Healthcare Industry News: ATRILAZE
News Release - May 30, 2006
MedicalCV, Inc. Appoints Eapen Chacko as Chief Financial Officer
Senior Financial Executive Brings 30 Years of Experience to MedicalCVINVER GROVE HEIGHTS, Minn.--(HSMN NewsFeed)--May 30, 2006--MedicalCV, Inc. (OTCBB:MDCV ), www.medcvinc.com, announced today the appointment of Eapen Chacko (age 58) as vice president, finance and chief financial officer, effective June 21, 2006.
Mr. Chacko brings more than 30 years of experience in strategic planning, investor relations, equity capital markets and international business to MedicalCV. From 2000 to 2005, Mr. Chacko was CFO of Possis Medical Inc. (NASDAQ:POSS ) which develops, manufactures and markets pioneering medical devices for the large and growing endovascular treatment markets. During his tenure at Possis, Mr. Chacko successfully led the strategic planning, business development, investor and public relations teams. Under his financial leadership, Possis went from a history of operating losses to 16 consecutive quarters of profitability. In addition, he directed the design of the corporate internal control system and implemented a successful investor relations program that significantly increased Wall Street interest.
"Eapen brings to MedicalCV a well-rounded financial career with a diversity of experience, and as a result has the combination of financial savvy and industry experience we need as we enter into our next phase of growth," said Marc Flores, president and CEO of MedicalCV, Inc. "His proven track record in financial management, investor relations, and the capital markets, make him an excellent choice to lead our financial team and we expect him to make a significant contribution on many levels. It is a pleasure to welcome him to MedicalCV."
"I am thrilled to join the MedicalCV team," Mr. Chacko said. "I am impressed by Marc's leadership as well as the Company's opportunities for future growth. Marc has put together an energetic, capable and committed management team and I am very pleased to play a key leadership role in the future success of MedicalCV. MedicalCV has an excellent opportunity to make a significant impact on the treatment of atrial fibrillation, which is very compelling, and I look forward to working closely with the rest of the team to execute the growth strategy."
Before serving as CFO at Possis, Mr. Chacko was vice president for investor and public relations, corporate communications at Possis from 1999-2000. From 1995-1999, he was director of investor relations at Fingerhut Companies, an NYSE direct marketing and financial services company. At Fingerhut, he instituted its first professional investor relations program and played an integral role in the spin-out of Fingerhut Financial Services to Metris Companies Inc. in 1996.
He served as a vice president of Equity Capital Markets Research at Dain Bosworth from 1992 - 1995, where he was named an "All-Star Analyst" by the Wall Street Journal in 1995 for stock picking in Specialty Retailing. From 1988 - 1992, he was a vice president of equity research at Roulston Research Corporation, where he published institutional equity research on retail, restaurants and building products companies.
Mr. Chacko served as vice president and chief economist at Safian Investment Research from 1985 - 1987 and, prior to that, as senior economic consultant at Merrill Lynch Economics from 1983 - 1985. From 1973 - 1981, he was a senior economist for the United Nations Secretariat, Department of Economics & Social Affairs, where he headed a six person professional research unit doing global mineral studies (reserves, recovery cost indexes, and price projections) for use in Law of The Sea treaty negotiations.
Mr. Chacko earned an M.A. in Economics from Johns Hopkins University and an A.B. in Economics from Columbia College in New York City.
Mr. Chacko is a member of the board of Hawkins Chemical, Inc. (NASDAQ:HWKN ) and a member of its audit and compensation Committees.
About MedicalCV
MedicalCV, Inc.'s core technology is the ATRILAZE(TM) Surgical Ablation System for use in cardiac tissue ablation procedures in open-heart surgery. The ATRILAZE system and its platform of laser technology are currently being utilized as a potential means to treat atrial fibrillation in concomitant open-heart surgical procedures. Atrial fibrillation, or AF, is the most commonly occurring cardiac arrhythmia. It reduces cardiac output, is a major precursor to congestive heart failure and is associated with an increased incidence of stroke. To learn more about MedicalCV, visit its website at www.medcvinc.com.
Source: MedicalCV
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