Healthcare Industry News: Spine Wave
News Release - August 8, 2006
Spine Wave Announces New Chief Financial OfficerDemonstrated Leader Carmen Diersen Joins Spine Wave Executive Management Team
SHELTON, Conn.--(HSMN NewsFeed)--Aug. 8, 2006--Spine Wave, Inc., a developer of advanced materials, techniques, and implant systems for spine surgery, today announced that Carmen Diersen will join the executive management team in the capacity of Chief Financial Officer.
Since March of 2004, Ms. Diersen has served as Executive Vice President and CFO of American Medical Systems (NASDAQ:AMMD ), a $1.3 billion market cap world leader of medical devices providing pelvic health solutions for men and women. In the years since Diersen joined AMS, the Company has completed five acquisitions, the most recent being the $715 million acquisition and related financing of Laserscope. Prior to her tenure at AMS, Ms. Diersen spent twelve years in the cardiac surgery, cardiac rhythm management and spinal surgery businesses at Medtronic, Inc. The first ten years of her career were spent in various financial capacities of increasing responsibility at Honeywell, Inc. Ms. Diersen currently serves on the Board of Directors for SonoSite, Inc. (NASDAQ: SONO ) and Memry Corporation (AMEX: MRY ).
"Carmen is an ideal fit for Spine Wave," said Mark LoGuidice, Chairman and CEO of Spine Wave. "We are thrilled to be able to attract an individual of her caliber and experience. Carmen has very successful public company financial experience, including demonstrated capabilities with acquisitions. She has several years of operating experience and specific knowledge of the spinal industry, both of which will prove invaluable to Spine Wave. Carmen will assume significant responsibilities beyond the traditional CFO role."
Diersen's spinal industry experience came in her role as Vice President of Finance and Administration upon Medtronic's $3.6 billion acquisition of Sofamor Danek. Following the acquisition, she reported directly to Ron Pickard, longtime CEO of Sofamor Danek, now a Spine Wave Board member and key advisor. While her initial focus was on the financial aspects of the business, Diersen gained significant operating experience during her five year tenure at Medtronic Sofamor Danek, serving both as Vice President of Asia Pacific Business Development and later as Vice President and General Manager of Musculoskeletal Tissue Services.
Diersen stated, "I am eager to join the strong executive team at Spine Wave. The progress the Company has made to date with their novel spinal surgery technologies gives me great confidence in our future potential."
About Spine Wave
Connecticut-based Spine Wave is focused on developing and marketing 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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