Cyberonics Board of Directors Nominates Joseph E. Laptewicz
Thursday August 7, 9:18 am ET
HOUSTON, Aug. 7 /PRNewswire-FirstCall/ -- Cyberonics, Inc. (Nasdaq: CYBX - News) today announced that Joseph E. Laptewicz, Jr. has been nominated to stand for election to its Board of Directors. Mr. Laptewicz will replace Jeffrey E. Schwarz, a director since January 2007, who has announced his intention to resign his seat as of the date of the Annual Meeting on September 25, 2008.
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In commenting on his decision not to stand for re-election, Mr. Schwarz said, "When the Metropolitan Capital nominees joined the Cyberonics board 18 months ago, our goal was to help refocus the company on its core epilepsy franchise, improve corporate governance and chart a course for Cyberonics to return to profitability. Under the leadership of the company's new Chief Executive Officer, Dan Moore, and Chief Financial Officer, Greg Browne, Cyberonics has made great strides and recently achieved our goal of a return to profitability by the end of our recently completed fiscal year. I believe the time is right for me now to step down from the Cyberonics board." Mr. Schwarz continued, "With a strong new management team in place, a dedicated board headed by Hugh Morrison, its Chairman, and with the addition of a director with the stature of Joe Laptewicz, a seasoned medical device executive and director, Cyberonics is poised for future growth, and its prospects are bright."
Most recently, Mr. Laptewicz served for seven years as a director on the board of Advanced Neuromodulation Systems, Inc., which was acquired by St. Jude Medical, Inc. in 2005. He was a member of that board's audit and governance committees. Prior to this, Mr. Laptewicz was Chairman of Empi, Inc., a leading distributor of electrical stimulation medical products, from 2001 to 2004. He served as the company's President and CEO from 1994 to 2000 and led Empi's acquisition by The Carlyle Group in 1999. Earlier in his career, Mr. Laptewicz held several management positions, including President and Executive Vice President, at Schneider (USA), Inc., the vascular devices unit of Pfizer, Inc. (acquired by Boston Scientific in 1998). In this role, Mr. Laptewicz managed the company's domestic cardiology and radiology businesses.
"I would like to take this opportunity to thank Jeffrey for his contributions to the Cyberonics turnaround," said Hugh M. Morrison, Chairman of the Board of Cyberonics. "His business acumen has been critical in helping guide our strategic direction. With a core focus on epilepsy and significantly improving financial metrics, the company is well-positioned for long-term success, and adding someone with the substantial industry knowledge that Joe possesses should prove invaluable as Cyberonics continues to grow its business."
About Cyberonics, Inc. and VNS Therapy(TM)
Cyberonics, Inc. (NASDAQ:CYBX - News) is a medical technology company with core expertise in neuromodulation. The company developed and markets the Vagus Nerve Stimulation (VNS) Therapy(TM) System, which is FDA-approved for the treatments of refractory epilepsy and depression. The VNS Therapy System uses a surgically implanted medical device that delivers pulsed electrical signals to the vagus nerve. Cyberonics markets the VNS Therapy System in selected markets worldwide.
Additional information on Cyberonics, Inc. and VNS Therapy(TM) is available at http://www.cyberonics.com and http://www.vnstherapy.com.
Safe harbor statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements can be identified by the use of forward-looking terminology, including "may," "believe," "will," "expect," "anticipate," "estimate," "plan," "intend," and "forecast," or other similar words. Statements contained in this press release are based upon information presently available to us and assumptions that we believe to be reasonable. We are not assuming any duty to update this information should those facts change or should we no longer believe the assumptions to be reasonable. Investors are cautioned that all such statements involve risks and uncertainties, including without limitation, statements concerning election of Mr. Laptewicz and the company's strong future growth and long-term success. Our actual results may differ materially. Important factors that may cause actual results to differ include, but are not limited to: continued market acceptance of VNS Therapy and sales of our product; the development and satisfactory completion of clinical trials and/or market test and/or regulatory approval of VNS Therapy for the treatment of other indications; satisfactory completion of post-market studies required by the U.S. Food and Drug Administration as a condition of approval for the treatment-resistant depression indication; adverse changes in coverage or reimbursement amounts by third-parties; intellectual property protection and potential infringement claims; maintaining compliance with government regulations and obtaining necessary government approvals for new indications; product liability claims and potential litigation; reliance on single suppliers and manufacturers for certain components; the accuracy of management's estimates of future expenses and sales; the results of the previously disclosed governmental inquiries; the potential identification of material weaknesses in our internal controls over financial reporting; risks and costs associated with such governmental inquiries and any litigation relating thereto or to our stock option grants, procedures, and practices (including the previously disclosed private litigation); uncertainties associated with stockholder litigation; and other risks detailed from time to time in our filings with the Securities and Exchange Commission (SEC). For a detailed discussion of these and other cautionary statements, please refer to our most recent filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended April 25, 2008.
Contact information
Greg Browne, CFO
Cyberonics, Inc.
