SANTA CLARA, Calif., Oct. 21 /PRNewswire-FirstCall/ -- NewCardio, Inc., a cardiac diagnostic and services company, today announced Dorin Panescu, PhD, has agreed to join NewCardio as its Chief Technical Officer and Vice-President of Research and Development, effective October 20. Dr. Panescu joins NewCardio from St. Jude Medical, Inc., a $4.1 billion medical technology and services company, where he most recently served as Director, Technology Development, for the Company's Cardiac Rhythm Management Division. In this role, he managed broad functional teams tasked with the development of heart failure trending and wireless remote monitoring features for implantable cardiac defibrillators and pacemakers. Dr. Panescu is credited with 130 issued U.S. patents and 70 published or pending U.S. patent applications covering a wide spectrum of technologies for medical devices, specifically related to devices and methods for medical imaging, diagnosis and therapies, as well as cardiac mapping and ablation.
Before joining St. Jude Medical, Inc. Dr. Panescu served as Vice President of Research and Development, Operations and Intellectual Property for Refractec, Inc., where he directed R&D and Operations for the development of keratoplasty radiofrequency ablation equipment and set the company's IP strategy. Refractec, Inc. was the first company to get PMA approval from the US Food and Drug Administration for the surgical treatment of presbyopia. Previously, he served as Senior Director of Systems Development for Boston Scientific Corporation, directing new product development for the Electrophysiology Division. Boston Scientific, Electrophysiology, is the world market leader in radiofrequency cardiac ablation systems.
Mark W. Kroll, PhD, FACC, FHRS and Chairman of NewCardio's Board of Directors, commented, "I have known Dorin for almost 15 years and have closely followed his impressive career. Dorin is a true innovator and a leader who will provide significant expertise to NewCardio's innovative three-dimensional ECG platform and prove invaluable as the Company delivers added value to each of the hundreds of millions of ECGs performed each year. I am very happy to welcome Dorin to NewCardio and consider this a major accomplishment for this Company and a win for our shareholders."
Dr. Panescu commented, "I am excited to join NewCardio and eager to help this incredible platform reach its full potential. I would not have left a stable career and a job I loved at St. Jude Medical to join NewCardio if this was just another algorithm for analyzing ECGs in two dimensions. NewCardio's three-dimensional platform brings the first relevant innovation to electrocardiology in decades and holds the promise to add true and tangible value to each ECG analysis performed around the world. This technology can save lives, improve diagnoses, accelerate drug development, enhance remote patient monitoring and improve the quality of life for patients with chronic conditions. In addition, our technology has the capability to give doctors, life insurance companies, patients and consumers actionable, accurate, easy-to-understand information. NewCardio can accomplish this without changing the well-accepted 12-lead ECG collection practice used by physicians for generations."
About NewCardio, Inc.
NewCardio is a cardiac diagnostic and services company focused on the development of a proprietary platform technology to provide higher accuracy to, and increase the value of, the standard 12-lead electrocardiogram (ECG). NewCardio's development-stage software and hardware products and services are intended to improve the diagnosis and monitoring of cardiovascular disease (CVD), as well as cardiac safety assessment of drugs under development. NewCardio's three-dimensional ECG platform is designed to reduce the time and expense involved in assessing cardiac status while increasing the ability to diagnose clinically significant conditions which were previously difficult to detect. For more information, visit http://www.newcardio.com.
Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based on currently available information and assumptions made by management. Although we believe that the assumptions on which the forward-looking statements contained herein are based are reasonable, any of those assumptions could prove to be inaccurate given the inherent uncertainties as to the occurrence or nonoccurrence of future events. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including the potential risks and uncertainties set forth in Item 1A of our Annual Report on Form 10-K/A (No. 1) for the year ended December 31, 2007 and relate to our business plan, our business strategy, development of our proprietary technology platform and our products, timing of such development, timing and results of clinical trials, level and timing of FDA regulatory clearance or review, market acceptance of our products, protection of our intellectual property, implementation of our strategic, operating and people initiatives, benefits to be derived from personnel and directors, ability to commercialize our products, our assumptions regarding cash flow from operations and cash on-hand, the amount and timing of operating costs and capital expenditures relating to the expansion of our business, operations and infrastructure, implementation of marketing programs, our key agreements and strategic alliances, our ability to obtain additional capital as, and when, needed, and on acceptable terms and general economic conditions specific to our industry, any of which could impact sales, costs and expenses and/or planned strategies and timing. We assume no obligation to, and do not currently intend to, update these forward-looking statements.
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CONTACT: Investor Contact: Jeff Stanlis, VP of Communications, Hayden
Communications, Inc. for NewCardio, Inc., +1-602-476-1821,
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Web site: http://www.newcardio.com/
