Healthcare Industry News: Cardium Therapeutics
News Release - March 14, 2006
Cardium Announces Addition of Kelly D. Scott as Vice President of New Medical Technology BusinessSAN DIEGO, March 14 (HSMN NewsFeed) -- Cardium Therapeutics, Inc. (OTC Bulletin Board: CDTP ) today announced the addition of Kelly D. Scott as Vice President of Cardium's newly-formed medtech business unit. Mr. Scott will also serve as Executive Vice President of business development for InnerCool Therapies, Inc., a therapeutic hypothermia business now operated as a wholly-owned subsidiary of Cardium.
Kelly Scott has over 25 years of successful management and sales experience in the medtech industry. Before joining Cardium, he was President and Chief Executive Officer of Gish Biomedical, a public company headquartered in Orange County, California. Gish Biomedical was focused on the development, manufacture and sale of cardiovascular medical devices, which led to the acquisition of Gish by CardioTech International in 2003. Prior to Gish, Mr. Scott was a General Manager for both the United Kingdom and Asian subsidiaries of Sorin Medical, a manufacturer of implantable cardiovascular devices, and earlier in his career he was a U.S. sales manager for Shiley Inc., a hospital supplies manufacturer. Mr. Scott earned his degree in Business Administration from the University of Southern California.
Christopher J. Reinhard, Chairman and Chief Executive Officer of Cardium Therapeutics stated, "We are pleased to welcome Kelly to Cardium Therapeutics and to InnerCool. His extensive executive leadership as well as operating and sales experience will be instrumental in our efforts to grow our recently formed medtech business unit. Kelly's initial focus will be to advance the development and sales of InnerCool's Celsius Control System, based on current FDA-cleared indications and, at the same time, to broaden and expand our therapeutic hypothermia technology into other promising medical indications and applications. We believe that every major surgical and intensive care hospital unit should fully understand the potential benefits of endovascular catheter-based therapeutic hypothermia and should have access to our Celsius Control System, and it will be Kelly's job to help us more fully realize this significant market opportunity."
Mr. Scott added, "I am excited to join Cardium and to assist with the development of the company's recently-acquired InnerCool Therapies business. I look forward to working closely with InnerCool as it seeks to accelerate and expand its sales and marketing activities. We will also be looking at complementary opportunities in the endovascular areas of cardiology, cardiac surgery and related emerging technologies in order to leverage Cardium's medtech business."
About Cardium and InnerCool
Cardium Therapeutics, Inc., founded in 2003 and headquartered in San Diego, is a medical technology company primarily focused on the development, manufacture and sale of new and innovate therapeutic products for the interventional cardiology market. In October 2005, Cardium acquired a portfolio of cardiovascular growth factor therapeutics from the Schering AG Group, Germany, including the later-stage product candidate, Generx, and completed a $30 million financing. Generx(TM) (alferminogene tadenovec) is a DNA-based, myocardial-derived growth factor therapeutic being developed for potential use by interventional cardiologists as a one-time treatment to promote and stimulate the growth of collateral circulation in the heart of patients with angina pectoris. In March 2006, Cardium announced the acquisition of InnerCool Therapies, Inc., a San Diego-based medical technology company in the emerging field of therapeutic hypothermia, which is designed to rapidly and controllably cool the body in order to reduce cell death and damage following severe ischemic events such as cardiac arrest or stroke, and to potentially lessen or prevent downstream injuries such as adverse neurologic outcomes. For more information about Cardium's InnerCool subsidiary and therapeutic hypothermia, please visit www.innercool.com. For more information about Cardium and its business, please visit www.cardiumthx.com.
Except for statements of historical fact, the matters discussed in this press release are forward looking and reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond our control and may cause actual results to differ materially from stated expectations. For example, there can be no assurance that critical personnel can be retained, that InnerCool's sales and marketing efforts can be successfully expanded or that they will result in increased revenues, that therapeutic hypothermia will become accepted as standard medical practice or that InnerCool's therapeutic hypothermia systems will be adopted by a significant number of surgical or intensive care units, that other approaches to therapeutic hypothermia will not prove to be more efficient or better protected, that our efforts to expand our medtech business unit will be successful, that clinical trials and other efforts to accelerate the development of our product candidates will be successful, that necessary regulatory approvals will be obtained, that our actual or proposed products and treatments will prove to be safe or effective, that third parties on whom we depend will perform as anticipated, that our products or product candidates will lead to value enhancing or partnering opportunities, or that we will succeed in enhancing long-term shareholder value. Actual results may also differ substantially from those described in or contemplated by this press release due to risks and uncertainties that exist in our operations and business environment, including, without limitation, our limited experience in the development of DNA-based cardiovascular therapeutics and therapeutic hypothermia devices, our dependence upon proprietary technology, our history of operating losses and accumulated deficits, our reliance on collaborative relationships and critical personnel, and current and future competition, as well as other risks described from time to time in filings we make with the Securities and Exchange Commission. We undertake no obligation to release publicly the results of any revisions to these forward-looking statements to reflect events or circumstances arising after the date hereof.
Cardium Therapeutics(TM) and Generx(TM) are trademarks of Cardium Therapeutics, Inc.
InnerCool TherapiesŪ, InnerCoolŪ, Celsius Control System(TM), Temperature Control Element(TM), TCE(TM) and Accutrol(TM) are trademarks of InnerCool Therapies, Inc.
Source: Cardium Therapeutics
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