FOOTHILL RANCH, Calif., May 24 /PRNewswire-FirstCall/ -- Cardiogenesis Corporation , a leading developer of surgical products and accessories used in angina-relieving procedures, announced today that William R. Abbott has been named Senior Vice President, Chief Financial Officer, Secretary, and Treasurer, effective immediately. Abbott is a veteran financial executive with more than 27 years of experience in multi-industry, international companies.
From 2001-2005, Abbott, 49, of Irvine, CA, served as Vice President of Finance and Treasurer of Irvine, CA-based Newport Corporation, a $400 million public company within the advanced technology capital equipment sector. From 1999-2001, Abbott served as Vice President and Corporate Controller, and from 1997-1999 he was Corporate Controller. Throughout his eight years of tenure at Newport Corporation, he was involved in all aspects of banking, risk management, global tax planning, acquisition activity, internal controls, and investor relations.
From 1993-1997, Abbott served as Vice President and Corporate Controller of Buena Park, CA - based Amcor Sunclipse North America, an $800 million manufacturer and distributor of industrial packaging materials. During his term at Amcor Sunclipse North America, Abbott was responsible for all major financial activities including tax compliance, insurance, and banking.
From 1991-1992, Abbott served as Director of Financial Planning for the Western Division of Atlanta, GA - based Coca-Cola Enterprises, Inc. From 1988-1991, Abbott was Controller of McKesson Water Products Company (Sparkletts), a processor and distributor of pure drinking water throughout the United States. Prior to that, Abbott spent 6 years in management positions in the PepsiCo organization and began his career with PricewaterhouseCoopers, LLP.
“We are extremely fortunate to have someone of this caliber joining our team,” Quinn said. “We are confident that Mr. Abbott’s extensive finance and accounting experience will be an invaluable asset to our Company and to our shareholders. His business acumen and proven leadership will allow us to reach a new level of financial proficiency.”
Abbott has a bachelor’s degree in accounting from Fairfield University in Fairfield, CT and an MBA from Pepperdine University in Malibu, CA.
About Cardiogenesis Corporation
Cardiogenesis is a medical device company specializing in the treatment of cardiovascular disease and is a leader in devices that stimulate cardiac angiogenesis. The Company’s market leading Holmium: YAG laser system and disposable fiber-optic accessories are used to perform a FDA-cleared surgical procedure known as Transmyocardial Revascularization (TMR) to treat patients suffering from angina. Surgical products and accessories for the Cardiogenesis TMR procedure, which are marketed in the U.S. and around the world, have been shown to reduce angina and improve the quality of life in patients with coronary artery disease. Surgical products and accessories for the Company’s minimally invasive Percutaneous Myocardial Channeling (PMC) procedure are currently being marketed in Europe and other international markets.
For more information on the Company and its products, please visit the Cardiogenesis company website at http://www.cardiogenesis.com or the direct to patient website at http://www.heartofnewlife.com/.
With the exception of historical information, the statements set forth above include forward-looking statements. Any forward-looking statements in this news release related to the Company’s sales, profitability, the adoption of its technology and products and FDA clearances are based on current expectations and beliefs and are subject to numerous risks and uncertainties, many of which are outside the Company’s control, that could cause actual results to differ materially. Factors that could affect the accuracy of these forward-looking statements include, but are not limited to: any inability by the Company to sustain profitable operations or obtain additional financing on favorable terms if and when needed; any failure to obtain required regulatory approvals; failure of the medical community to expand its acceptance of TMR or PMC procedures; possible adverse governmental rulings or regulations, including any FDA regulations or rulings; the Company’s ability to comply with international and domestic regulatory requirements; possible adverse Medicare or other third-party reimbursement policies or adverse changes in those policies; any inability by the Company to ship product on a timely basis; the Company’s ability to manage its growth; adverse economic developments that could adversely affect the market for our products or our ability to raise needed financing; actions by our competitors; restrictions contained in our convertible debt obligations requiring the issuance of shares rather than repayment in cash; and the Company’s ability to protect its intellectual property. Other factors that could cause Cardiogenesis’ actual results to differ materially are discussed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2004, the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2005, and the Company’s other recent SEC filings. The Company disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.
Cardiogenesis Corporation
CONTACT: Michael J. Quinn, Chairman and CEO, +1-714-649-5050, or WilliamR. Abbott, CFO, +1-714-649-5000, or Investor Relations, +1-714-649-5027,all of Cardiogenesis Corporation
