AxoGen, Inc. (NASDAQ: AXGN), a global leader in developing and
marketing innovative surgical solutions for damage or discontinuity
to peripheral nerves, today announced the appointment of Eric
Sandberg as Chief Commercial Officer. He is a proven executive with
a 25+ year career leading the commercialization of medical
technologies in both large corporations and start-up ventures.
Sandberg has excelled at developing new markets, bringing new
products to market, and leading successful sales and marketing
organizations.
“We are excited to welcome Eric to our executive
team; his breadth of commercialization experience and proven track
record of execution will be invaluable as we introduce new
applications and launch new products that expand and enhance our
platform for nerve repair,” commented Karen Zaderej, chairman, CEO,
and president of AxoGen. “Eric’s executive leadership will be
instrumental as AxoGen continues to transform peripheral nerve
repair and create a new standard of care.”
Sandberg has extensive leadership experience in
commercializing medical technologies. He held leadership positions
across sales, marketing, corporate accounts, and business
development during a 12 plus year career at medical device
manufacturers Guidant Corporation and Boston Scientific. While at
Guidant, Sandberg built and led commercial teams that challenged
the standard of care with innovative new solutions; including the
Company’s first coronary stent system, which achieved market
leadership in three months post launch and generated $700 million
in sales within 15 months. He built and led the sales organization
for CardioDx, a genomic diagnostic company, spearheading efforts to
launch and create market demand for the company’s inaugural
product. As President and CEO for Tangent Medical Technologies,
Sandberg led all aspects of the company as it commercialized an
innovative IV catheter system. Most recently, he served as CEO for
Visura Technologies, successfully leading the development,
patenting, FDA process, and commercialization of a novel
transesophageal echocardiography camera assist device system, and
as Chief Business Officer of gene therapy company Rhythm
Therapeutics. Sandberg earned an MBA from Harvard Business School
and a Bachelor of Science degree from Bradley University. Sandberg
will assume the duties of Jon Gingrich who will transition his
responsibilities through his departure February 15, 2019.
“AxoGen has an outstanding culture of innovation
and excellence, and I look forward to building upon the Company’s
strong foundation,” commented Sandberg. “AxoGen has a tremendous
opportunity to improve outcomes and quality of life for patients
suffering the debilitating effects of peripheral nerve damage,
across a growing range of applications. I am thrilled to join the
Company at this critical and exciting time, as we pursue and
develop these markets.”
Mr. Sandberg’s employment began on January 21, 2019 pursuant to
the terms of that certain employment agreement by and between Mr.
Sandberg and the Company dated as of January 21, 2019 (the
“Sandberg Employment Agreement”). In connection with his hiring,
the Company granted Mr. Sandberg on January 22, 2019 a stock option
to purchase 45,000 shares of the Company’s common stock with an
exercise price that will be equal to the closing price per share of
the Company’s common stock as reported on the NASDAQ today (the
“Grant Date”) as an inducement award (the “Inducement Award”). The
Inducement Stock Option Award was approved by the Company’s
Compensation Committee of the Board of Directors in reliance on the
employment inducement exception to shareholder approval provided
under NASDAQ Stock Market Listing Rule 5635(c)(4) which requires
public announcement of inducement awards and this release is being
made to comply with such inducement award Listing Rules.
The Inducement Award will vest as to 50% of the
shares after two years and 12.5% every six months thereafter until
fully vested; provided, however, that such option shall
automatically accelerate and become fully exercisable in the event
that, following a Change in Control (as defined in the Sandberg
Employment Agreement), Mr. Sandberg is terminated without
“Substantial Cause” (as defined in the Sandberg Employment
Agreement) within 6 months of the Change of Control or he resigns
for “Good Reason” (as defined in the Sandberg Employment Agreement)
within 90 days of the Change in Control. The Company intends to
file a Form S-8 pursuant to the Securities Act of 1933, as amended,
relating to Inducement Award.
