Healthcare Industry News: Cyberonics
News Release - August 6, 2007
Cyberonics Names James A. Reinstein as Vice President, Sales & Marketing, and General Manager, International and Announces Other Management ChangesHOUSTON, Aug. 6 (HSMN NewsFeed) -- Cyberonics, Inc. (Nasdaq: CYBX ) today announced the appointment of James A. Reinstein as Vice President, Sales & Marketing, and General Manager, International, effective immediately. In this role, Mr. Reinstein will lead the sales and marketing effort in the United States and will be the general manager of Cyberonics Europe SA with responsibility for all sales and distribution outside the United States.
Mr. Reinstein joins Cyberonics from Boston Scientific where, since 1990, he has held positions in sales, marketing and product management in the U.S., Asia, Europe and Mexico. Most recently, he served as a Vice President of Boston Scientific Asia, where he led the Korean team and had responsibility for Taiwan and Hong Kong. Prior to that, he held the position of Country Director of Boston Scientific Mexico, where he built a new management team to turn around that country's organization while growing the top line by 30%. Mr. Reinstein previously held positions at Boston Scientific that included Inter-Continental Director of Marketing, European Group Marketing Manager, European Product Manager and U.S. marketing management and sales.
"James has consistently demonstrated his ability to deliver impressive levels of sales growth. As we refocus our team on epilepsy, he is the ideal person to lead our global sales teams back to respectable growth in our core epilepsy business. I am pleased to have James join the Cyberonics team, and I am confident he will be an important contributor to growing both our domestic and international businesses," said Dan Moore, Cyberonics' President and Chief Executive Officer. "I've known James for 15 years while we worked together at Boston Scientific, where he demonstrated his leadership, business acumen and adaptability to working across different regions and cultures."
Prior to joining Boston Scientific, Mr. Reinstein spent four years with Procter and Gamble. He received his Bachelor of Arts from the University of Georgia and completed the Executive Management Program at INSEAD in France in 1999. Mr. Reinstein served as Chairman of the American Chamber of Commerce Medical Device Committee in Korea. He is also a Charter Board Member of the International Society for Pharmacoeconomics and Outcomes Research Asia-Pacific and has served as the Asian Advisor to the U.S. Trade Representatives negotiating the Korean-USA Free Trade Agreement.
Cyberonics also announced the resignations of two senior executives, Michael A. Cheney, Vice President, Marketing & Sales, and Shawn P. Lunney, Vice President, Market Development. "Both Michael and Shawn have made important contributions to the development of Cyberonics over a long period of time, and we thank them for all their efforts on Cyberonics' behalf," commented Mr. Moore.
ABOUT VNS THERAPY AND Cyberonics
Information on Cyberonics, Inc. and VNS Therapy is available at http://www.Cyberonics.com and http://www.VNSTherapy.com.
SAFE HARBOR STATEMENT
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements can be identified by the use of forward-looking terminology, including "may," "believe," "will," "expect," "anticipate," "estimate," "plan," "intend," and "forecast," or other similar words. Statements contained in this press release are based upon information presently available to us and assumptions that we believe to be reasonable. We are not assuming any duty to update this information should those facts change or should we no longer believe the assumptions to be reasonable. Investors are cautioned that all such statements involve risks and uncertainties, including without limitation, statements concerning achieving respectable growth in our core epilepsy business and growing both our domestic and international businesses. Our actual results may differ materially. Important factors that may cause actual results to differ include, but are not limited to: continued market acceptance of VNS Therapy and sales of our product; the development and satisfactory completion of clinical trials and/or market test and/or regulatory approval of VNS Therapy for the treatment of other indications; satisfactory completion of post-market studies required by the U.S. Food and Drug Administration as a condition of approval for the treatment-resistant depression indication; adverse changes in coverage or reimbursement amounts by third-parties; intellectual property protection and potential infringement claims; maintaining compliance with government regulations and obtaining necessary government approvals for new indications; product liability claims and potential litigation; reliance on single suppliers and manufacturers for certain components; the accuracy of management's estimates of future expenses and sales; the results of the previously disclosed governmental inquiries; the impact of the restatement of our consolidated financial statements or other actions that might be taken or required as a result of such inquiries or the review by the Audit Committee of our Board of Directors of our stock option grants, procedures, and practices, including a default under credit facilities or debt instruments; the potential identification of new material weaknesses in our internal controls over financial reporting; risks and costs associated with such inquiries or review and any litigation relating thereto or to our stock option grants, procedures, and practices (including the previously disclosed private litigation); uncertainties associated with stockholder litigation; and other risks detailed from time to time in our filings with the Securities and Exchange Commission (SEC). For a detailed discussion of these and other cautionary statements, please refer to our most recent filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended April 27, 2007.
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