of the next generation of low-GWP propellants.”
“This announcement also reinforces our immensely important relationship with Loughborough University,” added Mann. “We hope the KTP will help us build our partnership with Innovate UK, and the United Kingdom more generally, in our mission to develop and manufacture essential and sustainable medicines for patients in the UK and abroad.”
“We are delighted to have the opportunity to work with Kindeva, who are leaders in the field of inhaled drug delivery and development of pressurised metered dose inhalers in Loughborough,” said Dr. Henk Versteeg, Senior Lecturer in Fluid Dynamics and KTP Lead Academic at Loughborough University. “The need to switch to propellants with lower global warming potential creates scientific challenges, but provides opportunities for us at Loughborough University to collaborate with Kindeva by sharing the latest insights in predictive engineering and to promote the adoption of digital engineering techniques in new product development.”

Trean Insurance Group Prices Secondary Offering of Common Stock

Wayzata, MN—(GLOBE NEWSWIRE)—Trean Insurance Group, Inc. (Nasdaq:TIG) (“Trean”) today announced the pricing of a secondary offering of 5,000,000 shares of Trean common stock at a price of $14.00 per share. The offering is expected to close on May 24, 2021, subject to customary closing conditions.
The selling stockholders named in the prospectus are offering 5,000,000 shares of Trean common stock. The underwriters have a 30-day option to purchase up to an additional 750,000 shares of common stock from the selling stockholders. Trean will not receive any proceeds from the offering.
J.P. Morgan and Evercore ISI are acting as lead book-running managers, William Blair is acting as a joint book-running manager and JMP Securities is acting as a co-manager for the offering. This offering is being made only by means of a prospectus. A copy of the final prospectus, when available, may be obtained from J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 1-866-803-9204 or email at prospectus-eq_fi@jpmchase.com; or Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, NY 10055, or by telephone at 1-888-474-0200 or email at ecm.prospectus@evercore.com.
The registration statement on Form S-1 relating to these securities has been declared effective by the Securities and Exchange Commission. Copies of the registration statement can be accessed through the Securities and Exchange Commission’s website at www.sec.gov. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Minnetronix Medical Receives Minnesota Manufacturing Award from Business Journal

Minneapolis, MN—Minnetronix Medical, Inc., was honored by the Minneapolis St. Paul Business Journal with a 2021 Minnesota Manufacturing Award for Product Innovation for the Minnetronix MindsEye™ Expandable Port. Minnetronix partners with medical device companies to develop products from design through commercialization. The company also offers a portfolio of whole product solutions in neurocritical care for direct sale or distribution to health care providers.
The Business Journal’s fourth annual Minnesota Manufacturing Awards recognizes some of the industry leaders that drive the economy of the region, known as Medical Alley due to its high concentration of health and care innovators, and grow their companies through innovation and strategic evolution.
The Minnetronix Medical MindsEye™ Expandable Port is the first minimally invasive, expandable port designed for use in the treatment of stroke, cancer, and other conditions. The device’s dynamic retraction creates a custom-sized channel allowing surgeons to reach target areas deep within the brain. This next-generation deep brain access technology minimizes invasiveness to brain tissue and allows surgeons to work without unnecessary distractions and preventing secondary injury.

Minnetronix Medical Recognized for Surgical Technology Innovation in 2021 MedTech Breakthrough Awards Program

St. Paul, MN—Minnetronix Medical, Inc., a leading medical technology partner to global medical device companies, today announced that its MindsEye™ Expandable Port has won the “Best New Technology Solution – Surgical” award in the fifth annual MedTech Breakthrough Awards program. The program is conducted by MedTech Breakthrough, an independent market intelligence organization that recognizes the top companies, technologies and products in the global health and medical technology market.
The MindsEye™ Expandable Port is the first minimally invasive, expandable port designed for use in the treatment of stroke, cancer, and other conditions. The device’s dynamic retraction creates a custom-sized channel allowing neurosurgeons to reach target areas deep within the brain. This next-generation deep brain access technology minimizes invasiveness to brain tissue and allows surgeons to work without unnecessary distractions.
“Managing risks in neurocritical care is a complex business, with secondary injury as a critical potential complication. We’re developing therapeutic solutions to keep neurosurgeons ahead of secondary injury, enabling better outcomes in neurocritical patients,” said Jeremy Maniak, Minnetronix CEO. “The MindsEye™ Port is next-generation technology. Given its unique features, the port has already attracted interest among neurosurgeons and potential distribution partners,” he added. “We are honored to receive this 2021 MedTech Breakthrough Award. This is a testament to the hard work and dedication of the entire Minnetronix Medical team.”
The mission of the MedTech Breakthrough Awards is to honor excellence and recognize the innovation, hard work and success in a range of health and medical technology categories, including Robotics, Clinical Administration, Telehealth, Patient Engagement, Electronic Health Records (EHR), mHealth, Medical Devices, Medical Data and many more. This year’s program attracted more than 3,850 nominations from over 17 different countries throughout the world.
“The complexity of neurocritical care means unforeseen challenges are inevitable, and MindsEye helps reduce procedural risk in addressing these challenges, as well as enabling earlier intervention, accelerated healing, and improving overall quality of life for patients,” said James Johnson, managing director, MedTech Breakthrough. “Congratulations to Minnetronix Medical for this incredible piece of technology that will save lives. We’re thrilled to present you with this 2021 MedTech Breakthrough Award.”

