Healthcare Industry News: Uterine Fibroids
News Release - January 17, 2007
MedicalCV Elects Two Senior Medical Device Executives to Its Board of DirectorsINVER GROVE HEIGHTS, Minn.--(HSMN NewsFeed)--MedicalCV, Inc. (OTCBB:MCVI ), a cardiovascular surgery company, announced today that its Board of Directors has elected Richard J. Faleschini and David A. Chazanovitz as new Directors, effective January 15, 2007.
Mr. Faleschini, age 59, has served as President and Chief Executive Officer of Biosphere Medical, Inc. since November 2004 and has served on its Board of Directors since March 2005. Headquartered in Rockland, Massachusetts, Biosphere Medical develops, manufactures, and markets products for medical applications using embolotherapy techniques. Embolotherapy is the therapeutic introduction of various substances into a patient's circulatory system to occlude blood vessels, either to arrest or prevent hemorrhaging or to devitalize a structure or organ by occluding its blood supply. Currently, Biosphere Medical is marketing its bioengineered microspheres to treat Uterine Fibroids, a condition affecting more than 25 million women in the United States.
Mr. Chazanovitz, age 56, served as Chief Executive Officer of Cambridge Heart, Inc. from February 2001 through October 2006, as the President and a Director of Cambridge Heart from October 2000 through October 2006, and as Chairman of its Board of Directors from July 2004 to October 2006. Headquartered in Bedford, Massachusetts, Cambridge Heart is engaged in the research, development and commercialization of products for the non-invasive diagnosis of cardiac disease including the use of technologies to identify those at risk of sudden cardiac death.
"We are excited to welcome these two Directors to our Board as they bring strong reputations for success in building positive shareholder value," stated Susan L. Critzer, Chairperson of MedicalCV's Board of Directors. "We believe we will benefit from their experience and look forward to their contributions here at MedicalCV."
Marc P. Flores, President and Chief Executive Officer of MedicalCV, added, "We believe that the addition of these seasoned medical device executives will have a positive impact as we implement an integrated marketing strategy of the ATRILAZE(TM) System for cardiac tissue ablation and the SOLAR(TM) System, which is subject to FDA clearance for soft tissue ablation."
About MedicalCV, Inc.
MedicalCV's ATRILAZE surgical ablation system utilizes laser energy for cardiac tissue ablation in both open-heart and minimally invasive cardiac surgery procedures. Physicians see precise cardiac ablation as a potentially effective way to address atrial fibrillation in certain patients. 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.
MedicalCV's SOLAR automated surgical ablation system, which is subject to FDA clearance, utilizes laser energy to ablate soft tissue in various surgical settings.
This release contains certain forward-looking statements of expected future developments, as defined in the Private Securities Litigation Reform Act of 1995. The forward-looking statements in this release refer to the Company's expectations regarding the development, regulatory clearance and commercialization of its automated surgical ablation system. These forward-looking statements reflect management's expectations and are based on currently available data; however, actual results are subject to future risks and uncertainties, which could materially affect actual performance. Risks and uncertainties that could affect such performance include, but are not limited to, the following: the Company's ability to fund significant capital needs; the ability to gather acceptable clinical data in a timely manner to support regulatory clearances; the ability of the Company's capital goods suppliers to provide it with suitable clinical product; competing technological and market developments; physician acceptance of the Company's cardiovascular products; dependence upon governmental reimbursements and third party suppliers; and the strength of the market for cardiovascular products. For more detailed information about these risks and uncertainties, please review the Company's Annual Report on Form 10-KSB, as filed with the Securities and Exchange Commission on July 20, 2006.
These events and uncertainties are difficult or impossible to predict accurately and many are beyond the Company's control. The Company assumes no obligation to publicly release the results of any revisions that may be made to any forward-looking statements to reflect events or uncertainties after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
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