Healthcare Industry News: StaXx
News Release - June 22, 2006
Spine Wave Announces New DirectorRon Pickard Elected to Spine Wave's Board of Directors
SHELTON, Conn.--(HSMN NewsFeed)--June 22, 2006--Spine Wave, a developer of advanced materials, techniques, and implant systems for spine surgery, announced today the election of Ron Pickard to its Board of Directors. In addition to his traditional role on the Board, Mr. Pickard will play an active operating role in key projects including the development of the clinical trial plan and ultimate commercialization of the NuCore(TM) Injectable Nucleus.
Mr. Pickard was the longtime Chairman and CEO of Sofamor Danek Group, the world's leader in spinal implants. Sofamor was acquired by Medtronic in 1999 for approximately $3.6 billion. After a 20 year career with Richards Medical Company (now Smith & Nephew Orthopaedics), which culminated in his ascension to the level of President of the Orthopaedics Division, he joined Danek Medical in 1990 as its President and was soon after named CEO. Under Pickard's leadership, Danek Medical acquired Sofamor in 1993 and through intensive organic growth and additional strategic acquisitions, grew into the undisputed leader in the rapidly evolving field of spine. Mr. Pickard is also credited with having led the successful fight against the cadre of attorneys who organized a class action effort targeting spine surgeons and manufacturers of pedicle screws - an effort which, had it been successful, would have crippled the spinal industry.
"Ron was the driving force behind the success of Sofamor Danek," said Mark LoGuidice, Chairman and CEO of Spine Wave. "He has great instincts, an exceptional understanding of the orthopaedic and spinal industries, and knows what it takes to build a successful company in these fields. He was a great mentor at Sofamor Danek Group and I look forward to benefiting from his insights once again."
Mr. Pickard added, "I am excited about Spine Wave's ability to drive near term revenues through its novel StaXx(TM) brand of products while pursuing clinical trials of the NuCore(TM) Injectable Nucleus. The NuCore(TM) Injectable Nucleus, should it prove successful, has the ability to fundamentally change the way that spine surgery is being performed. You do not usually see this type of depth and breadth of technologies in a company at this stage." Mr. Pickard continued, "I am also excited about getting reengaged with a number of people I have worked closely with in the past. The executives at Spine Wave are all proven performers and I'm confident in their ability to execute on this very aggressive business plan."
About Spine Wave
The Company is focused on the development and marketing of clinical solutions for three of the largest and fastest growing spinal market segments: nuclear replacement and augmentation, vertebral compression fracture repair and spinal fusion. The company's product portfolio includes the NuCore(TM) Injectable Nucleus, the StaXx(TM) FX Fracture Repair System, the StaXx(TM) XD Expandable Device, and several additional products in development. In January 2006, Spine Wave closed a series C financing and raised $36.5 million, bringing the total funds raised to date to $90 million. For more information, visit Spine Wave's website at www.spinewave.com.
Source: Spine Wave
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