ATLANTA, Jan. 4, 2012 /PRNewswire/ -- CryoLife, Inc.
(NYSE: CRY), a leading tissue processing and medical device
company focused on cardiac and vascular surgery, announced today
that it has promoted David C. Gale,
Ph.D., to the position of Vice President, Research and Development;
and David P. Lang to the newly
created position of Vice President, Market Development Surgical
Adhesives and Starch Medical Relations. Dr. Gale will report
to Steven G. Anderson, President and
Chief Executive Officer and Mr. Lang will report to Gerald B. Seery, Senior Vice President, Sales
and Marketing.
"We are extremely pleased to make these significant additions to
our leadership team," said Steven G.
Anderson, President and Chief Executive Officer. "Dr.
David Gale brings more than 15 years
of research and development experience, holding over 30 issued U.S.
patents covering material, processing and designs of medical
devices. We will continue to call upon his wealth of
experience as he oversees the important activities supporting the
advancement of our product pipeline, which includes new products in
both our core tissue processing segment and within our higher
growth, higher margin medical devices segment."
Mr. Anderson added, "David Lang
brings 35 years of marketing and business development experience in
the medical device industry. He will continue to play a critical
role in the growth of BioGlue, BioFoam and PerClot, particularly as
we work to gain and leverage new regulatory approvals for these
products."
David C. Gale, Ph.D. joined
CryoLife in 2009 as Senior Director of Research and
Development. Prior to joining CryoLife, he was Vice
President, Research and Development of Sinexus Inc., a manufacturer
of drug-eluting (or releasing) stents located in Palo Alto,
California. He previously worked in research and development
of bioabsorbable polymers and stents at Abbott Laboratories and
Birmingham Polymers. David
Gale has a B.S. in Chemistry and an M.S. in Instrumentation
and Analysis from the University of Manchester in England. He also holds an
M.S. in Chemical Engineering from Auburn
University and a Ph.D. in Materials Science from the
University of Alabama, Birmingham.
David P. Lang joined CryoLife in
2010, as Vice President of PerClot Market Development, CryoLife
International in Munich,
Germany. Prior to joining CryoLife International,
David Lang was President and then
consultant to Starch Medical, Inc. His senior management
positions include three resident assignments in Paris, Munich, and Shanghai. He was a founder
of the first Sino-American medical electronics joint venture in
China in 1985. David Lang received a B.A. in Economics from
Harvard University.
About CryoLife
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. CryoLife'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. CryoLife'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.
CryoLife'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 and
was recently approved in Japan for
use in the repair of aortic dissections. CryoLife, through
its subsidiary Cardiogenesis Corporation, specializes in the
treatment of cardiovascular disease and the sale of devices that
treat severe angina. Its market leading FDA-approved Holmium:
YAG laser system and single use fiber-optic delivery systems are
used to perform a surgical procedure known as Transmyocardial
Revascularization (TMR). CryoLife distributes
PerClot®, an absorbable powder hemostat, in the European
Community. CryoLife'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.
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. Such
forward-looking statements reflect the views of management at the
time such statements are made and are subject to a number of risks,
uncertainties, estimates, and assumptions that may cause actual
results to differ materially from current expectations. These
statements include those regarding our work to gain and leverage
new regulatory approvals for BioGlue, BioFoam and PerClot, the
advancement of our product pipeline, which includes new products in
both our core tissue processing segment and within our higher
growth, higher margin medical devices segment, the reference to our
products as key growth drivers, the description of our medical
devices segment as a higher growth, higher margin segment, and the
implication that the promotions of Mr. Lang and Mr. Gale may help
further our efforts in their respective areas. 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 that
the regulatory approval process for our products and the
development of new products can be time consuming and costly, and
may not ultimately prove to be successful. Even if new
regulatory approvals are obtained for BioGlue, BioFoam and/or
PerClot, or new products are developed, these developments may not
lead to increased sales or revenue growth for a number of reasons,
including those discussed below. Based on changing conditions
in our Company and in the economy generally, management may decide
to terminate its pursuit of regulatory approvals for certain
products or the development of any products in our pipeline at any
time, and our current plans and timeline for regulatory approvals
and the development of new products may be altered. Also,
even if the requisite regulatory approvals are obtained for our
products, the products may not provide the anticipated medical
benefits, may not ultimately be accepted by physicians and
patients, and competing products and solutions may be developed or
may already exist that gain market footholds and adversely impact
future sales of our products. The potential market for
any of our products could also be impacted by a number of other
factors, including the effectiveness and relative cost of competing
products, the impact of future surgical innovations and medical
breakthroughs and the perceptions of surgeons and other medical
professionals. Continuing negative economic conditions could
accentuate the impact of price on the ability of our products to
compete. Past experience and trends regarding the growth
and/or margins related to any of our products are not necessarily
reflective of future performance, and sales and margins may decline
due to any of the factors discussed above, as well as any increases
in the cost of manufacturing or distributing our products,
particularly within our medical devices segment. Personnel
changes and promotions may not directly lead to increased sales,
new regulatory approvals or the development of new products for a
number of reasons, including those discussed above, regardless of
the skill or talent of the individuals involved. For
additional risks impacting the Company's business, see the Risk
Factors section of the Company's Annual Report on Form 10-K for the
year ended Dec. 31, 2010, and the
Company's subsequent Form 10-Q filings. The
Company does not undertake to update its forward-looking
statements.
For additional information about the company, visit CryoLife's
website:
http://www.cryolife.com.
Contacts:
CryoLife
D. Ashley
Lee
Executive
Vice President, Chief Financial Officer and Chief Operating
Officer
Phone: 770-419-3355
|
The
Ruth Group
Nick
Laudico / Zack Kubow
646-536-7030 / 7020
nlaudico@theruthgroup.com
zkubow@theruthgroup.com
|
SOURCE CryoLife, Inc.