Business Editors/Medical EditorsBEDFORD,
Mass.--(BUSINESS WIRE)--Oct. 13, 2006--Cambridge Heart, Inc. (OTCBB:CAMH) today announced
that on October 13, 2006 the Board of Directors accepted the resignation of David A.
Chazanovitz as President and Chief Executive Officer and a member of the Board of
Directors. Mr. Chazanovitz has served as President and Chief Executive Officer of the
Company for the past 6 years and during that time has overseen a significant expansion in
the reimbursement coverage for the Company's diagnostic test, including the National
Coverage Decision issued by the Centers for Medicare and Medicaid Services (CMS) earlier
this year.
"The Board of Directors would like to thank David for his leadership and for
positioning the Company to reach even greater heights," commented Robert Khederian,
Chairman of the Board.
The Board of Directors has appointed Jeffrey J. Langan as President and Chief Executive
Officer of the Company effective October 13, 2006. Mr. Langan has served as a member of
the Board of Directors since 1999 and is very familiar with the opportunities and
challenges facing the Company.
Mr. Langan resigned as Chairman of the Audit Committee and a member of the Compensation
Committee effective October 13, 2006. The Board of Directors has appointed Reed Malleck to
serve as Chairman of the Audit Committee effective October 13, 2006.
Commenting on Mr. Langan's appointment, Mr. Khederian stated, "Jeff has over 30
years of experience in the medical diagnostic and instrument industry with a proven track
record of success. The Board believes that Jeff's short and long term vision for the
Company will enhance value for our shareholders."
For the last several years, Mr. Langan has been founder and a principal of Maine Point
Associates, a firm specializing in customer focused strategic and operational business
consulting. In that role, Mr. Langan has worked with biotechnology, life science and
analytical instrument firms, often in COO or CEO roles, to develop and focus strategic
business plans with the goal of instilling a stronger customer orientation coupled with
the creation of shareholder value. More recently, Mr. Langan has joined the Business
Advisory Board of Optherion Inc., a genetic therapeutic/diagnostic start-up located in New
Haven, Connecticut.
Mr. Langan's previous career accomplishments include leading the marketing effort in
the successful launch of Hewlett Packard's (HP) diagnostic cardiology ultrasound business.
As HP's North American Medical Sales Manager, he led the integration of direct, major
account, and distributor sales organizations across all of HP's North American medical
product lines substantially growing sales in the face of major changes in reimbursement
for the product lines. Later as General Manager of HP's Clinical Systems business unit, he
drove the global strategy and increased earnings performance for all of that unit's
Patient Monitoring, Diagnostic Cardiology, and Defibrillator businesses, which served
hospitals, cardiologists and physicians worldwide. After HP, Mr. Langan served as
President and CEO of Thermedics Detection, Inc., leading that firm's turnaround and
initial public offering and establishing close relationships with shareholders and
analysts in the process. Later, Mr. Langan served in various capacities at IDEXX
Laboratories, including President, Chief Operating Officer and Chief Executive Officer
during the firm's 1998 turnaround. Mr. Langan received an M.B.A. from the Harvard
University Graduate School of Business Administration.
"We have a great team in place that is focused on building stronger customer
relationships to drive both new unit and sensor (usage) sales of the Company's Microvolt
T-Wave Alternans Technology through continued efforts to expand third party reimbursement
coverage and more intense interaction with current and future customers," said Mr.
Langan. "It is also my goal to take advantage of and to create new opportunities for
business partnerships with others in the cardiology industry, to strengthen international
sales, to establish major account sales, and to explore opportunities to utilize Microvolt
T-Wave Alternans Technology in other segments of cardiac diagnostics."
Mr. Langan added that he looks forward to discussing the Company's third quarter
results, including its continued growth in sales, on the Company's third quarter
conference call on November 2, 2006.
About Cambridge Heart
Cambridge Heart is engaged in the research, development and commercialization of
products for the non-invasive diagnosis of cardiac disease. Using innovative technologies,
the Company is addressing such key problems in cardiac diagnosis as the identification of
those at risk of sudden cardiac arrest. The Company's products incorporate its proprietary
technology, Microvolt T-Wave Alternans, and are the first diagnostic tools cleared by the
U.S. Food and Drug Administration to non-invasively measure microvolt levels of T-wave
alternans. The Company, founded in 1990, is based in Bedford, Massachusetts and is traded
on the OTCBB under the symbol CAMH. More information about Cambridge Heart can be found at
www.cambridgeheart.com. The Company also files regular reports with the U.S. Securities
and Exchange Commission, which are available at no charge either through the Company or
via the Internet at www.EDGAR.gov.
About the Cambridge Heart Microvolt T-Wave Alternans Test
The Cambridge Heart Microvolt T-Wave Alternans Test measures extremely subtle
beat-to-beat fluctuations in a person's heartbeat called T-wave alternans. These tiny
heartbeat variations - measured at one millionth of a volt - can be detected in any
clinical setting where titration of the heart rate is possible. The test involves placing
proprietary sensors on a patient's chest, after which the Company's proprietary algorithms
assess the data and deliver the results in a format that can be easily understood by the
attending physician. Extensive clinical research has shown that patients with symptoms of
or, who are at risk of, life threatening arrhythmias who test positive for T-wave
alternans are at significant risk for subsequent sudden cardiac events including sudden
death, while those who test negative are at minimal risk.
Statements that are not purely historical are forward-looking statements for purposes
of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995.
In some cases, we use words such as "believes", "expects",
"anticipates", "plans", "estimates", "could" and
similar expressions that convey uncertainty of future events or outcomes to identify these
forward-looking statements. Actual results may differ materially from those indicated by
these forward-looking statements. Factors that may cause or contribute to such differences
include customer delays in making final buying decisions, decreased demand for our
products, failure to obtain funding necessary to develop or enhance our technology,
adverse results in future clinical studies of our technology, failure to obtain or
maintain patent protection for our technology, failure to obtain or maintain adequate
levels of third-party reimbursement for use of our products and other factors identified
in our most recent Annual Report on Form 10-K under "Factors Which May Affect Future
Results", which is on file with the SEC and available at www.EDGAR.com. In addition,
any forward-looking statements represent our estimates only as of today and should not be
relied upon as representing our estimates as of any subsequent date. While we may elect to
update forward-looking statements at some point in the future, we specifically disclaim
any obligation to do so except as may be legally necessary, even if our estimates should
change.
CONTACT: At Cambridge Heart, Inc.
Roderick de Greef, 781-271-1200 x231
Chief Financial Officer
roderickd@cambridgeheart.com
or
At Consulting for Strategic Growth
Stanley Wunderlich, 800-625-2236
info@cfsg1.com
SOURCE: Cambridge Heart, Inc.