Aqua Medical has appointed Robert “Bob” Haggerty as its new chief executive to advance the development of its minimally invasive PIMA procedure, currently in early-stage testing for potential use against type 2 diabetes.
Aqua Medical has named Robert “Bob” Haggerty as its new chief executive as the Californian device maker pushes ahead with early-stage human testing of a procedure it hopes could eventually be used against type 2 diabetes. The company said Haggerty took over on 31 July, succeeding Lloyd Mencinger, who will remain through a transition period before retiring after nine years leading the business.
The leadership change comes as Aqua has begun a US pilot study of its Proximal Intestinal Mucosal Ablation procedure, known as PIMA, after treating its first patient at UNC Health in Chapel Hill, North Carolina. According to the company, the case was carried out by Nicholas Shaheen, the trial’s national principal investigator, with John Buse serving as national co-principal investigator; UNC Health describes Shaheen as a gastroenterologist and Buse as an endocrinologist with extensive experience in diabetes care.
Haggerty arrives with a long background in medical devices, particularly gastroenterology. Aqua said he has more than 35 years in the sector and previously helped commercialise radiofrequency ablation for Barrett’s oesophagus at BÂRRX Medical, where revenue reportedly reached $40 million before the company was bought by Covidien. That experience is likely to be central as Aqua tries to move a technology still under investigation towards larger trials and, ultimately, commercial use.
The company is pitching the platform as a minimally invasive, outpatient approach, but it remains in clinical development and is not approved for diabetes treatment. Aqua says its current diabetes device is being studied under an investigational exemption, while its underlying RFVA system already has clearance for certain gastrointestinal coagulation and ablation uses. The opportunity is substantial: a July Oppenheimer research note cited in the company’s release estimated about 35 million people with type 2 diabetes in the US and roughly 500 million worldwide, and put the US market opportunity for direct endoscopic treatment at between $4.5 billion and $6 billion.
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