Healthcare Industry News: RT Technology
News Release - April 19, 2007
Cardiogenesis Announces the Addition of Paul J. McCormick to Board of DirectorsIRVINE, Calif., April 19 (HSMN NewsFeed) -- Cardiogenesis Corporation (OTC: CGCP ), a leading developer of surgical products and accessories used in angina-relieving procedures, today announced the addition of Paul J. McCormick as a member of the Company's Board of Directors, increasing board membership to five.
Mr. McCormick, 53, has over 27 years of experience in the medical device industry and is currently President and Chief Executive Officer of Endologix, Inc. (Nasdaq: ELGX ) and has served on their Board of Directors since May 2002. The majority of his career has been in emerging medical technologies. Mr. McCormick joined the former Endologix in January 1998, prior to its merger with Radiance Medical Systems, Inc. in May 2002, as Vice President of Sales and Marketing, and served as President and Chief Operating Officer from January 2001 until the merger in May 2002. He then served in the same position with Endologix until January 2003 when he became President and Chief Executive Officer. Previously, he held various sales and marketing positions at Progressive Angioplasty Systems, HeaRT Technology, Trimedyne Inc., and United States Surgical Corporation.
Richard P. Lanigan, the Company's President commented, "We are very excited to have Paul join our board. His success in achieving FDA approval and initial commercial launch of an endovascular implant at Endologix provide Paul with an informed perspective of our current FDA regulatory environment. His impressive track record of success in sales and marketing in the medical device arena, along with his operational and general management skills are an excellent addition and we look forward to benefiting from his guidance and counsel."
About Cardiogenesis Corporation
Cardiogenesis is a medical device company specializing in the treatment of cardiovascular disease and is a leader in devices that stimulate cardiac angiogenesis. The Company's market leading Holmium:YAG laser system and disposable fiber-optic accessories are used to perform a FDA-cleared surgical procedure known as Transmyocardial Revascularization (TMR) to treat patients suffering from angina. Surgical products and accessories for the Cardiogenesis TMR procedure, which are marketed in the U.S. and around the world, have been shown to reduce angina and improve the quality of life in patients with coronary artery disease. Surgical products and accessories for the Company's minimally invasive Percutaneous Myocardial Channeling (PMC) procedure are currently being marketed in Europe and other international markets.
For more information on the Company and its products, please visit the Cardiogenesis company website at http://www.cardiogenesis.com or the direct to patient website at http://www.heartofnewlife.com.
With the exception of historical information, the statements set forth above include forward-looking statements. Any forward-looking statements in this news release related to the Company's sales, profitability, the adoption of its technology and products and FDA clearances are based on current expectations and beliefs and are subject to numerous risks and uncertainties, many of which are outside the Company's control, that could cause actual results to differ materially. Factors that could affect the accuracy of these forward-looking statements include, but are not limited to: any inability by the Company to sustain profitable operations or obtain additional financing on favorable terms if and when needed; any failure to obtain required regulatory approvals; failure of the medical community to expand its acceptance of TMR or PMC procedures; possible adverse governmental rulings or regulations, including any FDA regulations or rulings; the Company's ability to comply with international and domestic regulatory requirements; possible adverse Medicare or other third-party reimbursement policies or adverse changes in those policies; any inability by the Company to ship product on a timely basis; the Company's ability to manage its growth; adverse economic developments that could adversely affect the market for our products or our ability to raise needed financing; actions by our competitors; restrictions contained in our convertible debt obligations requiring the issuance of shares rather than repayment in cash; and the Company's ability to protect its intellectual property. Other factors that could cause Cardiogenesis' actual results to differ materially are discussed in the "Risk Factors" section of the Company's Annual Report on Form 10-KSB for the year ended December 31, 2006 and the Company's other recent SEC filings. The Company disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.
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