About AxoGenAxoGen (AXGN) is the
leading company focused specifically on the science, development
and commercialization of technologies for peripheral nerve
regeneration and repair. We are passionate about helping to restore
peripheral nerve function and quality of life to patients with
physical damage or discontinuity to peripheral nerves by providing
innovative, clinically proven and economically effective repair
solutions for surgeons and health care providers. Peripheral nerves
provide the pathways for both motor and sensory signals throughout
the body. Every day, people suffer traumatic injuries or undergo
surgical procedures that impact the function of their peripheral
nerves. Physical damage to a peripheral nerve, or the
inability to properly reconnect peripheral nerves, can result in
the loss of muscle or organ function, the loss of sensory feeling,
or the initiation of pain.
AxoGen's platform for peripheral nerve repair
features a comprehensive portfolio of products, including Avance®
Nerve Graft, a biologically active off-the-shelf processed human
nerve allograft for bridging severed peripheral nerves without the
comorbidities associated with a second surgical site; AxoGuard®
Nerve Connector, a porcine submucosa extracellular matrix (ECM)
coaptation aid for tensionless repair of severed peripheral nerves;
AxoGuard® Nerve Protector, a porcine submucosa ECM product used to
wrap and protect damaged peripheral nerves and reinforce the nerve
reconstruction while preventing soft tissue attachments; and
Avive® Soft Tissue Membrane, a minimally processed human
umbilical cord membrane that may be used as a resorbable soft
tissue covering to separate tissue layers and modulate inflammation
in the surgical bed. Along with these core surgical products,
AxoGen also offers AcroVal® Neurosensory & Motor Testing System
and AxoTouch® Two-Point Discriminator. These evaluation and
measurement tools assist health care professionals in detecting
changes in sensation, assessing return of sensory, grip, and pinch
function, evaluating effective treatment interventions, and
providing feedback to patients on peripheral nerve function. The
AxoGen portfolio of products is available in the United States,
Canada, the United Kingdom, and several other European and
international countries.
Cautionary Statements Concerning
Forward-Looking Statements This Press Release contains
“forward-looking” statements as defined in the Private Securities
Litigation Reform Act of 1995. These statements are based on
management's current expectations or predictions of future
conditions, events, or results based on various assumptions and
management's estimates of trends and economic factors in the
markets in which we are active, as well as our business plans.
Words such as “expects,” “anticipates,” “intends,” “plans,”
“believes,” “seeks,” “estimates,” “projects,” “forecasts,”
“continue,” “may,” “should,” “will,” and variations of such words
and similar expressions are intended to identify such
forward-looking statements. The forward-looking statements may
include, without limitation, statements regarding our assessment on
our internal control over financial reporting, our growth, our 2018
and 2019 guidance, product development, product potential,
financial performance, sales growth, product adoption, market
awareness of our products, data validation, our visibility at and
sponsorship of conferences and educational events. The
forward-looking statements are subject to risks and uncertainties,
which may cause results to differ materially from those set forth
in the statements. Forward-looking statements in this release
should be evaluated together with the many uncertainties that
affect AxoGen's business and its market, particularly those
discussed in the risk factors and cautionary statements in AxoGen's
filings with the Securities and Exchange Commission.
Forward-looking statements are not guarantees of future
performance, and actual results may differ materially from those
projected. The forward-looking statements are representative only
as of the date they are made and, except as required by law, AxoGen
assumes no responsibility to update any forward-looking statements,
whether as a result of new information, future events, or
otherwise.
Contacts:AxoGen, Inc. Kaila
Krum, VP, Investor Relations and Corporate Development
kkrum@AxoGenInc.com
Solebury Trout Brian Korb 646.378.2923
bkorb@troutgroup.com
Axogen (NASDAQ:AXGN)
Historical Stock Chart
From Sep 2024 to Oct 2024
Axogen (NASDAQ:AXGN)
Historical Stock Chart
From Oct 2023 to Oct 2024