Ultrasound maker Butterfly Network named a new chief executive on Monday ahead of merging with the Longview Acquisition Corp. in a deal valued at $1.5 billion.
Todd Fruchterman, MD, PhD, will assume the role on Feb. 1, after previously working with 3M for nearly 10 years, finishing as president of its medical solutions division. Founded in 2011, Butterfly’s aim is to “democratize” imaging through its portable ultrasound technology that connects with mobile devices.
Longview—an acquisition company affiliated with hedge fund Glenview Capital Management—said it hopes to close the deal on Feb. 12. If its board approves and closing conditions are met, the company will begin trading on the New York Stock Exchange under the ticker “BFLY” Feb. 16.
"Todd's experience fits hand in glove with the breadth and depth of our opportunity to drive better medicine, empower medical professionals, improve patient outcomes and generate significant growth and value over the long-term,” Longview Chairman Larry Robbins, who is also founder and CEO of Glenview Capital Management, said in a statement.
Meanwhile, Laurent Faracci, Butterfly’s CEO since March 2020, stepped down from the role over the weekend, according to the announcement.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.