Vicor Technologies, Inc. Announces New Directors

November 16, 2010 |

7 min read

BOCA RATON, FL--(Marketwire - November 16, 2010) - David H. Fater, CEO of Vicor Technologies, Inc. (OTCBB: VCRT), today announced the election of two new directors and re-election of an existing director to the Company’s Board at the Company’s annual shareholder meeting on November 4, 2010. Vicor Technologies, Inc. (OTCBB: VCRT) is a biotechnology company focused on the development of innovative, non-invasive medical devices using its patented, proprietary PD2i® nonlinear algorithm and software. Vicor is currently in the process of commercializing diagnostics that enable physicians to accurately risk stratify specific target populations for future pathological events, including cardiovascular disease patients for death resulting from arrhythmia or pump failure, diabetics for diabetic autonomic neuropathy (DAN), and trauma victims for imminent death absent immediate lifesaving intervention.

Former Ambassador Frank B. Wheeler and Ronald B. Malone are newly-elected Class III directors. Joseph C. Franchetti, a Class III director since July 2008, will continue as a Class III director. The term for new Class III directors is three years.

“We are delighted to have Ambassador Wheeler and Mr. Malone joining our Board of Directors. Both gentlemen bring outstanding credentials and important experience to Vicor as we progress from biotechnology start-up to a fully-formed, revenue-generating medical diagnostics company. We’re gratified to have Mr. Franchetti remaining with us. His vast experience with healthcare and medical device start-ups and leading companies will continue to serve Vicor well,” stated Mr. Fater.

Former Ambassador Frank B. Wheeler is an independent business consultant involved with health insurance and software companies. He currently serves as chairman of the British-Chilean Chamber of Commerce in London, and was international adviser to the English Football Association in its campaign to host the 2006 World Cup. Mr. Wheeler was a member of the British Diplomatic Service for 35 years until his retirement in 1997. During his tenure, he was Ambassador to Chile and Ecuador, Charge d’Affairs in Czechoslovakia, and foreign policy adviser on East-West affairs and Middle East issues. Mr. Wheeler holds an Advanced Level Certificate in French and German from the Mill Hill School in London. He is a graduate in Russian Studies from the Joint Services College for Linguists and obtained Diploma in Economics from the Treasury Centre for Administrative Studies in London.

Ronald A. Malone is the former chief executive officer (6/02-9/08) and current chairman of the Board (6/02-present) of Gentiva Health Services, Inc., the leading provider of home healthcare services in the U.S. Earlier, Mr. Malone served in various executive positions at Gentiva (3/00-6/02). Prior to joining Gentiva, Mr. Malone held various executive positions with Olsten Corporation, a world leader in staffing services and the leading provider of home healthcare and related services in North America. Mr. Malone also serves on the Board of Directors of Hill-Rom Holdings, Inc., a worldwide manufacturer and provider of medical technologies and related services for the healthcare industry, and Capital Senior Living Corporation, a leading operator of senior living communities in the U.S. Mr. Malone holds a bachelors degree from Furman University.

Joseph C. Franchetti is, and has been, a consultant, director, and advisor to several healthcare/medical device companies in the cardiology/cardiovascular and life sciences areas, including 31 start-up companies. He is currently vice chairman of CVAC Health Systems Inc. Earlier, he was president and chief executive officer of Colin Medical Instruments Corp. (now Omron), a Japanese-owned world leader in noninvasive blood pressure and physiological/vital signs monitoring and diagnosis. Additionally, Mr. Franchetti co-founded and was chief executive officer of Bio-Chem Laboratory Systems Inc., and a corporate and international vice-president and general manager for Technicon (now Siemens) and Narco Scientific (now Respirionics). He is a trustee emeritus of Southwest Research Institute of Texas and a commissioned U.S. Army Infantry Officer. Mr. Franchetti is a graduate of the Wharton School of the University of Pennsylvania

About Vicor Technologies, Inc.
Vicor Technologies is a biotechnology company creating innovative non-invasive diagnostics employing its patented, proprietary point correlation dimension algorithm (PD2i®). The PD2i® nonlinear algorithm is a deterministic, nonlinear measure of electrophysiological potentials that predicts future pathological events with a high degree of accuracy in target populations.

Vicor currently has three products employing the PD2i® nonlinear algorithm. The PD2i Analyzer™, which has FDA 510(k) marketing clearance, measures heart rate variability; physicians performing diagnostic tests with the PD2i Analyzer™ are able to receive reimbursement under existing CPT codes. The PD2i VS™ (Vital Sign), in clinical trials under a collaborative effort with the U.S. Army Institute for Surgical Research (http://www.usaisr.amedd.army.mil/), risk stratifies combat and civilian trauma victims. The PD2i CA™ (Cardiac Analyzer), in multiple clinical trials, identifies patients at risk of cardiac death.

Vicor anticipates additional applications employing the PD2i® nonlinear algorithm to enable early detection and risk stratification for a variety of other disorders and diseases. Additional information is available at www.vicortech.com.

Disclaimer
The appearance of name-brand institutions, such as the U.S. Army Institute for Surgical Research, in this media release does not constitute endorsement by institutions of the information, products or services contained therein.

Caution Regarding Forward-Looking Statements
Forward-looking statements in this press release are based on current plans and expectations that are subject to uncertainties and risks, which could cause our future results to differ materially. The following factors, among others, could cause our actual results to differ: our ability to successfully complete the normal range study for PD2i®values; our ability to generate revenues from the sale of the PD2i Analyzer™; our ability to obtain FDA approval of our 510(k) submission to secure a claim for the PD2i CA™(Cardiac Analyzer) to be used in patients undergoing cardiovascular disease testing and our ability to obtain marketing clearance from the FDA for the PD2i VS™ (Vital Sign) for military and civilian applications; our ability to develop additional applications for the PD2i® algorithm; our ability to continue to receive financing sufficient to continue operations and complete critical clinical trials; our ability to continue as a going concern; our ability to successfully develop products based on our technologies; our ability to obtain and maintain adequate levels of third-party reimbursement for our products; the impact of competitive products and pricing; our ability to receive regulatory approval for our products; the ability of third-party contract research organizations to perform preclinical testing and clinical trials for our technologies; the ability of third-party manufacturers to manufacture our products; our ability to retain the services of our key personnel; our ability to market and sell our products successfully; our ability to protect our intellectual property; product liability; changes in federal income tax laws and regulations; general market conditions in the medical device and pharmaceutical industries; and other matters that are described in Vicor’s Annual Report on Form 10-K for the fiscal year ended December 31, 2009 and subsequent filings with the Securities and Exchange Commission. Forward-looking statements in this press release speak only as of the date of the press release, and we assume no obligation to update forward-looking statements or the reasons why actual results could differ.

Release 10-24