Cardiovascular Systems CEO David L. Martin Steps Down to Focus on His Cancer Treatment
February 29 2016 - 4:30PM
Business Wire
Scott R. Ward to Remain Interim President
and CEO While Company Conducts Search for Successor
Cardiovascular Systems, Inc. (CSI) (NASDAQ: CSII) today
announced that David L. Martin, the company’s president and chief
executive officer, has stepped down from his respective
roles—including that of board director—to focus on his cancer
treatment. As announced in September 2015, Martin was diagnosed
with cancer. Scott R. Ward, CSI’s chairman, will remain as interim
president and chief executive officer while the company conducts a
search for Martin’s successor.
Said Martin, “The opportunity for CSI to serve those suffering
from vascular disease is enormous. The company is at a pivotal
stage where driving future growth and profitability are of the
utmost importance and require a full-time CEO. My treatment needs
to be my priority at this time. CSI has outstanding talent and
leadership. I’m proud of our special organization, our physician
partners, and what the team has achieved together. I am excited
about the contributions the company will make in years to
come.”
Martin has served on CSI’s board of directors since August 2006.
He was appointed CSI’s president and chief executive officer in
February 2007. During Martin’s tenure, CSI has grown from a
pre-revenue, start-up organization, to a public company with fiscal
year 2015 revenues in excess of $180 million and two, unique,
high-margin applications addressing vascular disease.
Said Ward, “Dave has guided this company on an extraordinary
journey, developing orbital atherectomy from an early stage
innovation to a market-leading product that has saved lives and
improved the quality of life for thousands of patients. On behalf
of our employees and board of directors, we thank Dave for his many
contributions to our company and we wish him well with his
continuing treatment.
“Inspired by Dave’s leadership, we remain committed to returning
the company to growth and achieving profitability—at the same time
continuing to help improve the quality of care for patients living
with peripheral and coronary 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
peripheral 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 235,000 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 future growth and profitability 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, regulatory developments in the U.S.
and foreign countries; FDA and similar foreign clearances and
approvals; approval of our products for distribution in foreign
countries; approval of products for reimbursement and the level of
reimbursement; dependence on market growth; the experience of
physicians regarding the effectiveness and reliability of CSI’s
products; the reluctance of physicians, hospitals and other
organizations to accept new products; actual clinical trial and
study results; the impact of competitive products and pricing;
unanticipated developments affecting our estimates regarding
expenses, future revenues and capital requirements; the difficulty
to successfully manage operating costs; our inability to sustain
growth in our sales and marketing organization; our ability to
manage employee turnover, growth and training; our ability to
manage our sales force expansion and dual franchise strategy; our
ability to secure financing; our ability to manage costs; general
economic conditions; 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/20160229006615/en/
Cardiovascular Systems, Inc.Jack Nielsen,
651-202-4919j.nielsen@csi360.comorPadillaCRTMatt Sullivan,
612-455-1709matt.sullivan@padillacrt.com
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