100 Cyberonics Blvd., Houston, TX 77058
Main: (281) 228-7262/Fax: (281) 218-9332
ir@cyberonics.com
Thursday August 7, 9:18 am ET
HOUSTON, Aug. 7 /PRNewswire-FirstCall/ -- Cyberonics, Inc. (Nasdaq: CYBX - News) today announced that Joseph E. Laptewicz, Jr. has been nominated to stand for election to its Board of Directors. Mr. Laptewicz will replace Jeffrey E. Schwarz, a director since January 2007, who has announced his intention to resign his seat as of the date of the Annual Meeting on September 25, 2008.
ADVERTISEMENT
In commenting on his decision not to stand for re-election, Mr. Schwarz said, "When the Metropolitan Capital nominees joined the Cyberonics board 18 months ago, our goal was to help refocus the company on its core epilepsy franchise, improve corporate governance and chart a course for Cyberonics to return to profitability. Under the leadership of the company's new Chief Executive Officer, Dan Moore, and Chief Financial Officer, Greg Browne, Cyberonics has made great strides and recently achieved our goal of a return to profitability by the end of our recently completed fiscal year. I believe the time is right for me now to step down from the Cyberonics board." Mr. Schwarz continued, "With a strong new management team in place, a dedicated board headed by Hugh Morrison, its Chairman, and with the addition of a director with the stature of Joe Laptewicz, a seasoned medical device executive and director, Cyberonics is poised for future growth, and its prospects are bright."
Most recently, Mr. Laptewicz served for seven years as a director on the board of Advanced Neuromodulation Systems, Inc., which was acquired by St. Jude Medical, Inc. in 2005. He was a member of that board's audit and governance committees. Prior to this, Mr. Laptewicz was Chairman of Empi, Inc., a leading distributor of electrical stimulation medical products, from 2001 to 2004. He served as the company's President and CEO from 1994 to 2000 and led Empi's acquisition by The Carlyle Group in 1999. Earlier in his career, Mr. Laptewicz held several management positions, including President and Executive Vice President, at Schneider (USA), Inc., the vascular devices unit of Pfizer, Inc. (acquired by Boston Scientific in 1998). In this role, Mr. Laptewicz managed the company's domestic cardiology and radiology businesses.
"I would like to take this opportunity to thank Jeffrey for his contributions to the Cyberonics turnaround," said Hugh M. Morrison, Chairman of the Board of Cyberonics. "His business acumen has been critical in helping guide our strategic direction. With a core focus on epilepsy and significantly improving financial metrics, the company is well-positioned for long-term success, and adding someone with the substantial industry knowledge that Joe possesses should prove invaluable as Cyberonics continues to grow its business."
About Cyberonics, Inc. and VNS Therapy(TM)
Cyberonics, Inc. (NASDAQ:CYBX - News) is a medical technology company with core expertise in neuromodulation. The company developed and markets the Vagus Nerve Stimulation (VNS) Therapy(TM) System, which is FDA-approved for the treatments of refractory epilepsy and depression. The VNS Therapy System uses a surgically implanted medical device that delivers pulsed electrical signals to the vagus nerve. Cyberonics markets the VNS Therapy System in selected markets worldwide.
Additional information on Cyberonics, Inc. and VNS Therapy(TM) is available at http://www.cyberonics.com and http://www.vnstherapy.com.
Safe harbor statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements can be identified by the use of forward-looking terminology, including "may," "believe," "will," "expect," "anticipate," "estimate," "plan," "intend," and "forecast," or other similar words. Statements contained in this press release are based upon information presently available to us and assumptions that we believe to be reasonable. We are not assuming any duty to update this information should those facts change or should we no longer believe the assumptions to be reasonable. Investors are cautioned that all such statements involve risks and uncertainties, including without limitation, statements concerning election of Mr. Laptewicz and the company's strong future growth and long-term success. Our actual results may differ materially. Important factors that may cause actual results to differ include, but are not limited to: continued market acceptance of VNS Therapy and sales of our product; the development and satisfactory completion of clinical trials and/or market test and/or regulatory approval of VNS Therapy for the treatment of other indications; satisfactory completion of post-market studies required by the U.S. Food and Drug Administration as a condition of approval for the treatment-resistant depression indication; adverse changes in coverage or reimbursement amounts by third-parties; intellectual property protection and potential infringement claims; maintaining compliance with government regulations and obtaining necessary government approvals for new indications; product liability claims and potential litigation; reliance on single suppliers and manufacturers for certain components; the accuracy of management's estimates of future expenses and sales; the results of the previously disclosed governmental inquiries; the potential identification of material weaknesses in our internal controls over financial reporting; risks and costs associated with such governmental inquiries and any litigation relating thereto or to our stock option grants, procedures, and practices (including the previously disclosed private litigation); uncertainties associated with stockholder litigation; and other risks detailed from time to time in our filings with the Securities and Exchange Commission (SEC). For a detailed discussion of these and other cautionary statements, please refer to our most recent filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended April 25, 2008.
Contact information
Greg Browne, CFO
Cyberonics, Inc.
100 Cyberonics Blvd., Houston, TX 77058
Main: (281) 228-7262/Fax: (281) 218-9332
ir@cyberonics.com
