Spectranetics Announces Election of New Chairperson of the Board of Directors
June 14 2017 - 4:05PM
The Spectranetics Corporation (NASDAQ:SPNC) (“the Company”)
announced today that B. Kristine Johnson has been elected as the
new Chairperson of the Board of Directors. Ms. Johnson succeeds R.
John Fletcher, who has served as Chairperson of the Board since
December 2010 and will continue to serve on the Board.
“I am delighted to be elected as Chairperson. Spectranetics has
many opportunities ahead, and our Board is fully engaged. I am
looking forward to leading us through our next phase of growth,”
said Ms. Johnson. “On behalf of the Board, I would also like to
thank our outgoing chair, John Fletcher, for his stewardship over
the last seven years. He has led the Company through significant
market capitalization growth, portfolio diversification, and
attracted new leadership. His contributions have been simply
invaluable. We are fortunate that John will continue to serve on
the board.”
Ms. Johnson joined the Spectranetics Board in 2012. She is
currently the President of Affinity Capital Management, a venture
capital firm that invests in private, U.S. based healthcare
companies. Prior to Affinity, she was Senior Vice President and
Chief Administrative Officer of Medtronic, Inc. During her 17 years
at Medtronic, she also served as President and General Manager of
its vascular business and President and General Manager of its
tachyarrhythmia management business.
Ms. Johnson currently serves on the board of directors for
AtriCure, Inc., a publicly traded medical device company, and on
the board of directors for Piper Jaffray Companies, a leading
middle market investment bank and asset management firm, where she
has been the lead director since 2012. She also serves on the board
of directors and is Chair of the University of Minnesota Foundation
Investment Advisors, as well as the boards of several private
entities.
It is the intention of the Board to rotate the role of
Chairperson from time to time, as deemed appropriate, with the
expectation that the Chairperson typically will serve a four to six
year term.
About Spectranetics
The Spectranetics Corporation develops, manufactures, markets
and distributes medical devices used in minimally invasive
procedures within the cardiovascular system. The Company's products
are available in over 65 countries and are used to treat arterial
blockages in the heart and legs and in the removal of pacemaker and
defibrillator leads.
The Company's Vascular Intervention (VI) products include a
range of laser catheters for ablation of blockages in arteries
above and below the knee, the AngioSculpt scoring balloon used in
both peripheral and coronary procedures, and the Stellarex
drug-coated balloon peripheral angioplasty platform, which received
European CE mark approval in December 2014. The Company also
markets support catheters to facilitate crossing of peripheral and
coronary arterial blockages, and retrograde access and guidewire
retrieval devices used in the treatment of peripheral arterial
blockages, including chronic total occlusions. The Company markets
aspiration and cardiac laser catheters to treat blockages in the
heart.
The Lead Management (LM) product line includes excimer laser
sheaths, dilator sheaths, mechanical sheaths and accessories for
the removal of pacemaker and defibrillator cardiac leads, including
the Bridge™ Occlusion Balloon.
For more information, visit www.spectranetics.com.
Safe Harbor Statement
This release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, Section 21E
of the Securities Exchange Act of 1934 and the Private Securities
Litigation Reform Act of 1995. You can identify these statements
because they do not relate strictly to historical or current facts.
Such statements may include words such as “anticipate,” “will,”
“estimate,” “expect,” “look forward,” “strive,” “project,”
“intend,” “should,” “plan,” “believe,” “hope,” “see,” “enable,”
“potential,” and other words and terms of similar meaning in
connection with any discussion of, among other things, future
operating or financial performance, strategic initiatives and
business strategies, clinical trials and regulatory approvals,
regulatory or competitive environments, outcome of litigation, our
intellectual property and product development. These
forward-looking statements include, but are not limited to,
statements regarding our competitive position, product innovation
and development, and commercialization schedule, expectation of
continued growth and the reasons for that growth, growth rates,
strength, integration and product launches, regulatory approvals,
and 2017 outlook and projected results including projected revenue
and expenses, gross margin, net loss and loss per share. Such
statements are based on current assumptions that involve risks and
uncertainties that could cause actual outcomes and results to
differ materially. You are cautioned not to place undue reliance on
these forward-looking statements and to note they speak only as of
the date of this release. These risks and uncertainties may include
financial results differing from guidance; our need to comply with
complex and evolving laws and regulations; intense and increasing
competition and consolidation in our industry; the impact of rapid
technological change; slower revenue growth and continued losses;
the inaccuracy of our assumptions regarding AngioScore and
Stellarex; market acceptance of our technology and products; our
inability to manage growth; increased pressure on expense levels
resulting from expanded sales, marketing, product development and
clinical activities; uncertain success of our strategic direction;
dependence on new product development and successful
commercialization of new products; loss of key personnel; uncertain
success of or delays in our clinical trials; costs of and adverse
results in any ongoing or future legal proceedings; adverse impact
to our business from healthcare reform and related legislation and
regulations, including changes in reimbursements and the impact of
fraud and abuse and information privacy laws and regulations;
adverse conditions in the general domestic and global economic
markets and volatility and disruption of the credit markets or
other factors that prevent us from obtaining funding; our inability
to protect our intellectual property and intellectual property
claims of third parties; availability of inventory and components
from suppliers, including sole source suppliers; adverse outcome of
FDA inspections, including FDA warning letters and any remediation
efforts; the receipt of FDA clearance and other regulatory
approvals to market new products or applications and the timeliness
of any clearance and approvals; product defects or recalls and
product liability claims; cybersecurity breaches; interruptions of
our manufacturing operations and other events that affect our
ability to manufacture sufficient volumes to fulfill customer
demand; our dependence on third party vendors, suppliers,
consultants and physicians; risks associated with international
operations, including international sales using distributors and
the impact of “Brexit” on our European sales and operations; risks
associated with any future acquisitions; our ability to use net
operating loss carryovers and potential impairment charges; lack of
cash necessary to satisfy our cash obligations under our
outstanding 2.625% Convertible Senior Notes due 2034 and our term
loan and revolving loan facilities; our debt adversely affecting
our financial health and preventing us from fulfilling our debt
service and other obligations; and share price volatility due to
the initiation or cessation of coverage, or changes in ratings, by
securities analysts. For a further list and description of such
risks and uncertainties that could cause our actual results,
performance or achievements to materially differ from any
anticipated results, performance or achievements, please see our
previously filed SEC reports, including those risks set forth in
our 2016 Annual Report on Form 10-K. We disclaim any intention or
obligation to update or revise any financial or other projections
or other forward-looking statements, whether because of new
information, future events or otherwise.
Investor Relations Contacts
Zach Stassen
Investor.relations@spnc.com
(719) 447-2292
Michaella Gallina
Investor.relations@spnc.com
(719) 447-2417
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