Participation in SilverSneakers Leads to a Substantial Decrease in Overall Healthcare Costs and Improved Health Outcomes for Seniors

Nashville, TN—PRNewswire—Total average healthcare expenses are significantly reduced by 16% for SilverSneakers® participants compared to non-participating Medicare Advantage members, according to a new comprehensive scientific study. The study was conducted by well-respected healthcare consulting firm Avalere Health and released today by Tivity Health® Inc. (Nasdaq: TVTY), a leading provider of health improvement solutions, including SilverSneakers®, the nation’s leading community fitness program for older adults.
The study’s findings showed total annual average health expenses, including medical and pharmacy, among SilverSneakers participants to be $4,463 compared to $5,303 for non-participants. Medical component of costs was decreased by 26%, driven primarily by reductions in hospitalization costs. Use of outpatient care was higher for SilverSneakers members combined with less acute care, indicating better health management among participants compared to non-participants.
The study used clinical data to establish an evidence-based narrative on the value of the SilverSneakers program related to healthcare costs, utilization, and quality measures. SilverSneakers participant data was shared with Avalere to link up with Medicare Advantage healthcare claims data and matched participants with a similar cohort of non-participating Medicare Advantage beneficiaries.
After starting the SilverSneakers program, participants experienced a significant 42% fewer hospital stays, and 18% fewer ER visits compared to Medicare Advantage non-participants. Length of stay for hospitalizations was also significantly shorter for SilverSneakers participants, 4.4 days compared to 5.8 days for non-participants. This reinforces that SilverSneakers both improves the quality of life for health plan members and reduces overall cost of care.
“We hear about the physical, emotional and social impact SilverSneakers has on our members every day, but this data validates research from the strategic advisory firm Avalere Health, that the program is proven to improve health outcomes and reduce healthcare costs for seniors,” said Richard Ashworth, president and CEO of Tivity Health. “As health plans consider the supplemental benefits they offer, the impact on outcomes and cost is a deciding factor. SilverSneakers delivers even greater value in partnership with our health plans to enhance the patient care experience, improve the health of our senior population and reduce the per capita cost of healthcare.”
SilverSneakers participants also performed significantly better on key quality measures including all-cause 30-day readmissions, adherence to hypertension and cholesterol medications, diabetes care (HbA1c testing and eye exams), and many preventive screening measures including colonoscopy, depression, cholesterol, breast cancer, and prostate cancer screening when compared to non-participants.
“Aetna shares Tivity Health’s passion for encouraging Medicare Advantage members to stay active and connected, especially during the pandemic,” said Christopher Ciano, President of Aetna Medicare. “We recognize that staying active has a significant positive impact on members’ total health and well-being. We’re pleased that many of our Medicare Advantage members are taking advantage of the SilverSneakers online workouts and videos during this time.”
To ensure the study was designed and executed appropriately, each participant was matched using a 1:5 match ratio participant versus matched controls. Once matching was complete, more than 50,000 participants and matched controls were included in the evaluation. The study compared differences in cost and overall health improvement outcomes between the SilverSneakers members and the control group of similar non-participating Medicare Advantage patients. There are also several areas of comparison demonstrating that SilverSneakers leads to improved Stars ratings, a measurement system used by Medicare to measure how Medicare Advantage and Part D plans perform.
For more information and to view the full survey findings, visit the “Insights” section of the Tivity Health website at www.TivityHealth.com.

Altaris to Partner with Michelin and Acquire Majority Stake in Solesis

New York, NY—Altaris Capital Partners, LLC (collectively with its affiliates, “Altaris”) announced today that it has entered into an agreement with Michelin to acquire a 51% stake of Solesis, Inc. (“Solesis”). Following closing of the transaction, Michelin will retain a 49% stake in Solesis and will work alongside Altaris to build Solesis as an independent company. As part of this transaction, Solesis and Michelin will form a research partnership to develop complex polymers for life sciences and medical technology applications. The transaction is expected to close in the second quarter, subject to customary closing conditions.

Founded in 2002, Solesis is a market leader specializing in biomaterials for the life sciences industry. Operating through three subsidiaries, The Secant Group, Charter Medical and SanaVita

Medical, Solesis develops, manufactures and sells critical components for implantable medical devices and single-use technologies for the biopharmaceutical market, including cell and gene therapies. Based in the United States, Solesis employs 360 people across four production facilities located in Pennsylvania and North Carolina.

Altaris is an investment firm focused exclusively on the healthcare industry. Altaris targets companies that deliver value to the healthcare system by improving patient outcomes, eliminating unnecessary costs, increasing efficiency and aligning stakeholder incentives. Since inception in 2003, Altaris has made more than 40 platform investments. Altaris has $5.2 billion of equity capital under active management and is headquartered in New York, NY. For more information, please visit www.altariscap.com.