NuVasive Announces Upcoming Departure of Chief Financial Officer
September 02 2009 - 4:30PM
PR Newswire (US)
SAN DIEGO, Sept. 2 /PRNewswire-FirstCall/ -- NuVasive, Inc.
(NASDAQ: NUVA), a medical device company focused on developing
products for minimally disruptive surgical treatments for the
spine, announced today that Kevin O'Boyle, Executive Vice President
& Chief Financial Officer, has informed NuVasive of his
resignation from his position so that he is able to attend to
personal and family obligations. The Company is currently engaged
in a search for a new Chief Financial Officer. Mr. O'Boyle plans to
remain with the Company until December 31, 2009, or potentially
longer, to assist in the recruitment of his replacement and to
effect an orderly transition. "I have thoroughly enjoyed serving as
part of the management team of NuVasive, helping to build the
Company into a major player in the spine industry with a unique
culture of Absolute Responsiveness," Mr. O'Boyle said.
"Unfortunately, personal obligations make a long term position as
CFO of NuVasive extremely difficult to maintain. I would like to
thank all NuVasive shareowners for making my time at NuVasive a
remarkable one." Alex Lukianov, Chairman and Chief Executive
Officer, said, "Kevin has been part of our executive team for the
past 6 years, from fundraising as a private company, to our initial
public offering, to helping build our corporate infrastructure for
long term growth and continued market share gains. We thank him for
his contributions to the Company and wish him well as he attends to
important family and personal matters." Mr. Lukianov continued,
"Our financial and business condition is vibrant and healthy as we
continue to expand our presence in the market. We have begun the
comprehensive search process to identify a new CFO and will be
conducting a thorough review to identify the best possible leader
to help take us to $1 billion in sales and beyond in concert with
expanding profitability and an outstanding financial
infrastructure." About NuVasive NuVasive is a medical device
company focused on the design, development and marketing of
products for the surgical treatment of spine disorders. The
Company's product portfolio is focused on applications in the over
$4.6 billion U.S. spine fusion market. The Company's current
principal product offering includes a minimally disruptive surgical
platform called Maximum Access Surgery, or MAS , as well as a
growing offering of cervical and motion preservation products. The
MAS platform offers advantages for both patients and surgeons such
as reduced surgery and hospitalization time and faster recovery.
MAS combines three categories of current product offerings:
NeuroVision a proprietary software-driven nerve avoidance system;
MaXcess a unique split-blade design retraction system; and
specialized implants, like SpheRx and CoRoent , that collectively
minimize soft tissue disruption during spine surgery while allowing
maximum visualization and surgical reproducibility. NuVasive's
product offering is also focused on cervical internal fixation
products and its R&D pipeline emphasizes both MAS and motion
preservation. NuVasive's Biologic product portfolio includes
FormaGraft , Osteocel Plus, and the Progentix products, all of
which are intended to facilitate fusion and complement the core
fixation products. NuVasive cautions you that statements included
in this press release that are not a description of historical
facts are forward-looking statements that involve risks,
uncertainties, assumptions and other factors which, if they do not
materialize or prove correct, could cause NuVasive's results to
differ materially from historical results or those expressed or
implied by such forward-looking statements. The potential risks and
uncertainties that could cause actual growth and results to differ
materially include, but are not limited to: the uncertain process
of seeking regulatory approval or clearance for NuVasive's products
or devices, including risks that such process could be
significantly delayed; the possibility that the FDA may require
significant changes to NuVasive's products or clinical studies; the
risk that products may not perform as intended and may therefore
not achieve commercial success; the risk that competitors may
develop superior products or may have a greater market position
enabling more successful commercialization; the risk that
additional clinical data may call into question the benefits of
NuVasive's products to patients, hospitals and surgeons; and other
risks and uncertainties more fully described in NuVasive's press
releases and periodic filings with the Securities and Exchange
Commission. NuVasive's public filings with the Securities and
Exchange Commission are available at http://www.sec.gov/. NuVasive
assumes no obligation to update any forward-looking statement to
reflect events or circumstances arising after the date on which it
was made. CONTACT: Kevin C. O'Boyle EVP & Chief Financial
Officer NuVasive, Inc. +1-858-909-1998 Investors: Patrick F.
Williams Vice President, Finance NuVasive, Inc. +1-858-638-5511
Media: Jason Rando The Ruth Group +1-646-536-7025 DATASOURCE:
NuVasive, Inc. CONTACT: Kevin C. O'Boyle, EVP & Chief Financial
Officer, of NuVasive, Inc., +1-858-909-1998, , or for Investors:
Patrick F. Williams, Vice President, Finance, of NuVasive, Inc.,
+1-858-638-5511, , or for Media: Jason Rando, of The Ruth Group,
+1-646-536-7025, Web Site: http://www.nuvasive.com/
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