Healthcare Industry News: abdominal aortic aneurysm
News Release - May 21, 2010
Endologix Appoints Thomas C. Wilder to its Board of DirectorsIRVINE, Calif., May 21 (Healthcare Sales & Marketing Network) -- Endologix, Inc. (Nasdaq:ELGX ), developer of minimally invasive treatments for aortic disorders, announced today that Thomas C. Wilder has joined the Endologix Board of Directors. Mr. Wilder was elected to the Board during the Company's 2010 Annual Meeting of Stockholders held on May 20, 2010. He replaces Paul McCormick, whose term on the Board expired at the Annual Meeting. With the addition of Mr. Wilder and the departure of Mr. McCormick, the Company has five independent directors, up from four previously, and two non-independent directors, down from three previously.
Mr. Wilder currently serves as President and CEO of Sequent Medical, a private company focused on developing innovative devices for the treatment of neurovascular disease. Prior to joining Sequent Medical, Mr. Wilder was President and CEO of Photothera, a private company developing transcranial laser therapy for the treatment of acute ischemic stroke. Prior to Photothera, Mr. Wilder was President and CEO of Micro Therapeutics, a publicly traded company that provided a broad range of advanced interventional products to neurovascular specialists. Micro Therapeutics was merged into ev3 in January 2006 at a valuation of approximately $360 million. Prior to Micro Therapeutics, Mr. Wilder held several positions during an eleven-year tenure at Medtronic, including Vice President & General Manager, Endovascular Stent Grafts; Vice President, Finance, IT and Business Development at Medtronic Vascular; and roles of increasing responsibility as a five-year expatriate in both Europe and Asia.
Mr. Wilder holds a BA in Economics, with distinction, from Stanford University and a Master of Management, with distinction, from the J.L. Kellogg Graduate School of Management at Northwestern University.
Franklin D. Brown, Chairman of the Board, said, "Tom Wilder is a seasoned healthcare executive with direct endovascular stent graft business experience. He is a proven leader with extensive financial expertise and operational experience with growth companies. His capabilities will be a valuable asset as we execute on Endologix's long-term growth strategy. We are pleased to welcome him to the Endologix Board of Directors and look forward to his contributions."
Mr. Brown continued, "On behalf of the Board of Directors, I would like to thank Paul McCormick for his service on the Board, and previously, as the Company's CEO. Paul made significant contributions in guiding the Company's growth and we wish him the best in his other endeavors."
About Endologix, Inc.
Endologix, Inc. develops and manufactures minimally invasive treatments for aortic disorders. The Company's flagship product is the PowerlinkŪ System, which is an endovascular stent graft for the treatment of abdominal aortic aneurysms (AAA). AAA is a weakening of the wall of the aorta, the largest artery in the body, resulting in a balloon-like enlargement. Once AAA develops, it continues to enlarge and, if left untreated, becomes increasingly susceptible to rupture. The overall patient mortality rate for ruptured AAA is approximately 75%, making it a leading cause of death in the U.S. Additional information can be found on Endologix's Web site at www.endologix.com.
Except for historical information contained herein, this news release contains forward-looking statements, the accuracy of which are necessarily subject to risks and uncertainties, all of which are difficult or impossible to predict accurately and many of which are beyond the control of Endologix. Many factors may cause actual results to differ materially from anticipated results, including the success of sales efforts for the Powerlink System and related new products, product research and development efforts, and other economic, business, competitive and regulatory factors. The Company undertakes no obligation to update its forward looking statements. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2009, and the Company's other filings with the Securities and Exchange Commission, for more detailed information regarding these risks and other factors that may cause actual results to differ materially from those expressed or implied.
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