Sommetrics, a company providing products and services to improve sleep quality, announced the addition of Wally McCloskey to its board of directors and the appointment of Corbet “Cory” Lancaster as senior vice president of finance.The company recently announced that its sleep apnea therapy system, aerSleep, received a Health Canada Medical Device License—allowing it to be marketed in Canada.
“We are approaching a pivotal time in the company’s evolution and the additions of Wally and Cory will play a critical role in scaling our business,” says Richard Rose, MD, CEO, chief medical officer, and board chair at Sommetrics, in a release. “Their experience will be invaluable to Sommetrics as our company makes the transition from research and development to a commercial business.”
A seasoned business executive with a background in research and development and operations management, McCloskey joins 5 other executives from various health and technology sectors on the Sommetrics board, including board vice chairman Avram Miller, co-founder of Intel Capital and former vice president, business development for Intel Corp.
“Wally brings extensive experience in navigating highly regulated industries and his breadth of management skills will add valuable support to Sommetrics as we advance in the commercial and consumer healthcare spaces,” says Miller. “We look forward to benefitting from Wally’s counsel and entrepreneurial spirit.”
“I am honored to bring my expertise to Sommetrics’ team of renowned executives and board members,” says McCloskey. “It’s clear the entire company is personally invested in making a positive impact in the lives of people globally and I look forward to working closely with them to solidify Sommetrics’ position as the leader in sleep quality technology.”
McCloskey is currently the president of Norac Inc, a specialty chemical manufacturer. He has managed the turnaround, successful growth, and sale of several businesses, including a pharmaceutical ingredient manufacturer.
Lancaster joins Sommetrics with more than 25 years of experience ranging from financial modeling, business valuations, strategic planning, financial reporting and analysis, and working capital management. He has previously held executive and director level finance positions with venture-backed, mid-size and large organizations including the vice president of finance, Americas, for ResMed.
“I’m eager to leverage my experience in financial management to help Sommetrics pioneer new paths within the global sleep aids market, which is estimated to reach $80 billion in value by 2022,” says Lancaster. “Sommetrics’ innovative technology capitalizes on the need for obstructive sleep apnea and snoring solutions, both in the commercial and consumer markets. The company’s mission of improving health and well-being by optimizing sleep quality is one I fully support.”
At Sommetrics, Lancaster will lead the company’s finance and administrative activities, implementing new strategies and processes to support commercial expansion, product development and global strategic partnerships, while driving operational excellence. He will also participate in the company’s capital raising efforts.
