Healthcare Industry News: Orthofix
News Release - June 13, 2006
Orthofix Appoints Michael M. Finegan to Lead Newly Formed Corporate Development TeamHUNTERSVILLE, N.C.--(HSMN NewsFeed)--June 13, 2006--Orthofix International N.V. (NASDAQ: OFIX ) announced today that Michael M. Finegan has joined the company as Vice President of Corporate Development. Mr. Finegan will lead the recently created Corporate Development Group at Orthofix, focusing on the development and implementation of a comprehensive plan to identify external opportunities for the company to increase its revenues and earnings.
Mr. Finegan joins Orthofix with extensive medical device experience after sixteen years with the Boston Scientific Corporation where he held several strategic positions, most recently as Vice President of Corporate Sales. In that capacity he led Boston Scientific's sales, marketing and strategic alliance efforts, including the development and execution of new business initiatives. Most recently he has been instrumental in the planning and integration activities of the $28 billion Guidant acquisition. Mr. Finegan began his career in banking with First Union (Wachovia).
Reporting directly to Orthofix's Group President and CEO, Alan Milinazzo, Mr. Finegan will lead a team focusing solely on developing and executing strategies which leverage the company's strong balance sheet. Mr. Milinazzo stated, "I'm extremely pleased to have filled this very important role with an individual of Michael's caliber. His extensive experience in high growth markets in the medical technology sector will contribute significantly to the long term growth strategy we are building at Orthofix. We expect Mike will have an immediate impact on our activities in this part of our business."
Orthofix has indicated recently that its strategic plans include the identification of new business development activities, including potential licensing agreements, alliances, and acquisitions that would provide non-organic revenue and earnings growth opportunities to complement its organic growth initiatives. In May, Orthofix filled two other key positions in the Corporate Development group. Bob Goodwin and Brad Lee, both with strong backgrounds in the medical device industry, joined the company as Directors of Corporate Development. Bob and Brad will report directly to Mike Finegan.
About Orthofix International, N.V.
Orthofix International N.V., a global diversified orthopedic products company, offers a broad line of minimally invasive surgical, as well as non-surgical, products for the spine, reconstruction, and trauma market sectors that address the lifelong bone-and-joint health needs of patients of all ages, helping them achieve a more active and mobile lifestyle. Orthofix's products are widely distributed around the world to orthopedic surgeons and patients via Orthofix's sales representatives and its subsidiaries, including Breg, Inc., and via partnerships with other leading orthopedic product companies, such as Medtronic Sofamor Danek and Kendall Healthcare. In addition, Orthofix is collaborating in R&D partnerships with leading medical institutions such as the Orthopedic Research and Education Foundation, the Cleveland Clinic Foundation, Innovative Spinal Technologies and the National Osteoporosis Institute. For more information about Orthofix, please visit www.Orthofix.com.
This news release contains certain forward-looking statements under the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include, but are not limited to, statements concerning increases in revenues and earnings, and other new business activities at Orthofix and its subsidiaries. These statements are based on management's current expectations and estimates and involve risks and uncertainties that could cause actual results or outcomes to differ materially from those contemplated by the forward-looking statements. Factors that could cause or contribute to such differences may include, but are not limited to, unanticipated expenditures, changing relationships with customers, suppliers and strategic partners, risks relating to the protection of intellectual property, changes to the reimbursement policies of third parties, changes to governmental regulation of medical devices, the impact of competitive products, changes to the competitive environment, the acceptance of new products in the market, conditions of the orthopedic industry and the economy and other factors described in the most recent report on Form 10-K and other periodic reports filed by Orthofix with the Securities and Exchange Commission.
Source: Orthofix International
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