Health & Fitness
Health and Fitness
Health and Fitness
Tue, January 5, 2010
Mon, January 4, 2010 Cambridge Heart Announces Changes to the Board of Directors
TEWKSBURY, Mass.--([ BUSINESS WIRE ])--Cambridge Heart, Inc. (OTCBB:CAMH), today announced that it has reduced the size of its Board of Directors from seven members to five in order to reduce expenses and streamline the Company's decision making process. As part of the reduction, Kenneth Hachikian, Reed Malleck and Dr. Richard Cohen resigned as directors of the Company effective December 30, 2009. Dr. Cohen will continue to work with the Company as a consultant and as Chairman of the Company's Scientific Advisory Board, in which capacities he will interact with the Board of Directors on a regular basis. The Company also announced that Paul McCormick, former President and Chief Executive Officer of Endologix, Inc., has joined the Board of Directors effective December 30, 2009. Cambridge Heart now has three independent directors and two non-independent directors.
"We appreciate the years of service Ken, Reed and Richard have provided the Company, and look forward to continuing to work with Richard as he leads our efforts to reconstitute our Scientific Advisory Board"
"We appreciate the years of service Ken, Reed and Richard have provided the Company, and look forward to continuing to work with Richard as he leads our efforts to reconstitute our Scientific Advisory Board," said Roderick de Greef, Chairman of the Cambridge Heart Board of Directors. "We are pleased that Paul has joined the Cambridge Heart Board of Directors, as he brings a proven track record of success in building medical device companies that are at our stage of development. The depth of his experience, particularly in the area of sales and marketing, will undoubtedly assist us in our objective of gaining adoption and utilization of our MTWA technology, and ultimately, building shareholder value."
Mr. McCormick currently serves as the Executive Chairman of Cardiogenesis, Inc., an Irvine-CA based manufacturer of high margin cardiovascular catheters for intramyocardial stimulation and delivery of biologics, such as stem cells, for the treatment of diffuse cardiac disease, and is a member of the board of directors of Endologix, Inc. and Cianna Medical, Inc. From 1998 to 2008, Mr. McCormick was a member of the executive management team of Endologix, Inc., where as President and CEO from 2003 until 2008, he grew the company from initial product launch in 2004 to annualized revenue of $33 million in early 2008. Prior to joining Endologix, Mr. McCormick spent 20 years in a number of medical device sales and marketing positions.
Mr. McCormick holds a BA in Economics from Northwestern University, and an Executive Sales and Marketing certification from Columbia University.
About Cambridge Heart, Inc.
Cambridge Heart develops and commercializes non-invasive diagnostic tests for cardiac disease, with a focus on identifying those at risk for sudden cardiac arrest (SCA). The Company's products incorporate proprietary Microvolt T-Wave Alternans™ measurement technologies, including the patented Analytic Spectral Method® and ultrasensitive disposable electrode sensors. The Company's MTWA test, originally based on research conducted at the Massachusetts Institute of Technology, is reimbursed by Medicare under its National Coverage Policy.
Cambridge Heart, founded in 1990, is based in Tewksbury, MA. It is traded on the Over-The-Counter Bulletin Board (OTCBB) under the symbol CAMH.OB.
[ http://www.cambridgeheart.com ].
Statements contained in this press release that are not purely historical are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995.In some cases, we use words such as "believes", "expects", "anticipates", "plans", "estimates", "could", and similar expressions that convey uncertainty of future events or outcomes to identify these forward-looking statements.Actual results may differ materially from those indicated by these forward-looking statements.Factors that may cause or contribute to such differences include failure to achieve broad market acceptance of the Company's MTWA technology, failure of our sales and marketing organization to market our products effectively, inability to hire and retain qualified clinical applications specialists in the Company's target markets, failure to obtain or maintain adequate levels of first-party reimbursement for use of the Company's MTWA test, customer delays in making final buying decisions, decreased demand for the Company's products, failure to obtain funding necessary to develop or enhance our technology, adverse results in future clinical studies of our technology, failure to obtain or maintain patent protection for our technology and other factors identified in our most recent Annual Report on Form 10-K under "Risk Factors", which is on file with the SEC and available at [ www.EDGAR.com ].In addition, any forward-looking statements represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date.While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so except as may be legally necessary, even if our estimates should change.
