Healthcare Industry News: FoxHollow Technologies
News Release - September 18, 2006
FoxHollow Technologies Increases Depth of Management Team With Two Senior Vice PresidentsTwo Executives Bring Nearly 40 Years of Healthcare Industry Management Experience to FoxHollow
REDWOOD CITY, Calif., Sept. 18 (HSMN NewsFeed) -- FoxHollow Technologies, Inc., (Nasdaq: FOXH ), today announced the hiring of two integral additions to its management team. The Company has named Ronald Songer as Senior Vice President of Research and Development, and Robert Wood as Senior Vice President of Operations and Quality. Wood and Songer collectively bring nearly 40 years of management experience in the healthcare industry to FoxHollow.
As Senior Vice President of Research and Development, Songer will oversee the continuing development and advancement of new technologies for FoxHollow's product line to treat arterial disease, such as the recently announced NightHawk(TM) System and the thrombus removal products obtained through the Company's acquisition of Kerberos Proximal Systems. This is a new position at the Company.
Songer joins the Company after most recently serving as Divisional Vice President, Research and Development, at Abbott Vascular. He has 20 years of medical device experience ranging from early stage technology companies to global corporate entities. Songer has held various management roles at companies including Perclose, Abbott Laboratories, Spectranetics and Guidant. Songer holds a Bachelor of Science degree in Nuclear Engineering from the University of California at Santa Barbara and a Master of Science degree in Mechanical Engineering from the University of California at Berkeley.
As Senior Vice President of Operations and Quality, Robert Wood will be responsible for leading FoxHollow's global operations initiatives, including manufacturing, quality assurance and facilities. Wood will oversee and support the production of FoxHollow's medical device products and will continue to maintain and further enhance the Company's manufacturing efficiencies. This position was previously held by Ronald Steckel, FoxHollow's current Chief Operating Officer.
Previously, Wood served as Vice President of Operations for Inamed, a wholly-owned subsidiary of Allergan, which markets innovative solutions for the medical aesthetics and obesity intervention markets. Wood has extensive general management experience within the medical device and pharmaceutical industries and has created and implemented successful business strategies with companies such as Keravision, Allergan and Abbott Laboratories. Wood holds a Bachelor of Science in Mechanical Engineering from Texas A&M University.
"We are extremely pleased with the addition of Ron Songer and Robert Wood to the FoxHollow team. Their combined expertise will help strengthen our core competencies by providing an increased breadth of medical device and healthcare industry experience," commented John Simpson, Ph.D., M.D., the founder and Chief Executive Officer of FoxHollow. "Their leadership in research and development and operations will be critical to our goal of expanding our product portfolio both through internal development and external partnering."
About FoxHollow Technologies, Inc.
FoxHollow Technologies, Inc. develops and markets minimally invasive plaque excision devices for the treatment of peripheral artery disease (PAD). An estimated 12 million people in the U.S. are thought to suffer from PAD, with 2.5 million patients currently diagnosed. PAD results from plaque that accumulates in the arteries and blocks blood flow in the legs. These blockages can result in severe pain for patients and very limited physical mobility. The company's SilverHawk system is a minimally invasive method of removing the obstructive plaque and restoring blood flow to the legs and feet. For more information, please visit our website at http://www.foxhollowtech.com .
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Statements in this press release regarding FoxHollow's business that are not historical facts may be "forward-looking statements" that involve risks and uncertainties. Specifically, statements concerning our plans to expand our product offerings and enhance manufacturing efficiency are forward-looking statements. Forward-looking statements are based on management's current, preliminary expectations and are subject to risks and uncertainties, which may cause FoxHollow's actual results to differ materially from the statements contained herein. Risks and uncertainties are included under the captions, "Managements' Discussion and Analysis of Financial Condition and Results of Operations," and "Risk Factors," in our quarterly report on Form 10-Q as filed with the Securities and Exchange Commission on August 9, 2006, which is on file with the SEC and available on our investor relations website at http://investor.foxhollowtech.com and on the SEC's website at www.sec.gov . Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. FoxHollow undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date they were made, or to reflect the occurrence of unanticipated events.
Source: FoxHollow Technologies
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