− Former Chief Executive Officer Stephen Merrick Appointed Executive Chairman −
− Planned transition part of NorthStar’s strategy for continued growth and industry leadership in domestic radioisotope production and radiopharmaceutical development to meet needs of patients, pharmaceutical companies and radiopharmacies −
BELOIT, Wis.–(BUSINESS WIRE)–NorthStar Medical Technologies, LLC, a global innovator in the development, production and commercialization of radiopharmaceuticals used for therapeutic applications and medical imaging, today announced the appointment of Frank Scholz, Ph.D., as its new President and Chief Executive Officer (CEO) effective Monday, June 26, 2023. Dr. Scholz joined NorthStar in 2021, and was promoted to President and Chief Operating Officer (COO) in 2022. Mr. Stephen Merrick, who joined NorthStar in 2016 and has been CEO since 2018, will assume the role of Executive Chairman. The changes reflect NorthStar’s long-term strategy for continued growth and corporate development.
“I am excited and honored to assume the role of CEO at NorthStar and to drive a new phase of growth and patient service for our Company,” said Dr. Scholz. “NorthStar’s industry-leading reputation is grounded in technological innovation, successful execution and proven expertise. Our fast-growing portfolio encompasses promising therapeutic radioisotopes, specialty SPECT imaging agents and collaborative research for the use of therapeutic radiopharmaceuticals to treat a range of potential disease states. NorthStar’s commercialized, U.S.-based radioisotope production is already helping to meet a vital need for patients, and the Company is strongly positioned for sustained rapid growth as we pioneer new horizons to help meet patients’ healthcare needs with game-changing radiopharmaceuticals.”
Dr. Scholz continued, “On behalf of the entire Company, we want to express our sincere appreciation to Steve Merrick, who, in his seven years of commitment and strategic leadership, has advanced NorthStar’s innovation and radiopharmaceutical expertise to the forefront of nuclear medicine. In collaboration with our highly motivated team, we look forward to continuing to expand the horizons of patient health by providing innovative solutions to ensure robust, reliable access to radioisotopes and radiopharmaceutical products for people around the world. I look forward to continuing to work closely with Steve in his new role, the NorthStar Board and the entire NorthStar team to make a positive difference in lives of patients and their families.”
“I am pleased that we have been able to organize a smooth succession and look forward to continuing to support the Company’s efforts in my new role of Executive Chairman,” said Stephen Merrick. “It has been exceptionally rewarding to have served as CEO for the past five years, and I am proud to have led the organization during a transformative period of growth and development. When I first joined NorthStar in 2016, it was a single product company with 50 people, but we had the vision to rapidly transform from a development-stage organization into one on a clear path to being a recognized leader in nuclear medicine, with multiple products and services, and now more than 350 employees. I greatly look forward to continuing to work with Frank in his new role as CEO. He is extremely well-qualified to lead NorthStar, having already managed a large part of the company in his role as President and COO, and having extensive expertise in leading commercial-stage companies producing medically critical products. We congratulate him on this appointment and look forward to continuing to draw upon his strategic, operational and broad general business expertise as NorthStar increases its global leadership throughout the radiopharmaceutical industry.”
Frank Scholz, Ph.D., President and Chief Executive Officer
Dr. Scholz joined NorthStar in June 2021, as Senior Vice President and Chief Operating Officer, bringing more than 20 years of relevant experience in the pharmaceutical and life sciences industries to the Company. In 2022, he was promoted to President and Chief Operating Officer. Prior to joining NorthStar, Dr. Scholz was a Managing Director at AlixPartners, where he was a global leader of the Healthcare and Life Sciences practice. During his tenure, he was responsible for leading teams focused on improving the performance of clients in the pharmaceutical, medical devices and provider industries, as well as for building a leading global practice in the healthcare and life sciences sector. Prior to AlixPartners, he spent more than 6 years with Mallinckrodt Pharmaceuticals, where he held executive leadership positions including President of the Specialty Generics Business, leader of BioVectra (a CDMO) and overall COO & Digital Innovation Officer of Mallinckrodt. Prior to Mallinckrodt, Dr. Scholz was a partner at McKinsey and Company, where he served clients globally for 16 years in the pharmaceutical, medical devices and industrial high tech industries. He holds a Ph.D. in Economics and Business Management from the University of Bielefeld, Germany, an MBA from the Georgetown University McDonough School of Business in Washington D.C., and a Master’s in Economics from the Leibniz University of Hannover, Germany.
Stephen Merrick, Executive Chairman
Mr. Merrick joined NorthStar in 2016 and was appointed as President and Chief Executive Officer of NorthStar in September 2018. He has more than 30 years of experience in the biotechnology, pharmaceutical and life sciences industries. He has held multiple executive positions with leading multinational companies, including leadership of nuclear medicine businesses. Steve has extensive general management and corporate officer experience, and a proven record of accomplishment with integrating science, engineering and commercial activities to drive complex projects to successful completion. He also served in the Royal Navy as a Nuclear Submarine Officer, where he specialized in Navigation and Operations. He received a BSc (Honors) in Engineering Science from the University of Exeter and an MBA from the London Business School, both in the United Kingdom. He also completed the Nuclear General Course at the Royal Naval Staff College, Greenwich in the United Kingdom.
About NorthStar Medical Technologies, LLC (NorthStar)
NorthStar Medical Technologies, based in Beloit, Wis., is the parent organization of several wholly-owned subsidiaries, including NorthStar Medical Radioisotopes, LLC. NorthStar Medical Radioisotopes, a recognized leader and global innovator, is a commercial-stage nuclear medicine company focused on advancing patient care by providing therapeutic and diagnostic radioisotopes, novel radiopharmaceuticals and customized radiopharmaceutical development services. With a proven management team and environmentally preferable, non-uranium based technologies, NorthStar is positioned at the forefront of U.S. medical radioisotope and radiopharmaceutical production. NorthStar’s molybdenum-99 (Mo-99) program is the sole source of domestic Mo-99, used to generate the standard-of-care diagnostic imaging radioisotope for assessing heart disease and cancer. The Company is expanding its industry-leading position in the growing area of therapeutic radioisotopes, used in targeted radiopharmaceutical therapy to treat cancer and other serious diseases, and is poised to be the first commercial-scale producer of non-carrier added (n.c.a.) actinium-225 (Ac-225) and copper-67 (Cu-67). NorthStar’s Radiopharmaceutical Contract Development and Manufacturing Organization (CDMO/CMO) services unit will provide customized service offerings and specialized radiopharmaceutical expertise to help biopharmaceutical companies rapidly advance their development and commercialization programs. For more information, visit: www.northstarnm.com.
For NorthStar Medical Technologies, LLC
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