Endologix Appoints John D. Zehren as Chief Commercial Officer
January 10 2019 - 8:00AM
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 John D. Zehren as
the Company’s Chief Commercial Officer, effective as of January 7,
2019 (the “Effective Date”).
Mr. Zehren brings to Endologix more than twenty years of
commercial, sales and marketing, and business development
experience in the medical device industry. Most recently, he served
as Vice President of Sales, Americas at Medtronic Neurovascular and
was a Senior Member of the company’s Neurovascular Management
Board. While at Medtronic, he developed and implemented a strategic
commercial plan to double revenue in five years. Prior to that, he
spent five years as Vice President of Sales at Covidien and ev3.
Earlier in his distinguished career, Mr. Zehren spent over a decade
at Edwards Lifesciences, the last four years of which were in the
role of Vice President of Sales and Marketing.
John Onopchenko, Chief Executive Officer of Endologix, Inc.,
commented, “We are proud to welcome John, an accomplished
commercial medical device leader, to our executive team. He has
demonstrated a strong track record of achievement, consistently
implementing successful commercial strategies that resulted in
impressive growth, share gains, and customer loyalty. We believe
John will play a critical role in strengthening and extending
Endologix’s customer partnerships and commercial execution, while
leading the Company’s global go-to-market strategy for our AFX2,
Ovation, and Nellix platforms.”
Mr. Zehren added, ”I’m excited to join an organization that has
driven so much innovation in the cardiovascular segment and believe
that we have an excellent opportunity to strengthen our customer
partnerships and secure increased market share and procedural
growth around the globe. I look forward to working with the
Endologix team to drive commercial excellence and bring our
differentiated, life-saving technology to more patients in
need.”
Mr. Zehren earned his Bachelor of Arts in Biology from College
of St. Thomas in Minnesota.
The Company has also announced that in connection with Mr.
Zehren’s employment by Endologix, he will receive equity awards
under the Company’s 2017 Inducement Stock Incentive Plan,
consisting of 300,000 stock options (“Option”) and 200,000
restricted stock units (RSUs) The awards were approved by the
Company’s Compensation Committee, which is comprised of independent
directors, on December 3, 2018, as an inducement material to
the Mr. Zehren’s entry into employment with the Company, as
permitted under NASDAQ Listing Rule 5635(c)(4). 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. Zehren’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.
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.
Zehren’s employment with Endologix (including anticipated
strengthening and extension of Endologix’s customer partnerships
and commercial execution, and securing increased market share and
procedural growth), 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. Zehren, 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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version on businesswire.com: https://www.businesswire.com/news/home/20190110005145/en/
Investors:Endologix, Inc.Vaseem Mahboob, CFO(949) 595-7200
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