Healthcare Industry News: Cardima
News Release - October 9, 2007
Cardima Announces Resignation of Directors and Appointment of New Board Members
FREMONT, CA--(Healthcare Sales & Marketing Network)--Oct 9, 2007 -- Cardima, Inc. (OTC BB:CADM.OB ), developer of the REVELATION® Tx, REVELATION® T-Flex ablation microcatheters and INTELLITEMP® Energy Management Device, announces today the resignation of directors and appointment of new board members pursuant to resolutions passed in the Company's board meeting held on October 5, 2007.Resignation of Ms. Tina Sim and Mr. Andrew Lee
On October 5, 2007, Ms. Tina Sim and Mr. Andrew Lee, for personal reasons, tendered their resignations from the Directors of the Company and were accepted by the Board. The Board of Directors took this opportunity to express their appreciation for Ms. Sim and Mr. Lee's valuable contribution to the Company.
Appointment of Dr. Richard Gaston and Dr. Eric Chan
On October 5, 2007, Dr. Richard Gaston and Dr. Eric Chan were nominated and were approved by the Company's Board to be the new Board members to fill the vacancies created by the resignations of Ms. Sim and Mr. Lee. The Board of Directors was also pleased to announce that Dr. Eric Chan, Senior Vice President, Product Development, was appointed to be the Chief Technology Officer of the Company effective October 5, 2007.
Dr. Richard Gaston retired in 2006 from clinical practice as a board-certified cardiologist. From 1981 to 2006, Dr. Gaston practiced as a cardiologist in Petaluma, California and played a major role in establishing a state-of-the-art intensive care unit at Petaluma Valley Hospital in the 1980s. From 1997 to 2003, Dr. Gaston also was the biotechnology and pharmaceutical analyst of AmeriCal Securities in San Francisco, California with a prominent role in selling Imatron Inc. to GE Healthcare. From 1977 to 1979, Dr. Gaston worked as an Internist in the San Rafael Medical Group, San Rafael, California. From 1974 to 1977, Dr. Gaston was an Internist with the United States Air Force in Anchorage, Alaska. Dr. Gaston received an A.B. in Psychology from Stanford University, M.D. from University of Michigan, Internship and Medical Residency from University of Utah and Cardiology Fellowship from Michigan State University.
Dr. Gaston commented, "During my more than 30 years of medical practice, atrial fibrillation (AF) remained one of the most difficult to manage cardiology maladies. Advancements in most other subspecialties have far outpaced AF arrhythmia management, where ineffective and often toxic anti-arrhythmic drug therapy is combined with anticoagulation, frequent electro-cardioversions, emergency room visits and hospitalizations." Dr. Gaston further commented, "Cardima is a leader in addressing this inadequacy with its state-of-the-art ablation systems, and it has been a privilege for me to work with the Company over the past several years and follow the Company's progress. I am happy to join the Board and work to further advance the technology and improve options for patients afflicted with cardiac arrhythmias."
Dr. Eric Chan, co-inventor of Cardima's INTELLITEMP® Energy Management System, the Surgical Ablation Probe with Stabilization Sheath, and the REVELATION® Helix catheter, has been the Company's Senior Vice President of Product Development since February 2007. From June 1998 to January 2007, Dr. Chan was the Company's Vice President, Product Development. He was the Director of Engineering and Vice-President of Engineering at Arrhythmia Research Technology, Inc. from April 1991 to May 1998, where he directed the development of computerized cardiac electrophysiology and catheter lab systems, digital Holter and high-resolution ECG systems. Dr. Chan received a B.S.E.E. from Purdue University, and both the M.S.E. and Ph.D. degrees in Biomedical Engineering from the University of Texas at Austin. He also completed the Global Bio-Executive Program at the University of California, Berkeley, Haas School of Business. He has several patents pertaining to inventions used in the diagnosis and treatment of cardiac arrhythmias, and more than 30 peer-reviewed publications, including a book chapter on cardiac ablation. He is a Senior Member of the Institute of Electrical and Electronic Engineers, and an elected Fellow of the European Society of Cardiology.
"I am honored to be appointed Cardima's Chief Technology Officer, and on being nominated to the Board," commented Dr. Chan. "Cardima is at the forefront of technological innovation, in developing, manufacturing and marketing new systems to treat cardiac arrhythmias. It has been my privilege to work with exemplary physicians and surgeons at hospitals throughout the world, in developing devices and systems to fulfill unmet clinical needs. I am very enthusiastic about, and committed to growing the adoption of our ablation products worldwide."
About Cardima
Cardima, Inc. has developed the PATHFINDER® series of diagnostic catheters, the REVELATION® series ablation catheters, the INTELLITEMP® Energy Management Device, and the Surgical Ablation System (SAS). The REVELATION® series with the INTELLITEMP® energy management device was developed for the treatment of atrial fibrillation (AF) and received CE mark approval in Europe. The PATHFINDER® series diagnostic catheters and the SAS with an INTELLITEMP® received a 510(k) approval in the U.S. by the FDA.
For more information please visit the Company's website at http://www.Cardima.com.
Forward-Looking Statements
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by such forward-looking statements. Potential risks and uncertainties include: the uncertainties associated with the prospects for FDA approval of any new devices; the prospect for any future clinical trials or regulatory activities; the risk that the Company will not be able to raise additional capital in the immediate term as needed to continue operations and the risk that we will be unable to secure a strategic transaction involving the Surgical Ablation System. Additional risks and uncertainties are set forth in the Company's Annual Report on Form 10-KSB for the year ended December 31, 2006, the Company's Quarterly Report on Form 10-QSB for the second quarter ended June 30, 2007, and in the Company's subsequent SEC filings. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company's plans or expectations.
Source: Cardima
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