IRVINE, Calif.--(BUSINESS WIRE)--
Endologix, Inc. (Nasdaq:ELGX), a developer and marketer of innovative
treatments for aortic disorders, announced today that John McDermott is
stepping down as the Company's Chief Executive Officer. To facilitate a
smooth transition, Mr. McDermott has committed to remaining in his
current role until a successor is found.
Daniel T. Lemaitre, Chairman of the Board of Endologix, said, "On behalf
of the Board of Directors and the entire Endologix team, I would like to
thank John for his remarkable passion and dedication to our Company. His
leadership has been critical in positioning Endologix as an innovative
market leader and in bringing novel solutions to doctors and patients
across the globe. We appreciate John's continued involvement and support
of the Company, and we wish him well in his future endeavors."
John McDermott, Chief Executive Officer of Endologix, said, "Despite the
business challenges over the past couple of years, I am confident that
Endologix has a bright future. Our vision is clear, the value
proposition is compelling, and our pipeline of new products positions us
for significant long-term growth. I remain deeply committed to our
employees, physicians, and patients and will do whatever I can to
support an effective leadership transition."
Endologix, Inc. develops and manufactures minimally invasive treatments
for aortic disorders. The Company's focus is endovascular stent grafts
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 80%, making it a leading cause of death in the U.S. For
more information, visit www.endologix.com.
Cautions Regarding Forward-Looking Statements
Except for historical information contained herein, this press
release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements generally can be identified by the use of words such as
"anticipate," "expect," "could," "may," "will," "believe," "estimate,"
"forecast," "goal," "project," "continue," "outlook," "guidance,"
"future," other words of similar meaning and the use of future dates.
Forward-looking statements used in this press release include, but are
not limited to, statements regarding the anticipated transition of Mr.
McDermott's employment with Endologix and his continued involvement with
and support of Endologix, the accuracy of which are necessarily subject
to risks and uncertainties that may cause Endologix's actual results to
differ materially and adversely from the statements contained herein.
Some of the potential risks and uncertainties that could cause actual
results to differ materially and adversely from anticipated results
include Endologix's ability to continue integrating the businesses and
operations of, and to realize the expected benefits of its merger with,
TriVascular, continued market acceptance, hiring, integration and
retention of the Endologix's executive management team, endorsement and
use of Endologix's products (including market acceptance and adoption of
the Nellix EVAS System with its refined IFU), risks associated with the
manufacturing of Endologix's products, the success of clinical trials
relating to Endologix's products (including the clinical results of the
EVAS2 study), product research and development efforts, uncertainty in
the process of obtaining and maintaining U.S. FDA and other regulatory
approvals for Endologix's products, risks associated with international
operations, including currency exchange rate fluctuations, Endologix's
ability to protect its intellectual property rights and proprietary
technologies, and other economic, business, competitive and regulatory
factors. Undue reliance should not be placed upon the forward-looking
statements contained in this press release, which speak only as of the
date of this press release. Endologix undertakes no obligation to update
any forward-looking statements contained in this press release to
reflect new information, events or circumstances after the date they are
made, or to reflect the occurrence of unanticipated events. Please refer
to Endologix's filings with the Securities and Exchange Commission
including its Annual Report on Form 10-K for the year ended December 31,
2016 and subsequent Quarterly Reports on Form 10-Q, for more detailed
information regarding these risks and uncertainties and other factors
that may cause actual results to differ materially from those expressed
View source version on businesswire.com: http://www.businesswire.com/news/home/20180221006135/en/
Vaseem Mahboob, CFO,
Source: Endologix, Inc.
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