Dec 20 2010
IRVINE, California—Endologix, Inc. (NASDAQ: ELGX), developer of minimally invasive treatments for aortic disorders, announced today that Guido Neels, Managing Director at Essex Woodlands Health Ventures, has joined the Endologix Board of Directors. Essex Woodlands was the majority shareholder of Nellix Inc, which was acquired by Endologix in an all stock transaction on December 13, 2010. In conjunction with the acquisition, Essex Woodlands made a $15 million equity investment in Endologix. Endologix now has five independent directors and three non-independent directors.
Franklin D. Brown, Chairman of the Board, said, “I would like to welcome Guido to the Endologix Board of Directors . He has extensive experience in the medical device sector and will provide valuable guidance as we work to expand the AAA market through the introduction of innovative new products such as Nellix and Ventana. We will also benefit from his experience leading the global operations of Guidant, particularly as we expand our infrastructure and build our direct sales force in Europe.”
Mr. Neels currently holds Board positions at ROX Medical, Inc., Entellus Medical, Oraya Therapeutics, Inc., Arsenal Medical and EndGenitor Technologies. Prior to joining Essex Woodlands in 2006, Mr. Neels served as Chief Operating Officer of Guidant Corporation, a world leader in the development of cardiovascular medical products. He was responsible for the global operations of Guidant’s four operating units, Cardiac Rhythm Management, Vascular Intervention, Cardiac Surgery, and Endovascular Solutions. He previously served as Group Chairman, Office of the President at Guidant, responsible for worldwide sales operations, corporate communications, corporate marketing, investor relations and government relations. Prior to joining Guidant, Mr. Neels held various general management, sales and marketing positions at Eli Lilly and Co. and held positions in information technology, finance and manufacturing at Raychem Corporation in Belgium and the U.S.
He holds an M.B.A. from Stanford University and a Business Engineering degree from the University of Leuven in Belgium.
About Endologix, Inc.
Endologix, Inc. develops and manufactures minimally invasive treatments for aortic disorders. The Company’s flagship product is the Powerlink® System, which is an endovascular stent graft for the treatment of abdominal aortic aneurysms (AAA). AAA is a weakening of the wall of the aorta, the largest artery in the body, resulting in a balloon-like enlargement. Once AAA develops, it continues to enlarge and, if left untreated, becomes increasingly susceptible to rupture. The overall patient mortality rate for ruptured AAA is approximately 75%, making it a leading cause of death in the U.S. Additional information can be found on Endologix’s Web site at www.endologix.com.
Except for historical information contained herein, this news release contains forward-looking statements, the accuracy of which are necessarily subject to risks and uncertainties, all of which are difficult or impossible to predict accurately and many of which are beyond the control of Endologix. Many factors may cause actual results to differ materially from anticipated results, including the success of sales efforts for the Powerlink System and related new products, product research and development efforts, and other economic, business, competitive and regulatory factors. The Company undertakes no obligation to update its forward looking statements. Please refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2009, and the Company’s other filings with the Securities and Exchange Commission, for more detailed information regarding these risks and other factors that may cause actual results to differ materially from those expressed or implied.
The Ruth Group
John McDermott, CEO
Nick Laudico (646) 536-7030
Zack Kubow (646) 536-7020