Healthcare Industry News: North American Scientific
News Release - March 22, 2007
North American Scientific Names John Rush to Serve as President and Chief Executive OfficerCHATSWORTH, Calif.--(HSMN NewsFeed)--North American Scientific, Inc. (Nasdaq:NASI ) today announced that its Board of Directors has unanimously appointed John Rush to serve as the Company's President and Chief Executive Officer.
Mr. Rush, 48, has served since 2002 as President and CEO of Sanarus Medical, a leading developer of minimally invasive medical devices for diagnosing and treating breast disease. Prior to joining Sanarus, Mr. Rush was President and CEO at Micro Therapeutics, Inc. (now owned by ev3, Inc.), a publicly traded medical device company focused on the treatment of cerebral and peripheral vascular disorders worldwide. Mr. Rush has over twenty-four years of experience in the medical device sector, with a background in sales, marketing and management at such companies as Scimed Life Systems/Boston Scientific and Cilco/CooperVision/Alcon Surgical.
"The entire Board of Directors enthusiastically welcomes John Rush to North American Scientific," announced Dr. Gary N. Wilner, non-executive Chairman of North American Scientific. "A subcommittee of the Board, consisting of Richard Sandberg, Roderick Young and myself interviewed a number of impressive candidates. The entire Board had the opportunity to meet with John and were confident in the choice of him becoming our President and CEO. I am very pleased to announce that we have reached agreement with John on the terms and conditions of his employment."
Dr. Wilner continued, "John brings a proven track record of product development and sales and marketing expertise in the medical device arena. John's knowledge and demonstrated leadership ability will be a tremendous asset to the Company."
Mr. Rush stated, "I am extremely excited about the opportunity to join North American Scientific at this crucial time. I believe that my experience in the medical device industry, particularly as it relates to breast disease, will bring value to the Company's efforts to launch its upcoming breast brachytherapy product, ClearPath(TM)." Mr. Rush continued, "I look forward to working with the Board, and the entire North American Scientific management team as we continue to develop and provide world class medical products for the treatment of cancer, while also providing value to the Company's shareholders."
Mr. Rush will begin his new position in mid-April and is expected to join the North American Scientific Board of Directors. He succeeds L. Michael Cutrer, the Company's President and CEO since its inception in 1989. Cutrer, 51, will become Executive Vice President and Chief Technology Officer and continue to serve as a member of North American Scientific's Board of Directors.
"After having the opportunity to speak with John during the search process, I am confident that he will be a tremendous addition to the Company," stated Mr. Cutrer. "I am looking forward to working with John as we diligently work on the successful launch of ClearPath and other future products."
Details of Mr. Rush's compensation package will be disclosed shortly.
About North American Scientific
North American Scientific is a leader in radiation therapy products and services in the fight against cancer. Its innovative products provide physicians with tools for the treatment of various types of cancers. They include Prospera® brachytherapy seeds and SurTRAK(TM) needles and strands used primarily in the treatment of prostate cancer. In addition the Company plans to commercialize its ClearPath(TM) multi-channel catheter breast brachytherapy devices in 2007, which are the only devices approved for both high dose and continuous release, or low dose, radiation treatments. The devices are designed to provide flexible, precise dose conformance and an innovative delivery system that is intended to offer the more advanced form of brachytherapy for the treatment of breast cancer. North American Scientific also provides external beam radiation therapy products for Serial Tomotherapy Intensity Modulated Radiation Therapy (IMRT) and Image-Guided Radiation Therapy (IGRT). Serial tomotherapy IMRT allows an escalated radiation dose to be delivered to a tumor while limiting exposure and damage to nearby healthy tissue. These products are marketed under the trade names nomosSTAT(TM)and CORVUS® (our proprietary treatment planning software). The Company's IGRT products, BAT®, BATCAM(TM) and nTRAK(TM), provide fast and accurate targeting and localization of a treatment volume on a daily basis. More than 500 hospitals and research sites worldwide are equipped with the Company's clinically proven serial tomotherapy, inverse treatment planning, image-guidance and ancillary treatment solutions. Please visit www.nasmedical.com for more information.
Statements included in this release that are not historical facts may be considered forward-looking statements that are subject to a variety of risks and uncertainties. There are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the Company including, but not limited to, the impact of competitive products and pricing, technological changes, changes in relationships with strategic partners and dependence upon strategic partners for the performance of critical activities under collaborative agreements, the ability of the Company to successfully directly market and sell its products, uncertainties relating to patent protection and regulatory approval, the stable supply of appropriate isotopes, research and development estimates, market opportunities, risks associated with strategic opportunities or acquisitions the Company may pursue and the risk factors included in the Company's filings with the Securities and Exchange Commission. Any forward-looking statements contained in this news release speak only as of the date of this release, and the Company undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future results or otherwise.
Source: North American Scientific
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