Healthcare Industry News: neuromodulation
News Release - August 9, 2010
Cyberonics Board of Directors Nominates Jon T. TremmelFounder Reese S. Terry, Jr. Retires
HOUSTON, Aug. 9 (Healthcare Sales & Marketing Network) -- Cyberonics, Inc. (Nasdaq:CYBX ) today announced that Jon T. Tremmel has been nominated to stand for election to its Board of Directors. Mr. Tremmel will replace Reese Terry, a director since December 1987, who has announced his intention not to stand for re-election at the Annual Meeting on September 23, 2010.
Mr. Tremmel was President of Medtronic, Inc.'s Neurological Division from March 2003 to April 2007 and President of Medtronics's Physio-Control Division from May 2001 until March 2003. Mr. Tremmel also served as the President of Medtronics's Tachyarrhythmia Management and Interventional Vascular Divisions between 1992 and 2001. Prior to 1992, he served in various positions of increasing responsibility at Medtronic after joining the company in 1978. Mr. Tremmel's particular qualifications for service on our Board include his extensive global experience in the medical device industry, including expertise in strategic planning, new business development, and organization development, as well as specific responsibility for a large implantable neurostimulation device business.
In commenting on his decision not to stand for re-election, Mr. Terry said, "Cyberonics has been an important part of my life for more than 20 years. The company is now financially strong and well positioned for continued growth in the under-served neuromodulation market. I am particularly excited about the company's excellent progress in developing new medical device solutions for people affected by epilepsy."
"I would like to take this opportunity to thank Reese for all of his contributions to Cyberonics," said Hugh M. Morrison, Chairman of the Board of Cyberonics. "Reese co-founded Cyberonics, guided the company through the challenges of the development years, saw it through to public company status in 1993, FDA approval in 1997, and $100 million in sales in 2003. He has served as an interim CEO on two separate occasions, and been an active and involved member of the Board throughout his tenure. We owe much of our success to Reese."
About Cyberonics, Inc. and VNS Therapy®
Cyberonics, Inc. (NASDAQ:CYBX ) is a medical technology company with core expertise in neuromodulation. The company developed and markets the Vagus Nerve Stimulation (VNS) Therapy System, which is FDA-approved for the treatment of refractory epilepsy and treatment-resistant depression. The VNS Therapy System uses a surgically implanted medical device that delivers pulsed electrical signals to the vagus nerve. Cyberonics markets the VNS Therapy System in approximately 70 countries worldwide, and to date more than 60,000 patients have been implanted with the device.
Additional information on Cyberonics and VNS Therapy is available at www.cyberonics.com.
Safe harbor statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements can be identified by the use of forward-looking terminology, including "may," "believe," "will," "expect," "anticipate," "estimate," "plan," "intend," "forecast," or other similar words. Statements contained in this press release are based on information presently available to us and assumptions that we believe to be reasonable. We are not assuming any duty to update this information if those facts change or if we no longer believe the assumptions to be reasonable. Investors are cautioned that all such statements involve risks and uncertainties, including without limitation, statements concerning continued growth in the epilepsy market, developing new medical device solutions for people affected by epilepsy. Our actual results may differ materially. Important factors that may cause actual results to differ include, but are not limited to: continued market acceptance of VNS Therapy™ and sales of our product; the development and satisfactory completion of clinical trials and/or market test and/or regulatory approval of VNS Therapy™ for the treatment of other indications; satisfactory completion of post-market studies required by the U.S. Food and Drug Administration as a condition of approval for the treatment-resistant depression indication; adverse changes in coverage or reimbursement amounts by fourth-parties; intellectual property protection and potential infringement claims; maintaining compliance with government regulations and obtaining necessary government approvals for new indications; product liability claims and potential litigation; reliance on single suppliers and manufacturers for certain components; the accuracy of management's estimates of future expenses and sales; the results of the previously disclosed governmental inquiries; the potential identification of material weaknesses in our internal controls over financial reporting; risks and costs associated with such governmental inquiries and any litigation relating thereto, and other risks detailed from time to time in our filings with the Securities and Exchange Commission (SEC). For a detailed discussion of these and other cautionary statements, please refer to our most recent filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended April 30, 2010.
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