Healthcare Industry News: ArthroCare
News Release - January 4, 2010
ArthroCare Names Scott Schaffner Senior Vice President and General Manager of Sports MedicineAnnounces Retirement of Jack Giroux
AUSTIN, Texas--(HSMN NewsFeed)--ArthroCare Corp. (Pink Sheets: ARTC ) today announced that Scott Schaffner has been named Senior Vice President and General Manager of ArthroCare’s Sports Medicine Business, effective January 25, 2010. Mr. Schaffner succeeds John H. (Jack) Giroux who is retiring effective January 15, 2010.
David Fitzgerald, President and Chief Executive Officer, said, “We are pleased to welcome Scott to ArthroCare’s team. His vast experience in the medical device industry will help further our already strong position in this field. As we enter 2010, Sports Medicine remains a main focus of ArthroCare’s business strategy and we look forward to continued growth in this area as we introduce new, innovative technologies over the course of the year. We are confident Scott’s leadership will help us achieve our business objectives.”
Fitzgerald added, “I would also like to thank Jack for his dedication and leadership over the past seven years. Jack has been a driving force in the development of new products for the Sports Medicine division and in moving us from a Coblation® company to a diversified Sports Medicine Business, offering total solutions for arthroscopic shoulder surgery.”
Scott Schaffner joined Zimmer Spine (originally Abbott Spine/Spinal Concepts) in 2001 and held positions of increasing responsibility including Group Product Manager, Director of Marketing, Division Vice President of Sales and Marketing and Division President. Scott also worked at Medtronic for nearly a decade, in the company’s Neurological and Cardiovascular businesses and consulted overseas with Deloitte & Touche. Scott earned a bachelor’s degree in business from the University of Minnesota and a master’s in business administration from Stanford University’s Graduate School of Business.
Founded in 1993, ArthroCare Corp. is a highly innovative, multi-business medical device company that develops, manufactures, and markets minimally invasive surgical products. With these products, ArthroCare targets a multi-billion dollar market opportunity across several medical specialties, significantly improving existing surgical procedures and enabling new, minimally invasive procedures. Many of ArthroCare's products are based on its patented Coblation(R) technology, which uses low-temperature radiofrequency energy to gently and precisely dissolve rather than burn soft tissue -- minimizing damage to healthy tissue. Used in more than four million surgeries worldwide, Coblation-based devices have been developed and marketed for sports medicine; spine/neurologic; ear, nose and throat (ENT); cosmetic; urologic; and gynecologic procedures. ArthroCare also has added a number of novel technologies to its portfolio, including Opus Medical sports medicine, Parallax spine and Applied Therapeutics ENT products, to complement Coblation within key indications.
The information provided herein includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on beliefs and assumptions by management and on information currently available to management. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Additional factors that could cause actual results to differ materially from those contained in any forward-looking statement include, without limitation: the ability of the Company to fulfill its obligations with respect to the rights of the holders of the Series A Convertible Preferred Stock, including but not limited to the redemption rights and registration rights of the holders of the Series A Convertible Preferred Stock; the resolution of litigation pending against the Company; the Company’s ability to design or improve internal controls to address issues detected in its reviews of internal controls and insurance reimbursement practices (collectively, the “Reviews”) or by management in its reassessment of the Company’s internal controls; the impact upon the Company’s operations of legal compliance matters or internal controls review, improvement and remediation; the ability of the Company to control expenses relating to legal compliance matters or internal controls review, improvement and remediation; the Company’s ability to remain current in its periodic reporting requirements under the Exchange Act and to file required reports with the Securities and Exchange Commission on a timely basis; the results of the investigations being conducted by the Staff of the Division of Enforcement of the Securities and Exchange Commission and the United States Department of Justice; the impact on the Company of additional civil and criminal investigations by state and federal agencies and civil suits by private third parties involving the Company’s financial reporting and its previously announced restatement and its insurance billing and healthcare fraud-and-abuse compliance practices; the ability of the Company to attract and retain qualified senior management and to prepare and implement appropriate succession planning for its Chief Executive Officer; general business, economic and political conditions; competitive developments in the medical devices market; changes in applicable legislative or regulatory requirements; the Company’s ability to effectively and successfully implement its financial and strategic alternatives, as well as business strategies, and manage the risks in its business; and the reactions of the marketplace to the foregoing.
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