NorthStar Medical Technologies, LLC Announces Promotion of CFO Paul Estrem to Executive Vice President and Appointment to NorthStar Board of Managers
BELOIT, Wis., October 5, 2020 – NorthStar Medical Technologies, LLC, a global innovator in the development, production and commercialization of diagnostic and therapeutic radiopharmaceuticals, today announced the promotion of Chief Financial Officer Paul Estrem, to Executive Vice President. Mr. Estrem has also been appointed to the NorthStar Board of Managers, effective October 12, 2020, and continues to report to President and Chief Executive Officer Stephen Merrick. Mr. Estrem joined NorthStar in November, 2018, as Senior Vice President and CFO. He has more than 30 years of relevant financial experience in the life science and medical technology industries.
“Paul’s strong combination of leadership and financial experience in growing successful organizations has served NorthStar exceptionally well since he joined the Company,” said Stephen Merrick, President and Chief Executive Officer of NorthStar. “As a key member of our executive leadership team, he holds oversight of NorthStar’s Financial, Legal, Operational and Business Development functions. Paul’s efforts have greatly increased NorthStar’s visibility and standing with the investment community, helping us to secure significant financial funding and sustained interest from leading investors. Paul has been instrumental in building momentum to create and expand NorthStar’s product portfolio. This expanded executive role positions Paul to optimally leverage his background and experience to guide NorthStar’s corporate strategy and drive our planned corporate and business development initiatives.”
“We welcome Paul Estrem to the NorthStar Board of Managers, and look forward to drawing upon his strategic, financial and operational expertise as the Company grows,” said Diane Hendricks, Chairperson of the Board of NorthStar. “NorthStar exemplifies an outstanding model of success in Hendricks Holding Company’s portfolio. The Company has rapidly transformed from a development-stage company into an organization that is on a clear path to global leadership with an expanding influence in radiopharmaceutical development and production. Its commercialized, U.S.-based radioisotope production is available nationwide to help meet patients’ needs for important diagnostic imaging radiopharmaceuticals, and is expanding for the future. NorthStar’s portfolio encompasses commercial development processes for therapeutic radiopharmaceutical production, strategic collaborations researching the use of therapeutic radiopharmaceuticals for the treatment of infectious disease such as COVID-19, and research into a novel thrombin imaging agent for potential use in helping to identify specific forms of cardiovascular disease. NorthStar is strongly positioned for continued rapid growth and we look forward to Paul’s contributions to the Board as NorthStar continues to expand its global leadership across the radiopharmaceutical industry.”
Prior to joining NorthStar, Mr. Estrem was the CFO of Melinta Therapeutics, Inc., a publicly traded company focused on the discovery, development and commercialization of novel antibiotics. During his five-year tenure there, he guided the company in the process of converting from a private to public enterprise, raised more than $500 million in support of the company, assisted in the acquisition of products from other companies, facilitated a merger and supported the commercial launch of multiple products. Prior to Melinta, he spent more than 20 years with Baxter International, Inc. where he held both financial and non-financial positions of increasing responsibility. During his tenure at Baxter, his experiences included divisional CFO for various divisions of Baxter, CFO of Baxter’s operations in Japan and serving as the Vice-President of Integration for a large acquisition. Prior to Baxter, Paul was a public accountant with Arthur Andersen & Co. He holds a Master of Business Administration degree from the Kellogg School of Management at Northwestern University and a Bachelor of Science degree in Accounting from Illinois State University.
About NorthStar Medical Technologies, LLC (NorthStar)
NorthStar Medical Radioisotopes is a global innovator in development, production and commercialization of diagnostic and therapeutic radiopharmaceuticals. Founded in 2006 and based in Beloit, Wis., NorthStar Medical Technologies is the parent organization of several wholly-owned subsidiaries, including NorthStar Medical Radioisotopes, LLC. NorthStar Medical Radioisotopes is a nuclear medicine technology company providing the United States with reliable and environmentally friendly radioisotope supply solutions to meet the needs of patients and to advance clinical research. Its commercialized, U.S.-based radioisotope production is available nationwide to help meet patients’ needs for important diagnostic imaging radiopharmaceuticals, and is expanding for the future. NorthStar’s portfolio encompasses commercial development processes for therapeutic radiopharmaceutical production, strategic collaborations researching the use of therapeutic radiopharmaceuticals for the treatment of infectious disease such as COVID-19, and research into a novel thrombin imaging agent for potential use in helping to identify specific forms of cardiovascular disease. NorthStar’s proprietary and patented technologies include domestic production methods, patented separation chemistry systems, patented sterilization systems and a technology platform that potentially allows expanded product offerings to provide solutions in both the diagnostic and therapeutic markets. For more information, visit: www.northstarnm.com.
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