“As Chairman and the former acting CEO of the Company, Emile has deep knowledge of Spectranetics and its products, markets and dedicated employees,” said John Fletcher, a director of Spectranetics. “He also understands the life-enhancing value that our products offer to our physician customers and their patients. Under Emile’s guidance and leadership, I am confident that Spectranetics will successfully address its current challenges and build on the strong foundation that it has in place.”
“Spectranetics is a great company with innovative technology and a team of more than 400 employees who are committed to delivering safe and efficacious products to our customers and their patients,” said Mr. Geisenheimer. “We are focused on moving forward and delivering the superior technology and service that has set Spectranetics apart since first bringing our products to market more than 15 years ago. Our rapid growth over the last several years demonstrates that our customers have confidence in our company, our people and our products. We appreciate their continued support.”
Mr. Geisenheimer continued, “We appreciate John Schulte’s contributions in helping our technology gain acceptance as an important treatment option for patients with peripheral arterial disease and as the premier treatment for lead management. We also have an understanding of the challenges before us, and the Board of Directors and I are confident that we are taking an important step towards putting these challenges behind us so that we can build a stronger future for our company.”
As announced on September 4, 2008, Spectranetics was jointly served by the Food and Drug Administration and Immigration and Customs Enforcement with a search warrant requesting certain information and correspondence relating to the Company. The Company also previously announced that it is vigorously defending several securities lawsuits, purporting to be class actions, that have been filed against the Company and certain of its officers and directors, and that it has received a request from the Denver office of the Securities and Exchange Commission for the voluntary production of certain documents. The Company has also been named as a nominal defendant in a shareholder derivative suit against a number of its officers and directors. There can be no assurance that these matters will not lead to actions adverse to the Company. The Company is continuing to cooperate fully with the appropriate authorities and is working towards resolution of these matters. Spectranetics continues to expect that business operations will continue in the ordinary course.
Mr. Geisenheimer added, “As we continue to cooperate fully with the appropriate regulatory authorities, we are committed to ensuring the highest standards of business ethics and regulatory compliance at Spectranetics both now and into the future.”
Executive Biography
Emile J. Geisenheimer has served as a Director of the Company since April 1990 and was appointed Chairman of the Board in June 1996. He was appointed Acting President and Chief Executive Officer of Spectranetics in May 2002 and served in this role through January 2003.
Mr. Geisenheimer is the founder and President of Madison Investment Partners, Inc., a private equity investment firm, and serves as a General Partner of each of its investment partnerships. Prior to forming Madison Investment Partners, he was general partner of Nazem and Company, a venture capital management firm, where he was responsible for developing the health care and medical device practices. Prior to joining Nazem and Company, Mr. Geisenheimer served in a number of senior executive positions with North American Philips Corporation (now Philips Electronics), including as President and CEO of Philips Electronic Instruments, Inc. and as a top marketing executive of Philips Medical Systems Inc.
Mr. Geisenheimer received an M.B.A. from the Wharton School of the University of Pennsylvania and a B.S., cum laude in Economics, from Louisiana State University. Mr. Geisenheimer served in the U.S. Air Force in Southeast Asia.
2008 Third Quarter Financial Results Conference Call
Spectranetics will release 2008 third quarter financial results prior to market open on Wednesday, October 29, 2008. Company management will host an investment-community conference call beginning at 9:00 a.m. Mountain Time (11:00 a.m. Eastern Time) on Wednesday, October 29 to discuss those results and to answer questions. Dial-in information for the conference call and associated webcast will be announced at a later date.
About Spectranetics
Founded in 1984, Spectranetics manufactures and sells the only excimer laser approved in the United States, Europe and Japan for use in minimally invasive cardiovascular procedures. This technology treats complex cardiovascular conditions by photo-ablating multiple lesion types into tiny particles that are easily absorbed into the blood stream. The Company’s disposable catheters use high-energy “cool” ultraviolet light to vaporize arterial blockages in the legs and heart, as well as scar tissue encapsulating pacing and defibrillation leads. For more information visit www.spectranetics.com.
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties may include adverse results of the FDA and Immigration and Customs Enforcement investigation, adverse results of the SEC investigation or any securities litigation referenced above in which the Company or any of its officers or directors is a party, market acceptance of excimer laser atherectomy technology, increasing price and product competition, increased pressure on expense levels resulting from expanded sales, marketing, product development and clinical activities, uncertain success of the Company's strategic direction, dependence on new product development, intellectual property claims of third parties, availability of inventory from suppliers, the receipt of FDA approval to market new products or applications and the timeliness of any approvals, market acceptance of new products or applications, product defects, ability to manufacture sufficient volumes to fulfill customer demand, availability of vendor-sourced components at reasonable prices, unexpected delays or costs associated with the Company’s relocation and consolidation of its headquarters and manufacturing operations, and price volatility due to the initiation or cessation of coverage, or changes in ratings, by securities analysts. For a further list and description of such risks and uncertainties that could cause the actual results, performance or achievements of the Company to be materially different from any anticipated results, performance or achievements, please see the Company's previously filed SEC reports. Spectranetics disclaims any intention or obligation to update or revise any financial projections or forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
COMPANY CONTACTS: Spectranetics Corporation Guy Childs, Chief Financial Officer 719-633-8333 or INVESTOR CONTACTS: Lippert/Heilshorn & Associates, Inc. Don Markley or Bruce Voss 310-691-7100 dmarkley@lhai.com or MEDIA CONTACTS: Joele Frank, Wilkinson Brimmer Katcher Eric Brielmann/Matt Cuneo 212-355-4449
Source: Spectranetics Corporation
