Healthcare Industry News: Patent Foramen Ovale
News Release - January 30, 2008
NMT Medical Announces Separation of Chairman and Chief Executive Officer RolesJames J. Mahoney, Jr. to Assume Non-Executive Chairman Position
BOSTON--(HSMN NewsFeed)--NMT Medical, Inc. (NASDAQ: NMTI ) today announced that, as part of its ongoing commitment to corporate governance best practices, the Company has separated the roles of the Chairman of the Board and Chief Executive Officer, effective immediately. James J. Mahoney, Jr., who currently serves as the chairman of the audit committee and as the Board’s financial expert, will assume the position of Chairman of the Board. John E. Ahern will continue to serve as the Company's President and CEO and will remain on the Board.
“By relinquishing my role as Chairman, I can focus more of my energy on operating the Company and leading our management team in pursuing the Company’s objectives,” said Ahern. “Jim has always demonstrated superior leadership skills throughout his career and I am confident in his ability to serve as NMT’s Chairman.”
“The Board believes this separation will allow more time for it to independently focus on shareholder matters and other corporate governance issues,” said Mahoney. “We are proud to join the increasing number of public companies today that are committed to implementing and maintaining corporate governance best practices.”
James J. Mahoney, Jr. was elected a director of the Company in October 2007. He currently serves as President of the Mahoney Group, a private financial consulting firm, which he founded in 2004. Prior to founding the Mahoney Group, he co-founded the venture capital and equity investment firm HLM Management Company, where he spent 20 years working with portfolio companies in technology, health care services, medical technology and business services. Mr. Mahoney's experience includes serving as general partner for Cowen & Company and as a securities analyst at Keystone Custodian Funds. Mr. Mahoney began his career in finance at Touche Ross & Company. He currently serves as the Lead Director of Aspect Medical Systems. He served as chairman and a board member of PolyMedica Corporation (NASDAQ: PLMD ) from 2005 until PolyMedica’s acquisition by Medco Health Solutions (NYSE:MHS ) in 2007. Mr. Mahoney also serves as a board member for several privately held companies and as an advisor to six investment firms and endowment funds, and as a trustee of Blessed John XXIII National Seminary.
John E. Ahern joined NMT Medical in September, 2000 as President, Chief Executive Officer and Chairman of the Board. Prior to joining NMT, Mr. Ahern’s 35 year career in medical devices, pharmaceuticals and biotechnology includes senior management positions at C.R. Bard Inc., Abbott Laboratories and Becton Dickinson & Co.
About NMT Medical, Inc.
NMT Medical is an advanced medical technology company that designs, develops, manufactures and markets proprietary implant technologies that allow interventional cardiologists to treat structural heart disease through minimally invasive, catheter-based procedures. NMT is currently investigating the potential connection between a common heart defect that allows a right to left shunt or flow of blood through a defect like a Patent Foramen Ovale (PFO) and brain attacks such as embolic stroke, migraine headaches and transient ischemic attacks (TIAs). A common right to left shunt can allow venous blood, unfiltered and unmanaged by the lungs, to enter the arterial circulation of the brain, possibly triggering a cerebral event or brain attack. More than 27,000 PFOs have been treated globally with NMT's minimally invasive, catheter-based implant technology.
Stroke is the third leading cause of death in the United States and the leading cause of disability in adults. Each year, 750,000 Americans suffer a new or recurrent stroke and an additional 500,000 Americans experience a TIA. The prevalence of migraines in the United States is about 10%. Of the 28 million migraine sufferers in America, those who experience aura and have a PFO may represent a three million patient subset.
For more information about NMT Medical, please visit www.nmtmedical.com.
Source: NMT Medical
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