Endologix Names John McDermott President and CEO
May 12 2008 - 4:05PM
Business Wire
Endologix, Inc. (Nasdaq:ELGX), developer and manufacturer of the
Powerlink� System for the minimally invasive treatment of abdominal
aortic aneurysms (AAA), today announced that John McDermott (age
47) has been named President, Chief Executive Officer and a
director of the Company, effective May 12, 2008. Paul McCormick,
the Company�s previous President and Chief Executive Officer, will
remain a director of Endologix. Mr. McDermott brings to Endologix
nearly 20 years of executive management, sales, marketing and
finance experience in the vascular device industry. From 2002 to
2007 he served as President of Bard Peripheral Vascular, a division
of C.R. Bard, Inc., that earned several corporate awards for global
sales growth, business development, income growth and sales from
new products during his tenure. Mr. McDermott previously was
President of Global Sales for C.R. Bard�s vascular surgery and
endovascular businesses. In this capacity, he managed a worldwide
direct sales force with more than 200 representatives. Prior to
that he served four years as President of C.R. Bard division IMPRA,
Inc., where he was responsible for global operations, including
sales, marketing, research and development, manufacturing and
finance. From 1990 to 1996 he was Chief Financial Officer and later
Vice President and Chief Operating Officer of IMPRA, Inc., prior to
its acquisition by C.R. Bard. �The board of directors selected John
to serve as President and CEO following an extensive nationwide
search, and we are truly fortunate to find a professional with his
proven leadership skills. We are confident that John has the ideal
professional background to take our Company to the next level. I
have known John for nearly 10 years and have the utmost respect for
his integrity and knowledge of the vascular surgery market,� said
Endologix Chairman Franklin D. Brown. �Speaking for the entire
board of directors, we offer sincere thanks to Paul McCormick for
his outstanding leadership and his many accomplishments.�
Commenting on his appointment, Mr. McDermott said, �The opportunity
at Endologix is tremendous as we work to leverage a premier
endovascular technology in a growing market. I look forward to
working with my new colleagues and the Endologix board to support
growing sales of the Powerlink System, while continuing to
commercialize additional high-value products based on the Powerlink
platform and other technologies at Endologix.� Mr. McCormick said,
�I have known John personally for many years and am impressed with
his outstanding leadership qualities, experience and record of
success in the peripheral vascular arena. We have made considerable
progress at Endologix during my 10 year tenure, from product
conception, through the clinical and regulatory processes, and on
to establishing manufacturing capabilities. We have assembled a
first-rate organization and are selling the Powerlink System in the
U.S. and Europe, as well as in key Latin American markets and
Japan. I look forward to continuing my association with Endologix
as a board member, and to assisting John during a brief period of
transition.� Mr. McDermott holds an M.B.A. in marketing and
international business from Western International University in
Phoenix, Arizona, and a B.S. in Finance from Arizona State
University. He has been an active leader within the vascular
community and was formerly on the board of directors of the
International Society of Endovascular Specialists (ISES) and the
Vascular Disease Foundation. About Endologix Endologix, Inc.
develops and manufactures minimally invasive treatments for
vascular diseases. Endologix's Powerlink System is an endoluminal
stent graft for treating 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 relating to the continued growth of
Endologix�s business, 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. 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, 2007, 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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