Cardiovascular Systems CEO to Take Medical Leave
November 16 2015 - 4:05PM
Business Wire
Cardiovascular Systems (CSI) (NASDAQ: CSII) said today that,
effective Dec. 1, 2015, Chief Executive Officer David L. Martin
will take a medical leave of absence for approximately three months
to focus on his cancer treatment. While Martin is on leave, Scott
Ward, currently Chairman of the Board of Directors, will serve as
Chairman and Interim Chief Executive Officer.
CSI announced on September 14, 2015, that Martin is undergoing
treatment for stomach cancer. At this point in his treatment
regimen, he will undergo surgery, followed by additional
chemotherapy.
Martin said, “Scott’s extensive experience in medical technology
and role as CSI Chairman make him an excellent selection for
interim Chief Executive Officer. With Scott and our executive
management team’s leadership, I can concentrate on my remaining
treatment and recovery. This cancer can be cured, and I plan to
return as CEO in March 2016.”
Ward became a member of CSI's Board of Directors in 2013 and was
named Chairman in November, 2014. He is a Managing Director at
SightLine Partners and the President of Raymond Holdings, positions
that he will continue to hold. From 1981 to 2010, Ward was employed
by Medtronic, Inc. and held a number of senior leadership positions
including Senior Vice President and President of Medtronic's
CardioVascular business from May 2007 to November 2010.
Said Ward, “Dave has the full support of CSI and its Board as he
completes his treatment. We wish him a quick recovery and look
forward to his return. CSI is a remarkable company with a strong
mission to improve the quality of care for patients with coronary
and peripheral artery disease. I look forward to working with the
CSI team to advance the company as a leader in the treatment of
calcified artery disease.”
About Cardiovascular Systems, Inc.Cardiovascular Systems,
Inc., based in St. Paul, Minn., is a medical device company focused
on developing and commercializing innovative solutions for treating
vascular and coronary disease. The company’s Orbital Atherectomy
Systems treat calcified and fibrotic plaque in arterial vessels
throughout the leg and heart in a few minutes of treatment time,
and address many of the limitations associated with existing
surgical, catheter and pharmacological treatment alternatives. The
U.S. FDA granted 510(k) clearance for the use of the Diamondback
Orbital Atherectomy System in peripheral arteries in August 2007.
In October 2013, the company received FDA approval for the use of
the Diamondback Orbital Atherectomy System in coronary arteries.
The Stealth 360® Peripheral Orbital Atherectomy System (OAS)
received CE Mark in October 2014. To date, over 220,000 of CSI’s
devices have been sold to leading institutions across the United
States. For more information, visit the company’s website at
www.csi360.com.
Safe HarborCertain statements in this news release are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 and are provided under the
protection of the safe harbor for forward-looking statements
provided by that Act. For example, statements in this press release
regarding the expected duration of Mr. Martin’s leave of absence
and the expected treatment and recovery of Mr. Martin, are
forward-looking statements. These statements involve risks and
uncertainties that could cause results to differ materially from
those projected, including, but not limited to, the course of Mr.
Martin’s treatment and other factors detailed from time to time in
CSI’s SEC reports, including its most recent annual report on Form
10-K and subsequent quarterly reports on Form 10-Q. CSI encourages
you to consider all of these risks, uncertainties and other factors
carefully in evaluating the forward-looking statements contained in
this release. As a result of these matters, changes in facts,
assumptions not being realized or other circumstances, CSI's actual
results may differ materially from the expected results discussed
in the forward-looking statements contained in this release. The
forward-looking statements made in this release are made only as of
the date of this release, and CSI undertakes no obligation to
update them to reflect subsequent events or circumstances.
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version on businesswire.com: http://www.businesswire.com/news/home/20151116006264/en/
Cardiovascular Systems, Inc.Jack Nielsen,
651-202-4919j.nielsen@csi360.comorPadillaCRTMatt Sullivan,
612-455-1709matt.sullivan@padillacrt.com
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