Jun 24, 2010
HeartWare Announces Board Succession
FRAMINGHAM, Mass. and SYDNEY, June 24, 2010 /PRNewswire via COMTEX/ --HeartWare International, Inc. (Nasdaq: HTWR; ASX: HIN), a leading innovator of less invasive, miniaturized circulatory support technologies that are revolutionizing the treatment of advanced heart failure, today announced that C. Raymond Larkin, Jr., who joined the Board in October 2008, will succeed Robert B. Thomas as Chairman, effective July 1, 2010. Mr. Thomas, who has been Chairman since November 2004, will continue as a member of the Board.
"Rob has been an invaluable asset to HeartWare since joining the Board. His leadership and passionate advocacy for our customers and patients have served the Board and Company well," said Doug Godshall, HeartWare's President and Chief Executive Officer. "Rob was instrumental in the Company's initial public offering in Australia which paved the way for our listing on NASDAQ last year. We are fortunate that Rob will continue on the Board and we look forward to his ongoing contributions as we advance the global commercialization of our product platform."
"As HeartWare is now domiciled in the U.S., and our common stock successfully listed on NASDAQ, it is an appropriate time to transition Board leadership to the U.S.," Mr. Thomas commented. "With more than 30 years of medical device experience, Ray's deep operational knowledge of the medical device industry combined with his extensive public company experience have provided an insightful perspective for our Board. We are delighted that Ray has agreed to broaden his leadership role on our Board during the next phase of expansion for HeartWare."
HeartWare International's Board of Directors consists of eight members. In addition to Mr. Larkin and Mr. Thomas, the HeartWare Board also includes Timothy Barberich, Dr. Christine Bennett, Doug Godshall, Seth Harrison, M.D., Robert Stockman and Dr. Denis Wade, AM.
Mr. Larkin has been a director of HeartWare since October 2008. He is chairman of Align Technology, Inc. (Nasdaq: ALGN) and Novasys Medical, Inc. Align Technology is engaged in the design, manufacture and marketing of novel orthodontic products. Novasys Medical is a privately held company focused on the development of innovative therapies in women's health. He is also a director of Neuropace, a privately held company developing implantable devices for treating neurological disorders, and TherOx, a company focused on treating oxygen-deprived tissue in heart-attack victims. He is also a Venture Partner at Cutlass Capital, a healthcare venture capital firm, and an Executive Committee Member at Synecor, an incubator of innovative early stage medical technologies.
Mr. Larkin spent 15 years with critical care device company Nellcor, which he joined in 1983 as Vice President Sales and Marketing. From 1989, he served as President and Chief Executive Officer of Nellcor, until it was acquired by Mallinckrodt in 1997. Mr. Larkin subsequently served as Chairman and Chief Executive Officer of Eunoe, Inc., a company focused on neurological disorders, until it was acquired by Integra LifeSciences Holdings Corporation in 2005. Mr. Larkin is a graduate of LaSalle University and a former Captain in the United States Marine Corps.
Mr. Thomas has been a director and non-executive chairman since November 2004. He is currently a director of a number of Australian public companies, including Virgin Blue Holdings Limited and Tower Australia Limited, and serves on the Advisory Board of Nomura Australia. From 2004 to 2008, Mr. Thomas was a consultant to Citigroup Corporate and Investment Bank and was Chairman of Global Corporate and Investment Bank, Australia and New Zealand of Citigroup Global Markets Australia Pty Limited in 2003 and 2004. Mr. Thomas was CEO of Citigroup's (formerly known as Salomon Smith Barney) Corporate and Investment Bank, Australia and New Zealand from 1999 to 2003.
Mr. Thomas holds a Bachelor of Economics from Monash University, Australia. He is currently Chairman of the Stockbrokers Association of Australia and is a Master Stockbroker and has also been a member of the Financial Services Institute of Australasia for more than three decades and a Fellow for a decade. Mr. Thomas is a director of O'Connell Street Associates and Grahger Capital Securities, as well as a Fellow of the Australian Institute of Company Directors and President of the State Library Council of New South Wales.
About HeartWare International
HeartWare International develops and manufactures miniaturized implantable heart pumps, or ventricular assist devices, to treat Class IIIB / IV patients suffering from advanced heart failure. The HeartWare(R) Ventricular Assist System features the HVAD(R) pump, a small full-output circulatory support device (up to 10L/min flow) designed to be implanted next to the heart, avoiding the abdominal surgery generally required to implant competing devices. HeartWare has received CE Marking for the HeartWare System in the European Union. The device is currently the subject of United States clinical trials for two indications: bridge-to-transplant under a continued access protocol and destination therapy. For additional information, please visit the company's website at www.heartware.com.
HeartWare International, Inc. is a member of the Russell 2000(R) and its securities are publicly traded on The NASDAQ Stock Market and the Australian Securities Exchange.
This announcement contains forward-looking statements that are based on management's beliefs, assumptions and expectations and on information currently available to management. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future are forward-looking statements, including without limitation our expectations with respect to the progress of clinical trials. Management believes that these forward-looking statements are reasonable as and when made. However, you should not place undue reliance on forward-looking statements because they speak only as of the date when made. HeartWare does not assume any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. HeartWare may not actually achieve the plans, projections or expectations disclosed in forward-looking statements, and actual results, developments or events could differ materially from those disclosed in the forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, including without limitation those described in "Item 1A. Risk Factors" in our Annual Report on Form 10-K filed with the Securities and Exchange Commission. We may update our risk factors from time to time in "Part II, Item 1A. Risk Factors" in our Quarterly Reports on Form 10-Q, or other current reports, as filed with the Securities and Exchange Commission.
For further information:
HeartWare International, Inc.
Phone: +1 508 739 0864