JAMES V. SCHUMACHER NAMED CHAIRMAN, PRESIDENT AND CHIEF EXECUTIVE OFFICER OF BIOMAGNETIC TECHNOLOGIES INC.
SAN DIEGO, June 21 /PRNewswire/ -- Biomagnetic Technologies Inc. (NASDAQ: BTIX) has elected James V. Schumacher chairman of the board of directors, and named him president and chief executive officer of this magnetic source imaging company. Schumacher joins Biomagnetic Technologies Inc. (BTi) from the General Electric Co. (GE) where for 25 years he enjoyed a distinguished career in medical systems, major appliances, and other GE businesses. Schumacher succeeds Stephen O. James, BTi's president and chief executive officer, who will remain with the company as an advisor. "Jim has a deep understanding of the imaging technology market place based upon his 21 years in GE Medical Systems," said James. "Recruiting Jim at this time will clearly be perceived as BTi having made the transition from a developmental stage company to a market driven company. I fully support the board's decision to take this important step at this time," James said. One of Schumacher's primary responsibilities at BTi will be to expand commercial sales of BTi's Magnes(R) biomagnetometer system, a task for which his career at General Electric has well prepared him. While at GE, Schumacher enjoyed rapid promotion through the sales, marketing and management ranks in GE's U.S. and European operations, including experience in X-Ray products, computed tomography (CT scanning), and magnetic resonance imaging (MRI). His most recent position was general manager of range products, one of GE Appliance's largest businesses. In 1983, as worldwide marketing manager for Magnetic Resonance, he launched GE's MRI product line, which quickly captured the market leadership position it holds today. In the mid-1980's, Schumacher was vice president of Marketing for GE Medical Systems-Europe, and was involved in the acquisition of CGR, the $700 million French medical systems company. As one of 11 board members who served on the joint GE/CGR board of directors, Schumacher helped merge the two cultures and rationalize the product lines. "I am extremely excited about the unique technology that has been developed at BTi," said Schumacher. "It should provide a cost-effective and non-invasive way to address difficult medical techniques and therapies, while enhancing the quality of life for many patients who previously had not had access to this advanced approach." Biomagnetic Technologies Inc. leads the world in the development and clinical applications of magnetic source imaging, a new mode of diagnostic imaging that localizes the source of bioelectrical activity in the brain and heart. Images generated by the biomagnetometer are being used today to precisely localize vital functional areas in the brain, such as the senses of touch and hearing, to assist neurosurgeons in non-invasive pre-operative planning, including pre-surgical functional mapping, localization of epileptic regions of the brain for surgical removal, early detection of stroke and transient ischemic attack (TIA), head trauma, and vision and memory disturbances. BTi developed the first medical device utilizing MSI and currently manufactures the third generation of this breakthrough device, the Magnes biomagnetometer. James V. Schumacher James V. Schumacher is the chairman, president and chief executive officer of Biomagnetic Technologies Inc. (BTi), a magnetic source imaging company in San Diego. Schumacher has 25 years experience at the General Electric Co. (GE) in widely diversified positions, 21 years of which were in the sales, marketing and management of high-end medical systems. Immediately prior to joining BTi, Schumacher was the general manager for GE's electric and gas range products where he had overall product line and profit responsibility for the range business, which approaches $1 billion in annual sales. He also served as a member of the board of directors for MABE, the Mexican appliance manufacturer in which GE owns a 48 percent share. Prior to becoming general manager of the GE range group, Schumacher served in a number of executive positions in the GE Medical Systems group. In the early 1980s as National Sales Manager, Computed Tomography (CT scanning), he launched the CT scanner 9800 product to replace the company's CT 8800. As worldwide marketing manager for Magnetic Resonance, Schumacher launched GE's MRI product line, which quickly captured the market leadership position it holds today. As vice president, marketing, GE Medical Systems - Europe, Schumacher was involved in the acquisition of CGR, the $700 million French medical systems company. As one of 11 board members who served on the joint GE/CGR board of directors, Schumacher helped merge the two cultures and rationalize the two product lines. Schumacher is married and has four children. He has a sister and aunt who reside in San Diego. Schumacher and his family lived in San Diego previously in the early 70s. Schumacher received a bachelor of science degree in Electrical Engineering (BSEE) and a bachelor of science degree in Engineering Science from Gonzaga University in 1968, and a master of business administration degree from the University of Wisconsin in 1976. -0- 6/21/93 /CONTACT: Stephen O. James of Biomagnetic Technologies, 619-453-6300; or Lorraine Ruff of Stoorza, Ziegaus & Metzger, 619-236-1332, for Biomagnetic Technologies/ (BTIX)
CO: Biomagnetic Technologies Inc. ST: California IN: MTC SU: PER
EH -- LA018 -- 4060 06/21/93 12:44 EDT
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|Date:||Jun 21, 1993|
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