CryoLife Responds to Inaccurate Assertions from Plaintiff's Attorney
January 11 2008 - 10:55AM
PR Newswire (US)
ATLANTA, Jan. 11 /PRNewswire-FirstCall/ -- CryoLife, Inc.
(NYSE:CRY), a biomaterials, medical device and tissue processing
company, announced today that it has been notified that a lawsuit
will be filed against it in the Superior Court of Cobb County,
Georgia relating to a meniscal allograft. The lawsuit concerns an
individual who contracted an infection following a transplant of a
meniscal allograft in December 2006. Meniscal transplants are
commonly used for patients with significant damage to the knee, who
have already undergone several previous knee operations. A meniscal
transplant is often recommended as the last resort before total
knee replacement surgery. When a meniscal transplant is
contemplated, it is routine medical procedure for the patient to be
informed of the risks of transplant surgery, including the risk of
infection from the transplanted tissue. After receiving notice of
the individual's infection, CryoLife conducted an immediate and
thorough investigation of the manner in which the transplanted
tissue was recovered and handled. As a result of this
investigation, CryoLife believes that it handled the tissue in
accordance with its procedures and in accordance with all
applicable industry standards and regulatory requirements. Shortly
after the infection was discovered, CryoLife notified the FDA of
the incident, as it was required to do. "We regret that this
recipient experienced a problem following implant of our
aseptically-processed tissue. We wish him the best; however, it is
our understanding that his knee function was severely compromised
prior to his meniscal transplant. Regrettably, the lawyers
representing this individual have chosen to make untrue public
statements against our company and our tissue processing services
in an effort to force us into a monetary settlement of the case,"
stated Ashley Lee, executive vice president, chief operating
officer and chief financial officer of CryoLife. "We feel it is
important that we address these statements." "We are confident that
we followed industry standard and FDA practices and policies fully
in processing this tissue and in notifying the proper authorities
after learning of the infection. We intend to vigorously defend
against this lawsuit and believe that we have adequate insurance
coverage for this particular case." About CryoLife, Inc. Founded in
1984, CryoLife, Inc. is a leader in the processing and distribution
of implantable living human tissues for use in cardiac and vascular
surgeries throughout the United States and Canada. The Company's
BioGlue(R) Surgical Adhesive is FDA approved as an adjunct to
sutures and staples for use in adult patients in open surgical
repair of large vessels. BioGlue is also CE marked in the European
Community and approved in Canada and Australia for use in soft
tissue repair. The Company also distributes the CryoLife-O'Brien(R)
stentless porcine heart valve, which is CE marked for distribution
within the European Community. For additional information about
CryoLife please visit http://www.cryolife.com/. Statements made in
this press release that look forward in time or that express
management's beliefs, expectations or hopes are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements include those regarding the
potential outcome of the litigation described above. These future
events may not occur as and when expected, if at all, and, together
with the Company's business, are subject to various risks and
uncertainties. These risks and uncertainties include the
uncertainties surrounding the trial of any litigation, the expenses
associated with that litigation and the risk of an adverse judgment
at trial, as well as risk factors detailed in CryoLife's Securities
and Exchange Commission filings, including CryoLife's Form 10-K
filing for the year ended December 31, 2006, its most recent Form
10-Q, and the Company's other SEC filings. The Company does not
undertake to update its forward-looking statements. For additional
information about the company, visit CryoLife's Web site:
http://www.cryolife.com/ Media Contacts: D. Ashley Lee Jim McCarthy
Executive Vice President, Chief Financial McCarthy Communications
Officer and Chief Operating Officer Phone: 770-419-3355 Phone:
202-333-8810 DATASOURCE: CryoLife, Inc. CONTACT: D. Ashley Lee,
Executive Vice President, Chief Financial Officer and Chief
Operating Officer of CryoLife, Inc., +1-770-419-3355, or Jim
McCarthy of McCarthy Communications, +1-202-333-8810, for CryoLife,
Inc. Web site: http://www.cryolife.com/
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