Healthcare Industry News: CryoLife
News Release - April 13, 2010
Medafor Abandons Efforts to Deny Shareholder Status to CryoLife CEOATLANTA, April 13 (Healthcare Sales & Marketing Network) -- CryoLife, Inc. (NYSE:CRY ), an implantable biological medical device and cardiovascular tissue processing company, announced today that the lawsuit filed by Medafor, Inc. against Steven G. Anderson, CryoLife's chairman, president and chief executive officer, in November 2009 was settled. The matter was mediated on April 6, 2010, with Myron S. Greenberg serving as mediator. The settlement does not require that Mr. Anderson make any payments to Medafor, give Medafor any of the relief that Medafor demanded of Mr. Anderson when it sued him or make any payments to any party to the lawsuit including Medafor's CEO and CFO. It does require that Medafor honor the legitimate business transaction by which Mr. Anderson purchased the shares.
In November 2009, Medafor, Inc. filed a lawsuit against Mr. Anderson and Mr. Richard Zerban, the former CEO of Medafor, regarding Mr. Zerban's sale to Mr. Anderson of 1,000 shares of Medafor stock (the "Transaction"). Mr. Anderson asserted a counterclaim against Medafor and third party claims against Mr. Gary Shope, Medafor's CEO, and Mr. Gavin Thomson, Medafor's CFO, in the lawsuit regarding the Transaction.
Medafor has agreed to dismiss with prejudice all of its claims against Mr. Anderson and Mr. Zerban in the Lawsuit and has agreed to register the 1,000 shares in Mr. Anderson's name effective as of May 13, 2009. Medafor also retracts the allegations it has made on its website and elsewhere that the Transaction was wrongful.
Mr. Anderson, in turn, has agreed to dismiss with prejudice all of his counterclaims against Medafor and all of his third-party claims against Mr. Shope and Mr. Thomson.
As part of the dismissal, both parties withdraw the allegations they have made against one another in the Lawsuit. No party admits or acknowledges liability or wrongdoing in this matter. The Lawsuit was settled to the Parties' mutual satisfaction.
CryoLife was not a party to the lawsuit.
About CryoLife, Inc.
Founded in 1984, CryoLife, Inc. is a leader in the processing and distribution of implantable living human tissues for use in cardiac and vascular surgeries throughout the U.S. and Canada. The Company's CryoValve® SG pulmonary heart valve, processed using CryoLife's proprietary SynerGraft® technology, has FDA 510(k) clearance for the replacement of diseased, damaged, malformed, or malfunctioning native or prosthetic pulmonary valves. The Company's CryoPatch® SG pulmonary cardiac patch has FDA 510(k) clearance for the repair or reconstruction of the right ventricular outflow tract (RVOT), which is a surgery commonly performed in children with congenital heart defects, such as Tetralogy of Fallot, Truncus Arteriosus, and Pulmonary Atresia. CryoPatch SG is distributed in three anatomic configurations: pulmonary hemi-artery, pulmonary trunk, and pulmonary branch. The Company's BioGlue® Surgical Adhesive is FDA approved as an adjunct to sutures and staples for use in adult patients in open surgical repair of large vessels. BioGlue is also CE marked in the European Community and approved in Canada and Australia for use in soft tissue repair. The Company's BioFoam™ Surgical Matrix is CE marked in the European Community for use as an adjunct in the sealing of abdominal parenchymal tissues (liver and spleen) when cessation of bleeding by ligature or other conventional methods is ineffective or impractical. BIOGLUE Aesthetic® Medical Adhesive is CE marked in the European Community for periosteal fixation following endoscopic browplasty (brow lift) in reconstructive plastic surgery and is distributed by a third party for this indication. CryoLife distributes HemoStase, a hemostatic agent, in much of the U.S. for use in cardiac and vascular surgery and in many international markets for cardiac, vascular, and general surgery, subject to certain exclusions.
For additional information about the company, visit CryoLife's Web site:
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