Healthcare Industry News: Novadaq Technologies
News Release - July 18, 2008
SyntheMed Appoints Corinne Mundin as Director, International Market DevelopmentISELIN, N.J., July 18 (HSMN NewsFeed) -- SyntheMed, Inc. (OTC Bulletin Board: SYMD ), a biomaterials company engaged in the development and commercialization of anti-adhesion, drug delivery products and other surgical implants, announced today the appointment of Ms. Corinne Mundin to the newly-created position of Director, International Market Development. Ms. Mundin, who is based in England, brings more than 20 years of sales, sales management and market development experience in the medical device industry including 10 years in the cardiac surgery product segment. Most recently, she served as Director of International Sales for Novadaq Technologies Inc., a diagnostic equipment company focused on cardiac surgery, and held previous international sales management positions with Chase Medical LLP and Guidant CVS. Ms. Mundin's responsibilities will include enhancing the company's distributor network, establishing corporate relationships with key accounts, and increasing surgeon awareness of the benefits that REPEL-CV® Adhesion Barrier, the company's novel anti-adhesion product, can provide in reducing adhesion formation after open heart surgery.
Marc R. Sportsman, SyntheMed's vice president of sales, stated, "We are extremely pleased that Corinne has joined the SyntheMed team and we are confident she will positively impact our sales growth in European and other international markets. Her experience and knowledge of international medical device markets will be critically important as we continue our efforts to establish and improve our distribution channels and increase market penetration."
Adhesions, or scar tissue, occur after virtually all open-heart surgical procedures, often resulting in the heart becoming attached to the sternum and other surround tissue surfaces. The presence of adhesions represents a prevalent and serious complication in secondary surgical procedures, increasing the length, cost and risk of the surgical procedure. There are an estimated 500,000 open heart surgeries performed annually in the United States, and another 350,000 estimated in the European Union. In both markets, approximately 15-20 percent of these surgeries are secondary procedures.
REPEL-CV is a bioresorbable adhesion barrier film designed to be placed over the surface of the heart at the conclusion of an open-heart surgical procedure to reduce the extent and severity of adhesions that form between the surface of the heart and the inner surface of the sternum. REPEL-CV is designed to provide the therapeutic benefit and then degrade, so that it is cleared from the surgical site. REPEL-CV has received CE Mark and Health Canada regulatory approvals which allow for the product to be sold in most international markets.
About SyntheMed, Inc.
SyntheMed, Inc. is a biomaterials company engaged in the development and commercialization of anti-adhesion and drug delivery products. The Company is primarily focused on the advancement and expansion of product development programs based on its proprietary bioresorbable polymer technology.
Statements in this Press Release that are not statements of historical fact, including statements regarding indications of the timing or ability to achieve regulatory approval and market launch for REPEL-CV, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such risks and uncertainties include but are not limited to (i) potential adverse developments regarding the Company's efforts to obtain and maintain required regulatory approvals; (ii) potential inability to secure funding as and when needed to support the Company's future activities and (iii) unanticipated delays associated with manufacturing and marketing activities. Reference is made to the Company's Annual Report on Form 10-KSB for the year ended December 31, 2007, for a description of these, as well as other, risks and uncertainties.
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