Conceptus, Inc. (Nasdaq:CPTS), developer of the
Essure® procedure, the leading non-surgical permanent birth control
method, announced today that D. Keith Grossman, 51, has been
appointed President and Chief Executive Officer, effective
immediately. Mr. Grossman succeeds Mark M. Sieczkarek, 57, who has
resigned as the Company's President, Chief Executive Officer and as
a member of the Board of Directors. Mr. Grossman has also been
appointed to the Company's Board of Directors.
Mr. Grossman previously served as a Managing Director at TPG,
one of the world's largest private equity firms, where he initiated
and led the medical device venture investing effort, and also
served as a Senior Advisor to the firm's buyout fund. During his
time at TPG, Mr. Grossman led or participated in a broad range of
investments, from early stage companies to large acquisitions.
Prior to joining TPG in 2007, Mr. Grossman spent 23 years in a
variety of relevant industry operating roles, including as
President and CEO of Thoratec Corporation from 1996 to
2006. While Mr. Grossman was CEO of Thoratec, the company
pioneered a new market and category of implantable therapeutic
devices for heart failure patients, which led to an increase in
revenues from approximately $3 million to over $200 million, while
expanding Thoratec's market value more than twelve-fold to
approximately $1.2 billion. Since 2006, Mr. Grossman has
remained an active member of Thoratec's Board of Directors, during
which time the company has continued its growth and market
leadership.
Mr. Grossman's experience prior to Thoratec includes a variety
of roles within Sulzermedica and American Hospital Supply
Corporation, as well as numerous public and private Board of
Directors memberships, including medical technology companies
Intuitive Surgical and Kyphon. Mr. Grossman received a BS in
life sciences from The Ohio State University, and an MBA from
Pepperdine University.
"We are very pleased to announce Keith Grossman as Conceptus'
President and CEO," said Kathryn A. Tunstall, Chairman of the Board
of Directors. "Keith is widely recognized in the medical
technology industry as an outstanding business leader with an
impressive track record of building clinically relevant businesses
that create value for shareholders. Conceptus is focused at
all levels on expanding the permanent contraceptive market,
increasing the adoption of Essure and driving long-term
growth. We are confident that Keith's leadership and
operational and financial expertise make him the ideal choice to
lead us into the future, and look forward to leveraging his
experience as a portfolio manager and successful CEO to help take
Conceptus to the next level."
Mr. Grossman said, "I am delighted to have the opportunity to
lead Conceptus, a company with a compelling market opportunity.
Conceptus is an industry leader with a truly differentiated product
that improves clinical and economic outcomes for patients, a strong
network of physician relationships and exceptionally dedicated
employees. We have a solid foundation on which to build, with
several recent key achievements, including affirmation of our
patents, the launch of our new national direct-to-consumer
advertising campaign, and several regulatory actions that expand
the Essure market. In addition, the inclusion of permanent
birth control under the Preventive Care Provisions of the Patient
Protection and Affordable Care Act is a very positive development.
We are confident in our ability to position Conceptus for
long-term success and reach our full potential. I look forward
to working with the Board, management team and talented employees
to further the Company's goals and make Essure the standard of care
in permanent birth control."
Ms. Tunstall continued, "We appreciate Mark Sieczkarek's eight
years of service to Conceptus as President, CEO and as a member of
the Company's Board. During Mark's tenure, Conceptus grew its
footprint significantly and brought about a major change in the
practice of gynecology that led to many procedures being performed
in a physician's office, thereby advancing patient safety and
comfort. We wish Mark all the best in his future
endeavors."
In connection with Mr. Grossman's employment, Conceptus will
grant inducement stock appreciation rights and restricted stock
units to Mr. Grossman. These equity awards will be granted
without stockholder approval pursuant to NASDAQ Listing Rule
5635(c)(4) and will consist of the following: (a) 600,000 SARs with
an exercise price equal to the closing price of the Company's
common stock on the grant date, a seven-year duration and four-year
vesting at a rate of 12.5% at six months, and thereafter equal
monthly vesting over the next 42 months of service with the Company
and (b) 150,000 RSUs with four-year vesting at a rate of 25%
annually, subject to Mr. Grossman's continued service to the
Company. These equity awards will also be subject to automatic
accelerated vesting and exercisability in the event of certain
corporate transactions that constitute a change in control of the
Company.
About the Essure® Procedure
The Essure procedure, FDA approved since 2002, is the first
permanent birth control method that can be performed in the comfort
of a physician's office in less than 10 minutes (average
hysteroscopic time) without hormones, cutting, burning or the risks
associated with general anesthesia or tubal ligation. Soft,
flexible inserts are placed in a woman's fallopian tubes through
the cervix without incisions. Over the next three months, the body
forms a natural barrier around and through the inserts to prevent
sperm from reaching the egg. Three months after the Essure
procedure, a doctor is able to perform an Essure Confirmation Test
to confirm that the inserts are properly placed and that the
fallopian tubes are fully blocked, allowing the patient to rely
upon Essure for permanent birth control.
The Essure procedure is 99.95% effective based on one year of
follow up with zero pregnancies reported in clinical trials, making
it the most effective form of permanent birth control on the
market. The procedure is covered by most insurance plans, and when
it is performed in a doctor's office the cost to the patient may be
as low as a simple co-pay. Essure has been proven and trusted by
physicians since 2002, with more than 570,000 women worldwide
having undergone the Essure procedure.
About Conceptus®, Inc.
Conceptus, Inc. is a leader in the design, development and
marketing of innovative solutions in women's healthcare. The
Company manufactures and markets the Essure procedure. The
Essure procedure is available in the United States, Europe,
Australia, New Zealand, Canada, Mexico, Central and South America
and the Middle East. The Company also promotes the GYNECARE
THERMACHOICE® Uterine Balloon Therapy System by ETHICON™ Women's
Health & Urology, a division of Ethicon, Inc., in U.S. OB/GYN
physician offices.
Please visit www.essure.com for more information on the Essure
procedure. Patients may call the Essure Information Center at
1-877-ESSURE-1 with questions or to find a physician in their
area.
The Conceptus, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7961
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, the accuracy of which is subject to known and unknown
risks and uncertainties. These forward-looking statements include,
without limitation, discussions regarding projected growth,
affirmation of our intellectual property due to favorable
litigation results, market expansion and our ability to market
effectively to physicians and prospective patients, regulatory
approval of our marketing claims, increasing the adoption of Essure
and new management's achievement of the Company's goals. These
discussions and other forward-looking statements included herein
may differ significantly from actual results. Such differences may
be based upon factors such as changes in strategic planning
decisions by management, re-allocation of internal resources,
changes in the impact of domestic and global macroeconomic
pressures, reimbursement decisions by insurance companies and
domestic and foreign governments, scientific advances by third
parties, litigation risks, attempts to repeal all or part of the
Patient Protection and Affordable Care Act of 2010, and the
introduction of competitive products, as well as those factors set
forth in the Company's most recent Annual Report on Form 10-K and
most recent Quarterly Report on Form 10-Q, and other filings with
the Securities and Exchange Commission. These forward-looking
statements speak only as to the date on which the statements were
made. The Company undertakes no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events, or otherwise.
© 2011 Conceptus, Inc.—All rights reserved.
CC-2978 7DEC11F
CONTACT: Investor Relations and Public Relations Contact:
Cindy Klimstra
(650) 962-4032
cindy_klimstra@conceptus.com
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