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CryoLife, Inc. Announces Inclusion in the Russell 2000 Index

July 11, 2000 at 7:18 AM EDT
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ATLANTA, July 11 /PRNewswire/ -- CryoLife, Inc. (NYSE: CRY), a diversified biological implantable device company, today announced that it has been added to the Russell 2000 Equity Index, a leading composite of small-cap stocks compiled by the Frank Russell Company.

The addition of CryoLife, Inc. stock, effective June 30, 2000, is part of the annual reconstitution of the Russell indexes. The Russell 2000 is comprised of the 2000 largest U.S. stocks ranked by market capitalization, and is widely used as a benchmark for investment strategies.

Steven G. Anderson, President and Chief Executive Officer of CryoLife, Inc. said, "Inclusion in the Russell 2000 Index was occasioned by the 107 percent increase in CryoLife's market capitalization over the last twelve- month period. We believe that performance reflects increased investor recognition of the company's recent accomplishments, and appreciation of the new product pipeline we are building for the future."

CORPORATE PROFILE

Founded in 1984, CryoLife, Inc., is a diversified biomedical company involved in three main areas of business:

  • CryoLife was the first biomedical company to commercially develop the ultra-low temperature preservation of viable human tissue for transplant. The Company's proprietary technology for cryopreservation of human heart valves, vascular and orthopaedic tissue has created important new alternative medical treatments that have extended and saved the lives of thousands of patients. CryoLife also manufactures advanced-design stentless porcine heart valves for international markets.

  • CryoLife has developed and manufactures a remarkably strong surgical adhesive, BioGlue(R), that is currently available in international markets for use in vascular and pulmonary repair. In December of 1999, BioGlue received approval from the Food and Drug Administration (FDA) for commercial distribution in the United States as an adjunct in the repair of acute thoracic aortic dissections pursuant to a Humanitarian Device Exemption (HDE). In May 2000, the FDA approved an expansion of the BioGlue human clinical trials for use in all vascular and cardiac repairs.

  • CryoLife is also developing a series of tissue-engineered biologic implantable devices that incorporate the use of animal tissue structures that have the potential to be repopulated with human cells. This family of products, called SynerGraft(R), currently includes heart valves, vascular grafts, ligaments, and tendons in various stages of development. Beginning in 1999, five SynerGraft heart valves were implanted in patients in clinical trials in Australia, making CryoLife the first company in the world to successfully implant tissue- engineered heart valves in humans. Commercial distribution of SynerGraft heart valves is anticipated to begin in Europe and Canada shortly. An application for U.S. clinical trials is expected to be submitted to the FDA in the third quarter of this year.

Statements made in this press release that look forward in time or that express management's beliefs, expectations or hopes regarding future occurrences are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These future events may not occur when expected, if at all, and are subject to various risks and uncertainties. Such risks and uncertainties include the possibility that SynerGraft valves will not repopulate with human recipient cells, that future clinical SynerGraft or BioGlue test results will prove less encouraging than current results, that SynerGraft or BioGlue regulatory submissions will not be ready when planned or that anticipated regulatory approvals will not be obtained on a timely basis, if at all, possible deviations in the timing of expected revenues, the possibility of rapid technological change, uncertainties regarding products in development, competition from other companies, changes in laws and governmental regulations applicable to the Company and other risk factors detailed in the Company's Securities and Exchange Commission filings, including the Company's Form 10-K for the year ended December 31, 1999

For additional information about the company, visit CryoLife's web site: http://www.cryolife.com

SOURCE CryoLife, Inc.

CONTACT: Roy Vogeltanz, Vice President, Corporate Communications of CryoLife, Inc., 800-438-8285/