Arbios Announces Management Changes
September 19 2007 - 10:26AM
PR Newswire (US)
WALTHAM, Mass., Sept. 19 /PRNewswire-FirstCall/ -- Arbios Systems,
Inc. (OTC:ABOS) today announced Walter C. Ogier has resigned as
President and CEO and as a member of the Company's Board of
Directors. The Arbios Board of Directors has appointed Shawn P.
Cain, previously Vice President of Operations, to serve as interim
President and CEO. The Company plans to initiate a search for a new
President and CEO. Arbios also announced that its Board of
Directors has elected Amy Factor as Vice Chairman. Ms. Factor is a
former CEO of Arbios and Director of the Company. In addition, the
Company announced the formation of an Office of the Chairman which
is composed of Company Directors John M. Vierling, M.D., Dennis
Kogod and Amy Factor. The Office of the Chairman will provide
executive Board assistance in the operations and strategic
management of the Company. "The Board of Directors thanks Walter
for his contributions to our company and we wish him well in his
future endeavors," commented John M. Vierling, M.D., Chairman of
the Board of Director of Arbios. "With promising data supporting
the proof-of-concept of our SEPET(TM) Liver Assist Device, Arbios
is now focused on forging a pathway to regulatory approval and
commercialization of our first product." About Arbios Systems
Arbios Systems, Inc. is developing proprietary medical devices and
cell- based therapies to enhance the survival of millions of
patients each year who experience, or are at risk for,
life-threatening episodes of liver failure. The Arbios product
candidate portfolio includes the SEPET(TM) Liver Assist Device, a
novel blood purification therapy that provides enhanced "liver
dialysis," and the HepatAssist(TM) Cell-Based Liver Support System,
a bioartificial liver that combines blood detoxification with liver
cell therapy to replace whole liver function in patients with the
most severe forms of liver failure. For more information on the
Company, please visit http://www.arbios.com/. This press release
contains forward-looking statements that involve risks and
uncertainties that could cause actual events or results to differ
materially from the events or results described in the
forward-looking statements, including risks or uncertainties
related to the goals and results of clinical trials, compliance
with regulatory requirements, the need for subsequent substantial
additional financing to complete clinical development of its
products, future markets and demand for the Company's products, and
Arbios' ability to successfully market its products and
technologies. These statements represent the judgment of Arbios'
management as of this date and are subject to risks and
uncertainties that could adversely affect the Company. Arbios
cautions investors that there can be no assurance that actual
results or business conditions will not differ materially from
those projected or suggested in such forward-looking statements.
Please refer to our Annual Report on Form 10-KSB for the fiscal
year ended December 31, 2006, and to our subsequent Quarterly
Reports on Form 10-Q, for a description of risks that may affect
our results or business conditions. The Company does not undertake
any obligation to publicly release the result of any revisions to
such forward- looking statements that may be made to reflect events
or circumstances after the date hereof or to reflect the occurrence
of unanticipated events except as required by law. SEPET(TM) and
HepatAssist(TM) are trademarks of Arbios Systems, Inc. DATASOURCE:
Arbios Systems, Inc. CONTACT: Scott Hayashi, CFO of Arbios,
+1-626-356-3105; or for Media Relations, Doug MacDougall and Kari
Watson, +1-508-647-0209 Web site: http://www.arbios.com/
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