Swan EndoSurgical, a gastrointestinal startup launched by Olympus and Revival Healthcare Capital earlier this year, has named former Stryker executive Erik Todd as its CEO. Todd spent the past quarter-century at Stryker—most recently as vice president and general manager of its robotics and enabling technologies division.
Swan, which made its debut in July and is based in Boston, is working on a minimally invasive platform designed to navigate through the GI tract and deploy flexible robotic arms within to help treat lesions, tumors and other diseases.
“The appointment of Erik to Swan EndoSurgical as the CEO marks a pivotal step in advancing our shared vision for endoluminal robotics,” Olympus President and CEO Bob White said in a statement. “Together, we are committed to transforming gastrointestinal care through breakthrough robotics, empowering physicians, and delivering safer, less invasive solutions for patients everywhere.”
White, who previously presided over Medtronic's medical surgical portfolio, took over the reins of Tokyo-based Olympus in June.
“With a proven track record of scaling sophisticated robotics platforms from concept through commercialization, Erik brings a global perspective, strategic rigor, and a deep appreciation for clinical needs making him the ideal leader for Swan," added Justin Ballotta, managing director at Revival Healthcare Capital.
If Swan hits previously set value goals, Olympus has the opportunity to acquire the startup; however, Revival can maintain ownership rights if Olympus decides not to exercise its purchase option. Currently, Olympus will maintain a significant equity stake and supply Swan's core visualization and GI endoscopy tech, while Revival holds majority control.
“Building on the foundation created by Swan, Revival, and Olympus, we can address unmet needs in advanced GI interventions using robotics, visualization, and flexible access,” said Todd.