Healthcare Industry News: permanent birth control
News Release - October 10, 2007
Conceptus Hires Spencer Roeck as Vice President of InternationalMOUNTAIN VIEW, Calif.--(HSMN NewsFeed)--Conceptus, Inc. (Nasdaq:CPTS ) announced that Spencer Roeck joined the Company as Vice President of International on September 19, reporting directly to Mark Sieczkarek, President and Chief Executive Officer. Mr. Roeck is responsible for all aspects of the Company's International operations and International expansion of the Essure system for permanent birth control.
Mr. Roeck was most recently with VNUS Medical Technologies where he was Senior Director of International Sales and Marketing from June 2003 until September 2007. While at VNUS, he managed a vast network of distributors throughout the world, which led to more than 30% yearly growth in international revenues.
"Spencer's experience in International operations will bring organization and leadership to our International operations, which have experienced more than 75% yearly growth in sales," said Mr. Sieczkarek. "We intend to exercise our call option for the purchase of our International Distributor, Conceptus SAS and Spencer will be the driving force to complete this acquisition in a timely and efficient manner."
Mr. Roeck's background includes extensive experience in sales, marketing and operations for a variety of medical device and healthcare markets. He has managed sales networks in Europe, the Middle East and Asia with successful results. He received a Bachelor's degree in International Business from California State University, San Jose and attended Thunderbird, American Graduate School of International Management.
"I am pleased to be joining the Conceptus management team and believe that the Essure system for permanent birth control can be the gold standard worldwide," said Mr. Roeck.
About the Essure Procedure
The Essure procedure, approved by the FDA in 2002, is a permanent birth control procedure that replaces tubal ligation for women. In the comfort of a physician's office and in about 10 minutes, the soft micro-inserts are placed into the Fallopian tubes through the cervix eliminating the need for incisions. Once in place, the device is designed to elicit tissue growth in and around the micro-insert to form an occlusion or blockage in the Fallopian tubes.
The Essure confirmation test is performed three months after the procedure to confirm that the micro-inserts are in the correct location, the tubes are blocked and that the woman can discontinue temporary birth control. The Essure procedure is 99.80% effective and is the first and only FDA approved female sterilization procedure to have zero pregnancies in clinical trials.
Conceptus, Inc. manufactures and markets the Essure permanent birth control system, an innovative medical device and procedure designed to provide a non-incisional alternative to tubal ligation, which is currently the leading form of birth control worldwide. The availability of the Essure procedure in the U.S. is expected to open up a market currently occupied by incisional tubal ligation and vasectomy, which combined account for over 1 million procedures annually.
Additional information about the Essure procedure is available at www.essure.com or by calling the Essure Information Center at 1-877-ESSURE1. Additional information about Conceptus is available at www.conceptus.com or by calling 1-877-ESSURE2.
About Mr. Roeck's Compensation
In accordance with NASDAQ Marketplace Rule 4350, as amended the Company granted inducement stock appreciation rights to Spencer Roeck. These options were granted without stockholder approval pursuant to NASDAQ Marketplace Rule 4350(i)(1)(A)(iv) under the following terms: 100,000 stock appreciation rights, exercise price equal to the fair market value on the grant date, 10-year duration and vesting at a rate of 12.5% for the first six months and then equal vesting over the next 42 months of service with the Company. The grant date is the close of business on October 10, 2007.
This release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's planned acquisition of Conceptus SAS. Investors are cautioned that the forward-looking statements in this release involve risks and uncertainties that could cause actual results to differ materially from the Company's current expectations. Such differences may be based upon factors such as strategic planning decisions by management, re-allocation of internal resources, decisions by insurance companies, scientific advances by third parties, and introduction of competitive products, as well as those risk factors and other circumstances set forth in the Company's most recent Annual Report on Form 10-K and most recent Quarterly Report on Form 10-Q, and other filings with the Securities and Exchange Commission. These forward-looking statements are only effective as of the date of this release and Conceptus undertakes no duty to publicly revise or update these forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.
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