KKR-backed Cerêve Appoints Donald Spence as CEO

3/21/17

Donald J. Spence

Cerêve Inc., manufacturer of the Cerêve Insomnia Therapy for treating people with insomnia, today announced it has appointed Donald J. Spence President and Chief Executive Officer. Spence, who joined Cerêve’s Board of Directors in July 2016, will succeed Craig Reynolds, who has successfully led the company for the past six years and will continue to serve on Cerêve’s Board of Directors.

Mr. Spence, a corporate executive with expertise in both the medical device and sleep medicine markets, commented on his appointment; “I would like to thank Craig Reynolds for his service to the Company. I am also very pleased that Craig has agreed to continue to serve on Cerêve’s Board of Directors. His insight and experience will be invaluable as we bring Cerêve’s Insomnia Therapy to market later in 2017.”

Spence served as Chairman and CEO of Lake Region Medical from 2010 until its sale to Integer Holdings in October 2015. Lake Region Medical was one of the largest suppliers to the medical device industry serving the cardiovascular and advanced surgical markets. Previously Spence served as Group President, Sleep and Home Respiratory and then later as Chief Executive Officer of Philips Home Healthcare for Philips Respironics, a global leader in sleep and respiratory products.

Three independent clinical studies conducted on more than 230 patients over 3,800 research nights demonstrated the safety and efficacy of this novel device in reducing the time it takes people with insomnia to get to sleep. With this strong scientific and clinical foundation, in mid-2016 Cerêve received FDA clearance for reducing sleep latency (to Stage 1 and Stage 2 sleep) in patients with primary insomnia. The Cerêve Insomnia Therapy is comprised of an intelligent bedside device that precisely cools and pumps fluid to a forehead pad worn throughout the night. Clinical subjects found the device easy to use and to wear, and commented that it was a calming and comfortable experience. Earlier this year, Cerêve announced the closing of a $38 million Series B round of financing led by KKR, a leading global investment firm.

“I am thrilled to join the Cerêve team as we prepare for the launch of the only wearable, drug-free therapy for the 55 million Americans who suffer from insomnia,” added Spence. The launch is slated for the second half of 2017.

About Cerêve

Based near Pittsburgh, PA, the privately-held company was formed in 2008 after the company’s Founder, Eric Nofzinger M.D., performed pioneering brain imaging studies on patients with insomnia at the University of Pittsburgh. The Cerêve management team includes former executives from Respironics, a global leader in sleep and respiratory markets that was acquired by Philips in 2008 for $5 billion.

Cerêve was funded in part by a grant from the National Institute of Health as well as by private equity and venture capital firms KKR, Arboretum Ventures, Versant Ventures and Partner Ventures.

For more information, or to receive updates as the Cerêve Sleep System becomes available, visit http://www.cerevesleep.com.

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