MINNEAPOLIS, Aug. 12 /PRNewswire-FirstCall/ -- MedicalCV, Inc. (BULLETIN BOARD: MDCVU) , a cardiovascular surgery device manufacturer, today announced that Richard W. Kramp has resigned as the company’s president. Mr. Kramp has been responsible for the company’s recent development work in its atrial fibrillation products.
“While Rich has been with us only seven months, he has initiated our engineering efforts to produce an atrial fibrillation product line, and we continue to expect FDA approval of the first atrial fibrillation product for soft tissue ablation in September 2004,” said Lawrence L. Horsch, Chairman of the Board of Directors and acting chief executive officer. “We wish him well in his new activities. The Board of Directors will meet shortly to address this matter.”
The company also announced that it has received FDA approval for its annuloplasty product for heart valve repair.
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 the expectations regarding reduction of the Company’s operating losses, sales of higher growth products, the introduction of its atrial fibrillation product, and other matters. 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; 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, as amended.
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/
