IRVINE, Calif., Dec. 20, 2010 /PRNewswire-FirstCall/ --
Endologix, Inc. (Nasdaq: ELGX), developer of minimally invasive
treatments for aortic disorders, announced today that Guido Neels,
Managing Director at Essex Woodlands Health Ventures, has joined
the Endologix Board of Directors. Essex Woodlands was the majority
shareholder of Nellix Inc, which was acquired by Endologix in an
all stock transaction on December 13,
2010. In conjunction with the acquisition, Essex Woodlands
made a $15 million equity investment
in Endologix. Endologix now has five independent directors and
three non-independent directors.
Franklin D. Brown, Chairman of
the Board, said, "I would like to welcome Guido to the Endologix
Board of Directors . He has extensive experience in the medical
device sector and will provide valuable guidance as we work to
expand the AAA market through the introduction of innovative new
products such as Nellix and Ventana. We will also benefit from his
experience leading the global operations of Guidant, particularly
as we expand our infrastructure and build our direct sales force in
Europe."
Mr. Neels currently holds Board positions at ROX Medical, Inc.,
Entellus Medical, Oraya Therapeutics, Inc., Arsenal Medical and
EndGenitor Technologies. Prior to joining Essex Woodlands in 2006,
Mr. Neels served as Chief Operating Officer of Guidant Corporation,
a world leader in the development of cardiovascular medical
products. He was responsible for the global operations of Guidant's
four operating units, Cardiac Rhythm Management, Vascular
Intervention, Cardiac Surgery, and Endovascular Solutions. He
previously served as Group Chairman, Office of the President at
Guidant, responsible for worldwide sales operations, corporate
communications, corporate marketing, investor relations and
government relations. Prior to joining Guidant, Mr. Neels held
various general management, sales and marketing positions at Eli
Lilly and Co. and held positions in information technology, finance
and manufacturing at Raychem Corporation in Belgium and the U.S.
He holds an M.B.A. from Stanford
University and a Business Engineering degree from the
University of Leuven in Belgium.
About Endologix, Inc.
Endologix, Inc. develops and manufactures minimally invasive
treatments for aortic disorders. The Company's flagship product is
the Powerlink® System, which is an endovascular stent graft for the
treatment of 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.
Forward-Looking Statements
Except for historical information contained herein, this news
release contains forward-looking statements, 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. Many factors may cause actual
results to differ materially from anticipated results, including
the success of sales efforts for the Powerlink System and related
new products, product research and development efforts, and other
economic, business, competitive and regulatory factors. 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, 2009, 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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COMPANY
CONTACT:
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INVESTOR
CONTACTS:
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Endologix, Inc.
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The Ruth Group
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John McDermott, CEO
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Nick Laudico (646)
536-7030
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(949) 595-7200
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Zack Kubow (646)
536-7020
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www.endologix.com
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SOURCE Endologix, Inc.