ATLANTA, June 1 /PRNewswire-FirstCall/ -- CryoLife,
Inc. (NYSE: CRY), an implantable biological medical device and
cardiovascular tissue processing company, announced today that its
Board of Directors has authorized the purchase of up to
$15 million of its common stock over
the course of the next two years, beginning no earlier than
June 2, 2010. The purchase of
shares will be made from time to time in the open market or through
privately negotiated transactions on such terms as management deems
appropriate, and will be dependant upon various factors, including
price, regulatory requirements and other market conditions.
Steven G. Anderson, president and
chief executive officer, noted, "CryoLife's Board of Directors
believes that the stock repurchase program represents an
appropriate and strategic use of the company's cash, while allowing
sufficient flexibility to pursue our other corporate objectives,
including business development and acquisition opportunities."
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 U.S. and Canada. The Company's CryoValve® SG
pulmonary heart valve, processed using CryoLife's proprietary
SynerGraft® technology, has FDA 510(k) clearance for the
replacement of diseased, damaged, malformed, or malfunctioning
native or prosthetic pulmonary valves. The Company's
CryoPatch® SG pulmonary cardiac patch has FDA 510(k) clearance for
the repair or reconstruction of the right ventricular outflow tract
(RVOT), which is a surgery commonly performed in children with
congenital heart defects, such as Tetralogy of Fallot, Truncus
Arteriosus, and Pulmonary Atresia. CryoPatch SG is
distributed in three anatomic configurations: pulmonary
hemi-artery, pulmonary trunk, and pulmonary branch. The
Company's BioGlue® 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's BioFoam™ Surgical Matrix is CE marked in the
European Community for use as an adjunct in the sealing of
abdominal parenchymal tissues (liver and spleen) when cessation of
bleeding by ligature or other conventional methods is ineffective
or impractical. BIOGLUE Aesthetic® Medical Adhesive is
CE marked in the European Community for periosteal fixation
following endoscopic browplasty (brow lift) in reconstructive
plastic surgery and is distributed by a third party for this
indication. CryoLife currently distributes HemoStase®, a
hemostatic agent, in much of the U.S. for use in cardiac and
vascular surgery and in many international markets for cardiac,
vascular, and general surgery, subject to certain exclusions.
For additional information about the company, visit CryoLife's
Web site: www.cryolife.com.
Media
Contacts:
|
|
|
|
D. Ashley
Lee
|
|
Executive Vice
President, Chief Financial Officer and
|
|
Chief Operating
Officer
|
|
Phone:
770-419-3355
|
|
|
|
Nina
Devlin
|
|
Edelman
|
|
Phone:
212-704-8145
|
|
|
SOURCE CryoLife, Inc.