Endologix Appoints Jeffry Fecho as Chief Quality Officer
June 25 2018 - 4:01PM
Business Wire
Endologix, Inc. (Nasdaq: ELGX) (“Endologix” or the “Company”), a
developer and marketer of innovative treatments for aortic
disorders, today announced that it has appointed Jeffry Fecho as
the Company’s Chief Quality Officer, effective as of June 25, 2018
(the “Effective Date”).
John Onopchenko, Chief Executive Officer of Endologix, Inc.,
said, “I’m very pleased to welcome Jeff to our executive team. This
is a critical role within our Company as we strive to make
continuous improvements to our processes and products. As a
highly experienced leader with a history of leading large Quality
organizations in the cardiovascular industry, Jeff will be
invaluable in advancing our safety procedures and achieving
sustained quality excellence.”
Mr. Fecho brings to Endologix almost thirty years of executive
leadership and quality expertise. Most recently, he was the
Division Vice President for Operations and New Product Quality at
Abbott Laboratories, where he led the global Quality organization
across 20 sites and was responsible for the New Product Development
function. Prior to that role, he spent 11 years at St. Jude
Medical, where he eventually became the Vice President, Global
Quality. In this role, Mr. Fecho was responsible for oversight,
remediation, best practice propagation, and education across the
Quality organization. Earlier at St. Jude Medical, he managed
Quality for both Class II and III cardiovascular devices within the
company’s Cardiovascular Division and oversaw more than 20
consecutive FDA audits with zero observations. Mr. Fecho’s previous
experience with cardiovascular products was with Boston Scientific
Corporation, where he held positions in Quality Operations and
R&D. Mr. Fecho is an ASQ Certified Six Sigma Black Belt
and has systematically infused Six Sigma principles into the
organizations he has managed.
Mr. Fecho commented, ”I’m honored to join the Endologix team and
excited by our Company’s value proposition. I’m committed to
refocusing and enriching our quality processes, and I look forward
to advancing our product pipeline, as well as realizing our
vision of bringing safer, more effective products to the patients
we serve.”
Mr. Fecho earned his MBA from Elon College in North Carolina and
his Bachelor of Science in Industrial Technology from East Carolina
University.
The Company has also announced that in connection with Mr.
Fecho’s employment by Endologix, he will receive equity awards
under the Company’s 2017 Inducement Stock Incentive Plan, valued at
Five Hundred Fifty Thousand Dollars ($550,000.00), consisting of
stock options (“Option”) with a Black Scholes value of Two Hundred
Thousand Dollars ($200,000.00), and restricted stock units (RSUs)
worth Three Hundred Fifty Thousand Dollars ($350,000.00). The
Options will be priced as of the Effective Date and will vest over
a three-year period. One third of the Options shall vest and
become exercisable upon his completion of one year of
service. The balance of the Options shall vest and become
exercisable in successive, equal, monthly installments upon Mr.
Fecho’s completion of the next twenty four months of service,
measured from the first anniversary of the grant date. The
RSUs will vest as to one-third of the underlying shares on each
anniversary of the Effective Date such that the shares will vest in
full three years from the Effective Date. The number of shares
subject to the RSU grant shall be determined based upon the
Company’s stock price on the Effective Date.
About Endologix, Inc.
Endologix, Inc. develops and manufactures minimally invasive
treatments for aortic disorders. The Company's focus is
endovascular stent grafts for the treatment of abdominal aortic
aneurysms (AAA). AAA is a weakening of the wall of the aorta, the
largest artery in the body, resulting in a balloon-like
enlargement. Once AAA develops, it continues to enlarge and, if
left untreated, becomes increasingly susceptible to rupture. The
overall patient mortality rate for ruptured AAA is approximately
80%, making it a leading cause of death in the United States. For
more information, visit www.endologix.com.
Cautions Regarding Forward-Looking Statements
Except for historical information contained herein, this press
release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements generally can be identified by the use
of words such as “anticipate,” “expect,” “could,” “may,” “will,”
“believe,” “estimate,” “forecast,” “goal,” “project,” "continue,"
"outlook," “guidance,” "future,” other words of similar meaning and
the use of future dates. Forward-looking statements used in this
press release include, but are not limited to, statements regarding
the anticipated commencement (and commensurate benefits) of Mr.
Fecho’s employment with Endologix, and statements regarding
Endologix’s prospects (including safety, quality and pipeline
enhancements and advancements, and achievement of Endologix’s
vision to bring safer, more effective products to the patients it
serves), the accuracy of which are necessarily subject to risks and
uncertainties that may cause Endologix’s actual results to differ
materially and adversely from the statements contained herein. Some
of the potential risks and uncertainties that could cause actual
results to differ materially and adversely from anticipated results
include continued market acceptance, hiring, integration and
retention of Mr. Fecho and other members of the Endologix’s
executive management team, risks regarding Quality systems
operations and outcome of third party audits of such systems,
endorsement and use of Endologix's products, risks associated with
the manufacturing of Endologix’s products, the success of clinical
trials relating to Endologix’s products, product research and
development efforts, uncertainty in the process of obtaining and
maintaining U.S. FDA and other regulatory approvals for Endologix's
products, Endologix’s ability to access equity and debt capital on
acceptable terms, Endologix’s ability to enter into or maintain
existing financing arrangements on acceptable terms, risks
associated with international operations, including currency
exchange rate fluctuations, Endologix’s ability to protect its
intellectual property rights and proprietary technologies, and
other economic, business, competitive and regulatory factors. Undue
reliance should not be placed upon the forward-looking statements
contained in this press release, which speak only as of the date of
this press release. Endologix undertakes no obligation to update
any forward-looking statements contained in this press release to
reflect new information, events or circumstances after the date
they are made, or to reflect the occurrence of unanticipated
events. Please refer to Endologix's filings with the Securities and
Exchange Commission including its Annual Report on Form 10-K for
the year ended December 31, 2017 and subsequent Quarterly
Reports on Form 10-Q, for more detailed information regarding these
risks and uncertainties and other factors that may cause actual
results to differ materially from those expressed or implied.
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Investors:Endologix, Inc.Vaseem Mahboob, 949-595-7200CFO
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