Cardiovascular Systems Names Scott Ward as CEO
August 16 2016 - 7:00AM
Business Wire
Interim Leader and Industry Veteran to
Assume Permanent Post Immediately
Cardiovascular Systems, Inc. (CSI) (NASDAQ:CSII), today
announced that, following a national search, it has named Scott R.
Ward, 56, the company’s new Chairman and Chief Executive Officer,
effective immediately. Ward has been serving as Chairman since
November 2014 and Interim President and Chief Executive Officer
since November 2015. He joined CSI’s board in 2013. Edward Brown, a
member of CSI’s board since 2009, has been appointed as CSI’s Lead
Independent Director.
“As a Director, Scott brings invaluable leadership and industry
expertise to this organization,” said Leslie Trigg, Chair of CSI’s
Governance/ Nominating Committee. “His knowledge of the company
runs deep as does his commitment to its success. We look
forward to supporting Scott in this new role.”
Said Ward, “I am pleased with the progress CSI has made to
improve the quality of care for patients with coronary and
peripheral artery disease. However, as the leader in atherectomy,
we have much more to accomplish. I look forward to continuing to
serve our patients, customers and shareholders by helping CSI
achieve profitability and reach its full potential.”
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 260,000 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 Harbor
Certain 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
success and profitability of CSI 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; the potential for
unanticipated delays in enrolling medical centers and patients for
clinical trials; 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 actual research
and development efforts and needs; fluctuations in results and
expenses based on new product introductions, sales mix,
unanticipated warranty claims, and the timing of project
expenditures; our ability to secure financing; our ability to
manage costs; general economic conditions; the ability of the
company to negotiate and agree upon definitive documentation with a
distribution partner in Japan; 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/20160816005421/en/
Cardiovascular Systems, Inc.Jack Nielsen,
651-202-4919j.nielsen@csi360.comorPadillaCRTMatt Sullivan,
612-455-1709matt.sullivan@padillacrt.com
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