MINNEAPOLIS, Oct. 7 /PRNewswire-FirstCall/ -- MedicalCV, Inc. (BULLETIN BOARD: MDCVU) , a cardiovascular surgery device manufacturer, announced on Tuesday at its annual meeting of shareholders, the appointment of Gary O. Tegan as vice president, marketing, in conjunction with the refocused vision and direction of the company into the atrial fibrillation market.
"We are thrilled to have Gary join our team," said Marc P. Flores, president and chief executive officer. "Gary's intimate understanding of the cardiovascular surgery market and expertise in defining markets will be instrumental as we aggressively move into the atrial fibrillation space. Based on three years of mutual experience at Coalescent Surgical, Inc., I am confident that his outstanding relationships with surgeons and acute sensitivity to payer concerns will allow him to quickly and strategically position MedicalCV's atrial fibrillation products."
Tegan most recently held the title of vice president of marketing at Curon Medical of Fremont, California. He was also the director of marketing at Coalescent Surgical, Inc. a Sunnyvale, California company, whose assets were recently acquired by Medtronic, Inc. Prior to that, Tegan was in upper management with Starion Instruments and United States Surgical Corporation, a division of Tyco Healthcare. In his early days at United States Surgical, Tegan had extensive technical and sales experience. He received his bachelor's of arts degree from the University of California, San Diego.
"I am excited about joining the dynamic, directed team Marc has put together," said Tegan, "and to have the opportunity to be active in the rapidly growing, yet undefined atrial fibrillation market. Most importantly, I am inspired by the vision of providing a superior product for better patient outcomes."
About MedicalCV
The Company's primary objective is to develop cardiovascular products for improved patient outcomes by early treatment of cardiovascular disorders. Historically, the Company has developed, marketed and sold mechanical heart valves known as the Omnicarbon(R) 3000 and 4000 heart valves. The Company's long-range strategy, however, is to achieve profitability by diversifying into high growth markets in cardiovascular surgery. Near-term, the Company plans to develop and introduce products targeting treatment of atrial fibrillation. The Company's securities are traded on the OTC Bulletin Board under the symbol "MDCVU."
This release contains certain forward-looking statements of expected future developments, as defined in the Private Securities Litigation Reform Act of 1995. The forward-looking statements in this release refer to our expectations regarding operating improvements, development of atrial fibrillation products, minimally invasive treatment of atrial fibrillation and achieving profitability through diversification. These forward-looking statements reflect management's expectations and are based on currently available data; however, actual results are subject to future risks and uncertainties, which could materially affect actual performance. Risks and uncertainties that could affect such performance include, but are not limited to, the following: the Company's ability to fund our significant capital needs; market acceptance in the U.S. of the Company's cardiovascular products; acceptance of minimally invasive techniques for the reduction of atrial fibrillation through ablation; potential reductions in pricing by competitors; the costs of licensing and acquiring new products and technologies; the time and costs involved in obtaining regulatory clearance for cardiovascular products; competing technological and market developments; physician acceptance of the Company's cardiovascular products; dependence upon governmental reimbursements and third party supplies; and the strength of the market for cardiovascular products. For more detailed information about these risks and uncertainties, please review the Company's Annual Report on Form 10-KSB for the fiscal year ended April 30, 2004.
These events and uncertainties are difficult or impossible to predict accurately and many are beyond the Company's control. The Company assumes no obligation to publicly release the results of any revisions that may be made to any forward-looking statements to reflect events or uncertainties after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
MedicalCV, Inc.CONTACT: John Jungbauer, Vice President, Finance of MedicalCV, Inc.,+1-651-452-3000
Web Site: http://www.medcvinc.com/
