Shanth Thiyagalingam
About Shanth Thiyagalingam
Shanth Thiyagalingam (age 44) was appointed as an independent director of Milestone Scientific (MLSS) on May 14, 2025, and is currently CEO of PainTEQ, a medtech company in interventional pain therapy . He holds a Bachelor of Medical Science (University of Sydney), a Master’s in Marketing Management, and an MBA from Macquarie Graduate School of Management, and brings commercialization and medical device leadership experience across Abbott, Nevro, Stryker, St. Jude Medical, Bristol-Myers Squibb, and Boehringer Ingelheim .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| PainTEQ | Chief Commercial Officer; Chief Operating Officer; Chief Executive Officer | 2020–2025 (progression); CEO 2025–present | Led transformation to high-growth; M&A initiatives; secured Category 1 CPT for LinQ; multiple INC 5000 recognitions |
| Abbott Laboratories (Neuromodulation, APAC) | General Manager | 2018–2020 | Regional leadership in neuromodulation |
| Nevro Corporation | Regional Director | Dates not specified; pre-2018 | Commercial leadership in HFX chronic pain therapy |
| Stryker South Pacific | Senior Marketing Manager | 2012–2016 | Medtech commercialization |
| St. Jude Medical | Global Cardiac Surgery Marketing Manager; ANZ Atrial Fibrillation Product Manager | 2009–2012 | Global and ANZ product leadership (acquired by Abbott) |
| Bristol-Myers Squibb | Virology Specialist Representative | 2006–2009 | Field commercial role |
| Boehringer Ingelheim | Medical Representative | 2003–2006 | Field medical sales |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| PainTEQ | Chief Executive Officer | 2025–present | Private medtech manufacturer focused on interventional pain therapy |
Board Governance
- Independence: Board determined Thiyagalingam is independent under NYSE American standards; independent directors include Casamento, Goldman, Sayed, and Thiyagalingam .
- Committee structure: Board maintains Audit, Compensation, and Nominating & Corporate Governance committees (chairs/members not specified in 2025 proxy) .
- Attendance/engagement: Board met 6 times in 2024; all directors then serving attended ≥75% of meetings. No specific attendance disclosed for Thiyagalingam (appointed in 2025) .
- Director election/term: Annual election; one-year term for each director nominee .
Fixed Compensation
| Component | Amount/Structure | Notes |
|---|---|---|
| Annual director retainer (non-executive) | $100,000 paid in stock awards | Director compensation plan as of FY2023 |
| Chairperson of the Board | $120,000 paid in stock awards | Additional for Board Chair |
| Committee chair fees | +$10,000 per committee chair per year (stock) | Audit, Compensation, Nominating chairs |
| Other fees | Meeting fees not disclosed | No cash fees shown; stock awards used to build ownership alignment |
Note: Individual director compensation for Thiyagalingam is not disclosed in the 2025 proxy; the plan indicates equity-only awards for independent directors .
Performance Compensation
- No performance-based director compensation metrics (e.g., TSR-linked PSUs) disclosed for directors; independent directors receive stock awards per plan .
Other Directorships & Interlocks
- No current public company directorships for Thiyagalingam disclosed; prior roles listed are operating/executive positions, not board seats .
- No disclosed shared boards with MLSS customers/suppliers; no related-party transactions involving Thiyagalingam are disclosed in 2025 proxy .
Expertise & Qualifications
- Education: Bachelor of Medical Science (University of Sydney), Master’s in Marketing Management, MBA (Macquarie Graduate School of Management) .
- Technical/industry expertise: Interventional pain, neuromodulation, cardiac surgery marketing, medtech commercialization; led CPT coding success for LinQ procedure .
- Governance qualification: Independent status; commercialization and reimbursement strategy expertise relevant to MLSS’s medical device portfolio .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding |
|---|---|---|
| Shanth Thiyagalingam | — | Less than 1% (*) |
() As reported in the beneficial ownership table; “—” indicates no specific share count disclosed; percent shown as “ Less than 1%” .
Company policies affecting alignment and risk:
- Hedging/pledging prohibited (no margin accounts or pledging; short sales prohibited) .
- Clawback policy for executives on restatements; applies to executive incentive pay (company-level) .
Governance Assessment
- Independence and domain expertise: Positive for board effectiveness; Thiyagalingam’s medtech commercialization and reimbursement background aligns with MLSS’s strategy in CompuFlo/STA systems .
- Ownership alignment: No reported beneficial ownership as of November 4, 2025; alignment relies on equity-based director compensation plan rather than personal holdings—watch for future equity accrual to strengthen skin-in-the-game .
- Committee participation transparency: 2025 proxy does not specify committee assignments; clarity on committee roles and chairmanships would improve investor confidence .
- Conflicts/related-party exposure: No related-party transactions or business dealings involving Thiyagalingam disclosed; broader board-related party activities (supplier United Systems; director financing in April 2025) exist but do not involve him directly .
- Attendance/engagement: Board-wide 2024 attendance ≥75%; individual attendance for Thiyagalingam post-appointment not disclosed—monitor future proxies for participation metrics .
RED FLAGS to monitor
- Low disclosed personal ownership as of 2025—track subsequent equity awards/accumulation for alignment .
- Committee assignment opacity for new directors—request disclosure to assess oversight responsibilities .
- Broader board related-party and director financing environment (convertible notes to other directors in 2025) indicates reliance on insider financing—monitor governance safeguards even though not tied to Thiyagalingam .